Page 1: Full-year results 2017 - panalpina.com · GP/ton -14% -10% -10% ... of an offer to purchase any shares andneither it nor any part of it shall form the basis ... % 24.2% 60.1% 35.9%

RESULTS FROM JANUARY TO DECEMBER 2017 | BASEL | 07 MARCH 2018

FULL-YEAR RESULTS 2017INVESTOR PRESENTATION

2FULL-YEAR RESULTS 2017 | 07 MARCH 2018 |

Achievements and key figures

Operating and financial review

IFRS changes 2018

Financial guidance 2018

Outlook and priorities 2018

Appendix

ACHIEVEMENTS AND KEY FIGURES

465

484

505

58

91

95

2016reported

2017reported

2017 FXnormalized

PROFIT

936

721

750

163

313

310

2016adjusted

2017reported

2017 FXnormalized

EBIT

10917

10248

10283

3329

3730

3663

2016reported

2017reported

2017 FXnormalized

GROSS PROFIT

A RECORD YEAR IN AIR FREIGHT

ACHIEVEMENTSFINANCIAL HIGHLIGHTS CHALLENGES

Air Freight conversion ratio increased further to 22

in Q4

Increased costs in Q4

Loss in Ocean Freight

Record high Air Freight volumes and EBIT in Q4-19

-60

+99

1rsquo3978

1rsquo4246

1033

1099

575

523

1rsquo3946-21

1060

600

+147

-36

Note Q3YTD Q4 in CHF million Profit 2017 impacted by a CHF 106m charge for the devaluation of deferred tax assets due to the US tax reform Subject to approval by the annual general meeting

Unchanged dividend of CHF 375 per share

Chart1

PROFIT

2016 reported2017 reported2017 FX normalized4649483950503

SNVeryHiddenParameterSheet

Charts

GROSS PROFIT

EBIT

2016 adjusted2017 reported2017 FX normalized9364720575042000000000002

PROFIT

NOT IN USE

Chart1

EBIT

SNVeryHiddenParameterSheet

Charts

GROSS PROFIT

EBIT

PROFIT

NOT IN USE

Chart1

GROSS PROFIT

SNVeryHiddenParameterSheet

Charts

GROSS PROFIT

EBIT

PROFIT

NOT IN USE

OPERATING AND FINANCIAL REVIEW

AIR FREIGHT RECORD FOURTH QUARTER

8 volume growth in 2017 Margin and EBIT improved with

every quarter Q4 conversion ratio of 223

close to mid-term goal of 25

Note Gross profit and EBIT in CHF million

YoY Growth Q4 Q1 Q2 Q3 Q4Volume (market estimated) 8 6 10 10 11Volume (Panalpina) 14 8 7 9 8GPton -14 -10 -10 -1 19Gross Profit -2 -3 -4 8 29

2016 2017

2016 2017Gross Profit EBIT YTD YTDGross Profit 5952 6394 7EBIT (adjusted PY) 935 1103 18EBITGP () 157 173Volumes (tons 000) 9214 9959 8

252

233 240249

274

562

620 625648 670

Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017

TONNAGE GPTON

Tons (000) GPTon (in CHF)

21 17 22 30 41

147118

147

188

223

Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017

EBIT AND EBITGP MARGIN

EBIT (adjusted PY) EBITGP margin () (adjusted PY)

SNVeryHiddenParameterSheet

Table

Charts

TONNAGE GPTON

Tons (000)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 20172522332399248935274065GPTon (in CHF)

562620625143000000000036483289999999999566974680000000001

EBIT (adjusted PY)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017208171000000000000012196333033129999999999940951599999999999EBITGP margin () (adjusted PY)

147118146499999999999991879000000000000322326599999999999

SNVeryHiddenParameterSheet

Table

Charts

TONNAGE GPTON

Tons (000)

562620625143000000000036483289999999999566974680000000001

EBIT (adjusted PY)

147118146499999999999991879000000000000322326599999999999

Chart1

TONNAGE GPTON

Tons (000)

562620625143000000000036483289999999999566974680000000001

SNVeryHiddenParameterSheet

Table

Charts

TONNAGE GPTON

Tons (000)

562620625143000000000036483289999999999566974680000000001

EBIT (adjusted PY)

147118146499999999999991879000000000000322326599999999999

Chart1

EBIT (adjusted PY)

147118146499999999999991879000000000000322326599999999999

SNVeryHiddenParameterSheet

Table

Charts

TONNAGE GPTON

Tons (000)

562620625143000000000036483289999999999566974680000000001

EBIT (adjusted PY)

147118146499999999999991879000000000000322326599999999999

OCEAN FREIGHT SUSTAINED MARGIN PRESSURE

2 volume growth in 2017 Challenging market environment

put pressure on margins Continued EBIT loss in Q4

YoY Growth Q4 Q1 Q2 Q3 Q4Volume (market estimated) 3 4 3 3 4Volume (Panalpina) 1 7 3 2 -3GPTEU -18 -17 -7 -5 8Gross Profit -16 -11 -5 -3 5

2016 2017

2016 2017Gross Profit EBIT YTD YTDGross Profit 4438 4272 -4EBIT (adjusted PY) 109 -151 naEBITGP () 25 -35Volumes (TEUs 000) 14885 15205 2

389 374 383 386 378

254

282 285 282275

Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017

TEU GPTEU

TEU (in 000) GPTEU (in CHF)

-51 -32 06 -29 -96

-51

-30

05

-27

-92

Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017

SNVeryHiddenParameterSheet

Sheet1

charts

TEU GPTEU

TEU (in 000)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 20173893742189999999999938283856050000000000237788499999999999GPTEU (in CHF)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017254282284946000000000032820749999999999927480720000000002

EBIT (adjusted PY)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017-50999999999999996-3152000000000000105806-29489999999999998-95713000000000008EBITGP margin () (adjusted PY)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017-50999999999999996-29871099999999999053228355696699203-271-92169000000000008

SNVeryHiddenParameterSheet

Sheet1

charts

TEU GPTEU

TEU (in 000)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017254282284946000000000032820749999999999927480720000000002

EBIT (adjusted PY)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017-50999999999999996-29871099999999999053228355696699203-271-92169000000000008

Chart1

TEU GPTEU

TEU (in 000)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017254282284946000000000032820749999999999927480720000000002

SNVeryHiddenParameterSheet

Sheet1

charts

TEU GPTEU

TEU (in 000)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017254282284946000000000032820749999999999927480720000000002

EBIT (adjusted PY)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017-50999999999999996-29871099999999999053228355696699203-271-92169000000000008

Chart1

EBIT (adjusted PY)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017-50999999999999996-29871099999999999053228355696699203-271-92169000000000008

SNVeryHiddenParameterSheet

Sheet1

charts

TEU GPTEU

TEU (in 000)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017254282284946000000000032820749999999999927480720000000002

EBIT (adjusted PY)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017-50999999999999996-29871099999999999053228355696699203-271-92169000000000008

LOGISTICS INVESTMENTS IN GROWTH

Uptick of gross profit in Q4 Network expansion with two major

facilities in Dubai and Singapore Improved full-year profitability and

EBIT over NFR margin

2016 2017Gross Profit EBIT YTD YTD

Gross Profit 3857 3311 -14

EBIT (adjusted PY) 56 81 45

EBIT in of NFR 10 15

YoY Growth Q4 Q1 Q2 Q3 Q4

Gross Profit -11 -16 -19 -14 -7

201792

83 81 8186

Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017

GROSS PROFIT

05

24

3127

-01

Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017

EBIT (ADJUSTED PY)

SNVeryHiddenParameterSheet

Table

charts

GROSS PROFIT

Q4 2016Q1 2017Q2 2017Q3 2017Q4 201792825813481488576

EBIT (ADJUSTED PY)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017052430608271-008

SNVeryHiddenParameterSheet

Table

charts

GROSS PROFIT

Q4 2016Q1 2017Q2 2017Q3 2017Q4 201792825813481488576

EBIT (ADJUSTED PY)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017052430608271-008

Chart1

GROSS PROFIT

Q4 2016Q1 2017Q2 2017Q3 2017Q4 201792825813481488576

SNVeryHiddenParameterSheet

Table

charts

GROSS PROFIT

Q4 2016Q1 2017Q2 2017Q3 2017Q4 201792825813481488576

EBIT (ADJUSTED PY)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017052430608271-008

Chart1

EBIT (ADJUSTED PY)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017052430608271-008

SNVeryHiddenParameterSheet

Table

charts

GROSS PROFIT

Q4 2016Q1 2017Q2 2017Q3 2017Q4 201792825813481488576

EBIT (ADJUSTED PY)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017052430608271-008

IFRS CHANGES 2018

IFRS CHANGES IN 2018

Changes applicable as of January 1st 2018 To ensure the comparability and transparency of the financial statements IFRS 16 (leases) was adopted as of January 1st

2018 (early adoption) together with the other applicable changes (IFRS 15 IFRS 9)

Only IFRS 16 has a material impact as illustrated below based on 2017 figures

The leased assets will be reported as right-of-use assets in the balance sheet

The lease liabilities will be reported under short and long-term lease liabilities in the balance sheet

Gross profit 1398 28 1426EBITDA 146 120 266EBIT 103 6 109EBT 102 ~ 102Consolidated Profit 58 ~ 58

Income Statement 2017 FY IFRS 16 2017 Ilustrative

in CHF million

Total assets 1839 360 2199Total liabilities 1225 360 1585Total equity 615 ~ 615Total equity and liabilities 1839 360 2199

Balance sheet 31122017 IFRS 16 2017 Ilustrative

FINANCIAL GUIDANCE INCLUDING MampA

FINANCIAL GUIDANCE 2018

Global income tax rate expected between 25 and 27

Net working capital intensity stable at 2017 level

Acquisitions will impact annualized gross profit by ~CHF 25 million and EBITDA EBIT by ~ CHF 6 million CHF 2 million

CAPEX between CHF 25 and 30 million

OUTLOOK AND PRIORITIES 2018

OUTLOOK Market

minus AirOcean 3-4

minus Air freight rates are expected to increase while ocean freight rates are expected to remain stable

Panalpina

minus AirOcean at or above market

PRIORITIES (unchanged)

Focus on topline growth and further improvement of unit profitability

Improve EBIT in Ocean Freight

Accelerate growth through selected bolt-on acquisitions

Maintain cost discipline and push ahead implementation of SAP TM

FIRST QUARTER RESULTS

APRIL 19 2018

ANNUAL GENERAL MEETING

MAY 8 2018

NEXT EVENTS

DISCLAIMER

Investing in the shares of Panalpina World Transport (Holding) Ltd involves risks Prospective investors are strongly requested to consult their investment advisors and tax advisors prior to investing in shares of Panalpina World Transport (Holding) Ltd

This document contains forward-looking statements which involve risks and uncertainties These statements may be identified by such words as ldquomayrdquo ldquoplansrdquo ldquoexpectsrdquo ldquobelievesrdquo and similar expressions or by their context These statements are made on the basis of current knowledge and assumptions Various factors could cause actual future results performance or events to differ materially from those described in these statements No obligation is assumed to update any forward-looking statements Potential risks and uncertainties include such factors as general economic conditions foreign exchange fluctuations competitive product and pricing pressures and regulatory developments

The information contained in this document has not been independently verified and no representation or warranty express or implied is made to and no reliance should be placed on the fairness accuracy completeness or correctness of the information or opinions contained herein The information in this presentation is subject to change without notice it may be incomplete or condensed and it may not contain all material information concerning the Panalpina Group None of Panalpina World Transport (Holding) Ltd or their respective affiliates shall have any liability whatsoever for any loss whatsoever arising from any use of this document or its content or otherwise arising in connection with this document

This document does not constitute or form part of an offer to sell or a solicitation of an offer to purchase any shares and neither it nor any part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever This information does neither constitute an offer to buy shares of Panalpina World Transport (Holding) Ltd nor a prospectus within the meaning of the applicable Swiss law

APPENDIX

INCOME STATEMENT PER QUARTER ndash GROUP

Note Group figures in CHF million

Group Q1 2016 Q2 2016 Q3 2016 Q4 2016 FY 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 FY 2017Net forwarding revenue 13072 12894 12670 13325 51960 12772 13549 14334 14673 55328 Forwarding expenses (9423) (9180) (9116) (9996) (37714) (9445) (10145) (10818) (10942) (41350)Gross profit 3649 3714 3554 3329 14246 3327 3404 3516 3730 13978 Personnel expenses (2250) (2213) (2129) (2113) (8705) (2164) (2162) (2186) (2388) (8898)Other operating expenses (1037) (1011) (971) (927) (3945) (893) (880) (925) (919) (3618)EBITDA adjusted 362 491 454 289 1596 271 362 406 423 1462 Depreciation of property plant and equip (62) (62) (62) (71) (258) (53) (54) (50) (56) (213)Amortization of intangible assets (60) (60) (63) (56) (239) (54) (52) (55) (54) (216)EBIT adjusted 240 368 329 163 1099 164 256 301 313 1033 in of gross profit 66 99 92 49 77 49 75 86 84 74Non-recurring itemsRestructuring expenses 00 (261) 00 (19) (280) 00 00 00 00 00

EBIT reported 240 107 329 144 820 164 256 301 313 1033 in of gross profit 66 29 92 43 58 49 75 86 84 74Financial result (09) 07 (04) 02 (04) 02 01 (04) (16) (18)Earnings before taxes (EBT) 231 114 325 146 816 165 257 297 296 1015 Income tax expenses (58) (69) (79) (88) (293) (42) (81) (112) (206) (441) of EBT 250 602 242 601 359 252 316 378 694 434Profit 173 45 246 58 523 124 176 185 91 575 Earnings per share 075 021 106 027 229 054 075 079 040 248

SNVeryHiddenParameterSheet

PAN_ISpQ_Group

image1png

INCOME STATEMENT PER QUARTER ndash AIR FREIGHT

Note Air Freight figures in CHF million

Air Freight Q1 2016 Q2 2016 Q3 2016 Q4 2016 FY 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 FY 2017Net forwarding revenue 6332 6359 6341 7234 26267 6571 7000 7389 8238 29198 Forwarding expenses (4846) (4800) (4853) (5816) (20315) (5125) (5500) (5775) (6403) (22803)Gross profit 1486 1559 1489 1418 5952 1447 1500 1614 1834 6394 Personnel expenses (885) (869) (847) (873) (3473) (905) (916) (928) (1044) (3793)Other operating expenses (371) (359) (318) (284) (1333) (324) (317) (337) (334) (1312)EBITDA adjusted 230 331 324 261 1146 218 266 349 457 1290 Depreciation and amortization (52) (52) (55) (53) (211) (46) (47) (46) (47) (186)EBIT adjusted 178 279 269 208 935 171 220 303 409 1103 in of gross profit 120 179 181 147 157 118 146 188 223 173Non-recurring itemsRestructuring expenses 00 (127) 00 00 (127) 00 00 00 00 00

EBIT reported 178 153 269 208 808 171 220 303 409 1103 in of gross profit 120 98 181 147 136 118 146 188 223 173

Air Freight volumes (000 tons) 2161 2251 2278 2524 9214 2332 2399 2489 2739 9959 change YoY 54 111 99 141 102 79 66 93 85 81GPton (CHF) 688 693 653 562 646 620 625 648 670 642 change YoY -47 -36 -73 -140 -75 -98 -97 -08 192 -06

SNVeryHiddenParameterSheet

PAN_ISpQ_AirFreight

image1png

INCOME STATEMENT PER QUARTER ndash OCEAN FREIGHT

Note Ocean Freight figures in CHF million

Ocean Freight Q1 2016 Q2 2016 Q3 2016 Q4 2016 FY 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 FY 2017Net forwarding revenue 5338 4921 4955 4770 19984 4915 5172 5551 5105 20743 Forwarding expenses (4157) (3773) (3834) (3783) (15547) (3860) (4081) (4463) (4067) (16471)Gross profit 1181 1148 1121 987 4438 1055 1091 1088 1038 4272 Personnel expenses (791) (752) (755) (721) (3019) (779) (784) (788) (837) (3189)Other operating expenses (305) (288) (274) (275) (1144) (271) (265) (290) (257) (1083)EBITDA adjusted 84 108 92 (09) 275 05 41 09 (55) (00)Depreciation and amortization (41) (42) (41) (42) (166) (36) (36) (38) (41) (151)EBIT adjusted 43 66 51 (51) 109 (32) 06 (29) (96) (151)in of gross profit 37 58 45 -51 25 -30 05 -27 -92 -35Non-recurring itemsRestructuring expenses 00 (97) 0 (19) (115) 00 00 00 00 00

EBIT reported 43 (30) 51 (69) (06) (32) 06 (29) (96) (151)in of gross profit 37 -26 45 -70 -01 -30 05 -27 -92 -35

Ocean Freight volumes (000 TEUs) 3482 3726 3787 3890 14885 3742 3828 3856 3779 15205 change YoY -100 -82 -88 08 -66 75 27 18 -28 22GPTEU (CHF) 339 308 296 254 298 282 285 282 275 281 change YoY 102 59 -16 -176 -11 -169 -75 -47 83 -58

SNVeryHiddenParameterSheet

PAN_ISpQ_OceanFreight

image1png

INCOME STATEMENT PER QUARTER ndash LOGISTICS

Note Logistics figures in CHF million

Logistics Q1 2016 Q2 2016 Q3 2016 Q4 2016 FY 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 FY 2017Net forwarding revenue 1402 1613 1374 1321 5709 1286 1377 1394 1330 5387 Forwarding expenses (420) (607) (429) (397) (1853) (460) (564) (580) (472) (2076)Gross profit 982 1006 944 924 3857 825 813 815 858 3311 Personnel expenses (574) (591) (528) (519) (2213) (479) (461) (469) (507) (1916)Other operating expenses (360) (363) (378) (367) (1469) (298) (298) (298) (329) (1223)EBITDA adjusted 48 52 38 37 175 48 54 48 22 172 Depreciation and amortization (29) (29) (29) (32) (119) (25) (24) (21) (23) (92)EBIT adjusted 18 23 09 05 56 24 31 27 (01) 81 Non-recurring itemsRestructuring expenses 00 (38) 00 00 (38) 00 00 00 00 00

EBIT reported 18 (15) 09 05 18 24 31 27 (01) 81

SNVeryHiddenParameterSheet

PAN_ISpQ_Logistics

image1png

BALANCE SHEET

CHF Cash and cash equivalents 3888 3109 (780) -20Trade receivables unbilled forwarding 9087 10970 1883 21Other current assets 1025 1322 297 29Property plant and equipment 635 967 332 52Intangible assets 979 885 (95) -10Other non-current assets 990 1138 148 15Total assets 16606 18390 1784 11

Short-term borrowings 23 26 03 15Trade payables accured cost of services 6524 7967 1443 22Other current liabilities 2439 2676 237 10Long-Term borrowings 00 32 32 naOther long-term liabilities 1449 1546 97 7Total liabilities 10436 12247 1811 17Share capital 24 24 (00) -1Reserves treasury shares 6057 6056 (01) 0Non-controlling interests 89 63 (26) -29Total equity 6170 6143 (27) 0Total equity and liabilities 16606 18390 1784 11

31-Dec-16 31-Dec-17Change in

Note Figures in CHF million

SNVeryHiddenParameterSheet

PAN_BalanceSheet

image1png

CASH FLOW

Cash flow before changes in working capital 1313 1536 Changes in working capital 188 (480)Cash from operations 1501 1056

Interest and income taxes paid (394) (383)Net cash from operating activities 1107 673 -39

Net cash from investing activities (241) (681) 183

Free cash flow 866 (08) -101

Net cash used in financing activities (887) (882) -1

Net increase (decrease) in cash and cash equivalents (21) (890)Cash and cash equivalents at beginning of period 3923 3888 Effect of exchange rate changes (14) 111 Cash and cash equivalents at end of period 3888 3109

SNVeryHiddenParameterSheet

Tabele PAN_Cashflow

Reported cash and cash equivalents at 31122016Profit YTD 122017Other non-cash items (eg DampA)Changes in working capitalInterest and income taxes paidNet cash from investing activitiesFinancing activitiesdividendEffect of exchange rate changesReported cash and cash equivalents at 3112201738878446239999999999954943899999999998745607999999999987387949999999999872997699999999998729976999999999987

Full-year results 2017
Slide Number 2
ACHIEVEMENTS and key figures
A Record year in air freight
Air Freight Record FOURTH Quarter
Ocean Freight sustained margin pressure
Logistics investments in growth
IFRS changes 2018
IFRS changes in 2018
Financial guidance including MampA
outlook and priorities 2018
Next EVENTs
Disclaimer
Appendix
Income statement per quarter ndash Group
Income statement per quarter ndash Air Freight
Income statement per quarter ndash Ocean Freight
Income statement per quarter ndash Logistics
Balance sheet
Cash flow

	31-Dec-16		31-Dec-17		Change in

Cash flow before changes in working capital		1313		1536				r2 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Subtotal cash flow from operations gtgt (ltlt 2017 gtgt q_act_jan)13User Value 15298 Tsd			PY IS MANUAL

Changes in working capital		188		(480)				r3 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows131313267 Tsd - ltlt Increase (decrease) payables and accruals incl accrued cost of service gtgt (ltlt 2017 gtgt q_act_jan)13-695 Tsd - ltlt (Decrease) increase non-current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13256 Tsd - ltlt (Decrease) increase current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13-17508 Tsd - ltlt (Increase) decrease receivables other current assets and unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-4680 Tsd (Total)

Cash from operations		1501		1056				r4 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash generated from operations gtgt (ltlt 2017 gtgt q_act_jan)13User Value 10618 Tsd


Interest and income taxes paid		(394)		(383)				r6 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows1313-3709 Tsd - ltlt Income taxes paid gtgt (ltlt 2017 gtgt q_act_jan)13-122 Tsd - ltlt Interest paid gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-3831 Tsd (Total)

Net cash from operating activities		1107		673		-39			r7 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash from operating activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 6787 Tsd


Net cash from investing activities		(241)		(681)		183			r9 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in investing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -6870 Tsd


Free cash flow		866		(08)		-101			r11 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Free cash flow gtgt (ltlt 2017 gtgt q_act_jan)13User Value -083 Tsd


Net cash used in financing activities		(887)		(882)		-1			r13 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in financing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8818 Tsd


Net increase (decrease) in cash and cash equivalents		(21)		(890)				r15 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net increase (decrease) in cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8901 Tsd

Cash and cash equivalents at beginning of period		3923		3888				r16 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the beginning of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 38878 Tsd

Effect of exchange rate changes		(14)		111				r17 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Effect of exchange rate changes on cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 1108 Tsd

Cash and cash equivalents at end of period		3888		3109				r18 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the end of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd


Reported cash and cash equivalents at 31122016			3888				r21 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the beginning of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 38878 Tsd			Reported cash and cash equivalents at 31122016			3888

Profit YTD 122017			5746				r19 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Profit gtgt (ltlt 2017 gtgt q_act_jan)13User Value 5746 Tsd			Profit YTD 122017		3888		575

Other non-cash items (eg DampA)			9613				r23 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13132129 Tsd - ltlt Depreciation of property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)132157 Tsd - ltlt Amortization of intangible assets gtgt (ltlt 2017 gtgt q_act_jan)13-224 Tsd - ltlt Interest income and dividend on available-for-sale financial assets gtgt (ltlt 2017 gtgt q_act_jan)13-062 Tsd - ltlt Exchange differences gtgt (ltlt 2017 gtgt q_act_jan)13-033 Tsd - ltlt Loss (gain) on sales of property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)13000 Tsd - ltlt Gain on sales of financial assets gtgt (ltlt 2017 gtgt q_act_jan)13612 Tsd - ltlt Expenses for share-based compensation plans gtgt (ltlt 2017 gtgt q_act_jan)13564 Tsd - ltlt Other non-cash (income) and expenses gtgt (ltlt 2017 gtgt q_act_jan)134408 Tsd - ltlt Income tax expenses gtgt (ltlt 2017 gtgt q_act_jan)13---------------------139552 Tsd (Total)			Other non-cash items (eg DampA)		4462		961

Changes in working capital			-4798				r24 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows131313267 Tsd - ltlt Increase (decrease) payables and accruals incl accrued cost of service gtgt (ltlt 2017 gtgt q_act_jan)13-695 Tsd - ltlt (Decrease) increase non-current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13256 Tsd - ltlt (Decrease) increase current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13-17508 Tsd - ltlt (Increase) decrease receivables other current assets and unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-4680 Tsd (Total)			Changes in working capital		4944		480	neg

Interest and income taxes paid			-3831				r25 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows1313-3709 Tsd - ltlt Income taxes paid gtgt (ltlt 2017 gtgt q_act_jan)13-122 Tsd - ltlt Interest paid gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-3831 Tsd (Total)			Interest and income taxes paid		4561		383	neg

Net cash from investing activities			-6813				r26 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in investing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -6870 Tsd			Net cash from investing activities		3879		681	neg

Financing activitiesdividend			-8818				r27 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in financing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8818 Tsd			Financing activitiesdividend		2998		882	neg

Effect of exchange rate changes			1108				r28 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Effect of exchange rate changes on cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 1108 Tsd			Effect of exchange rate changes		2998		111

Reported cash and cash equivalents at 31122017			31085				r29 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the end of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd		PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Subtotal cash flow from operations gtgt (ltlt 2017 gtgt q_act_jan)13User Value 15298 Tsd		PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows131313267 Tsd - ltlt Increase (decrease) payables and accruals incl accrued cost of service gtgt (ltlt 2017 gtgt q_act_jan)13-695 Tsd - ltlt (Decrease) increase non-current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13256 Tsd - ltlt (Decrease) increase current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13-17508 Tsd - ltlt (Increase) decrease receivables other current assets and unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-4680 Tsd (Total)	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash generated from operations gtgt (ltlt 2017 gtgt q_act_jan)13User Value 10618 Tsd		PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows1313-3709 Tsd - ltlt Income taxes paid gtgt (ltlt 2017 gtgt q_act_jan)13-122 Tsd - ltlt Interest paid gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-3831 Tsd (Total)	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash from operating activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 6787 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in investing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -6870 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Free cash flow gtgt (ltlt 2017 gtgt q_act_jan)13User Value -083 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in financing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8818 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net increase (decrease) in cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8901 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the beginning of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 38878 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Effect of exchange rate changes on cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 1108 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the end of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the beginning of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 38878 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Profit gtgt (ltlt 2017 gtgt q_act_jan)13User Value 5746 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13132129 Tsd - ltlt Depreciation of property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)132157 Tsd - ltlt Amortization of intangible assets gtgt (ltlt 2017 gtgt q_act_jan)13-224 Tsd - ltlt Interest income and dividend on available-for-sale financial assets gtgt (ltlt 2017 gtgt q_act_jan)13-062 Tsd - ltlt Exchange differences gtgt (ltlt 2017 gtgt q_act_jan)13-033 Tsd - ltlt Loss (gain) on sales of property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)13000 Tsd - ltlt Gain on sales of financial assets gtgt (ltlt 2017 gtgt q_act_jan)13612 Tsd - ltlt Expenses for share-based compensation plans gtgt (ltlt 2017 gtgt q_act_jan)13564 Tsd - ltlt Other non-cash (income) and expenses gtgt (ltlt 2017 gtgt q_act_jan)134408 Tsd - ltlt Income tax expenses gtgt (ltlt 2017 gtgt q_act_jan)13---------------------139552 Tsd (Total)	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows131313267 Tsd - ltlt Increase (decrease) payables and accruals incl accrued cost of service gtgt (ltlt 2017 gtgt q_act_jan)13-695 Tsd - ltlt (Decrease) increase non-current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13256 Tsd - ltlt (Decrease) increase current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13-17508 Tsd - ltlt (Increase) decrease receivables other current assets and unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-4680 Tsd (Total)	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows1313-3709 Tsd - ltlt Income taxes paid gtgt (ltlt 2017 gtgt q_act_jan)13-122 Tsd - ltlt Interest paid gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-3831 Tsd (Total)	Reported cash and cash equivalents at 31122017	3109	3888

													484

													591

													(479)

													(331)

													(406)

													(882)

													93

													2946

	31-Dec-16		31-Dec-17		Change in

				CHF

Cash and cash equivalents		3888		3109		(779)		-20			r3 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd		3888	3999		111		3

Trade receivables unbilled forwarding services		9087		10970		1883		21			r4 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Trade receivables unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13User Value 109701 Tsd		9087	8693		-394		-4

Other current assets		1025		1322		297		29			r5 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other current assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 13217 Tsd		1025	1335		31		30

Property plant and equipment		635		967		332		52			r6 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)13User Value 9673 Tsd		635	651		16		3

Intangible assets		979		885		(95)		-10			r7 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Intangible assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 8845 Tsd		979	926		-53		-5

Other non-current assets		990		1138		148		15			r8 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other non-current assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 11382 Tsd		99	1073		83		8

Total assets		16606		18390		1784		11			r9 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 183903 Tsd		166060	166780		72		0

											0

Short-term borrowings		23		26		03		15			r11 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Short-term borrowings gtgt (ltlt 2017 gtgt q_act_jan)13User Value 262 Tsd		23	05		-18		-78

Trade payables accured cost of services		6524		7967		1443		22			r12 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Trade payables accured cost of services gtgt (ltlt 2017 gtgt q_act_jan)13User Value 79665 Tsd		6524	620		-324		-5

Other current liabilities		2439		2676		237		10			r13 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other current liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 26763 Tsd		2439	2592		153		6

Long-Term borrowings		00		32		32		na			r20 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Long-term borrowings gtgt (ltlt 2017 gtgt q_act_jan)13User Value 324 Tsd		0	12		12		na

Other long-term liabilities		1449		1546		97		7			r21 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other long-term liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 15459 Tsd		1449	1479		3		2

Total liabilities		10436		12247		1811		17			r14 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 122473 Tsd		104360	102880		-148		-1

Share capital		24		24		(00)		-1			r15 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Share capital gtgt (ltlt 2017 gtgt q_act_jan)13User Value 238 Tsd		24	24		0		0

Reserves treasury shares		6057		6056		(01)		-0			r16 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Reserves treasury shares gtgt (ltlt 2017 gtgt q_act_jan)13User Value 60534 Tsd		6057	6285		228		4

Non-controlling interests		89		63		(26)		-29			r17 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Non-controlling interests gtgt (ltlt 2017 gtgt q_act_jan)13User Value 659 Tsd		89	81		-08		-9

Total equity		6170		6143		(27)		-0			r18 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total equity gtgt (ltlt 2017 gtgt q_act_jan)13User Value 61430 Tsd		617	639		22		4

Total equity and liabilities		16606		18390		1784		11			r19 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total equity and liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 183903 Tsd		166060	166780		72		0

KPIs		31-Dec-16		31-Dec-17


Equity Ratio		372		334					s20 PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document Q2_2017_Quarter_Report13Chapter Consolidated Statement of Financial Position13Row ltlt Total equity and liabilities gtgt (ltlt June 30 2017 gtgt q_act_jan)13User Value 153472 Tsd

							PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Trade receivables unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13User Value 109701 Tsd		PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other current assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 13217 Tsd		PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)13User Value 9673 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Intangible assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 8845 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other non-current assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 11382 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 183903 Tsd		PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Short-term borrowings gtgt (ltlt 2017 gtgt q_act_jan)13User Value 262 Tsd		PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Trade payables accured cost of services gtgt (ltlt 2017 gtgt q_act_jan)13User Value 79665 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other current liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 26763 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Long-term borrowings gtgt (ltlt 2017 gtgt q_act_jan)13User Value 324 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other long-term liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 15459 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 122473 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Share capital gtgt (ltlt 2017 gtgt q_act_jan)13User Value 238 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Reserves treasury shares gtgt (ltlt 2017 gtgt q_act_jan)13User Value 60534 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Non-controlling interests gtgt (ltlt 2017 gtgt q_act_jan)13User Value 659 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total equity gtgt (ltlt 2017 gtgt q_act_jan)13User Value 61430 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total equity and liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 183903 Tsd	NWC-Intensity	18	15	mf24	Enterred by HPI on 14012018

DSO 3-m-rolling YTD		455		474					m22		Enterred by HPI on 14012018

DPO 3-m-rolling YTD		407		412					m23		Enterred by HPI on 14012018

2017	2016

																						Check

Logistics	Q1 2016	Q2 2016	HY 2016		Q3 2016		Q3YTD 2016		Q4 2016		FY 2016		Q1 2017		Q2 2017			HY 2017		Q3 2017			Q3YTD 2017		Q4 2017		FY 2017								CY

Net forwarding revenue	1402	1613	3015		1374		4389		1321		5709		1286		1377			2663		1394			4057		1330		5387			m4		m4		s4 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_3 gtgt q_act)13User Value 14141 Tsd	r4 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_3 gtgt q_act_jan)13User Value 53871 Tsd	00

Forwarding expenses	(420)	(607)	(1027)		(429)		(1456)		(397)		(1853)		(460)		(564)			(1024)		(580)			(1604)		(472)		(2076)			m5		m5		s5 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_3 gtgt q_act)13User Value -5564 Tsd	r5 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_3 gtgt q_act_jan)13User Value -20758 Tsd	00

Gross profit	982	1006	1989		944		2933		924		3857		825		813			1639		815			2454		858		3311			m6		m6		s6 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_3 gtgt q_act)13User Value 8576 Tsd	r6 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_3 gtgt q_act_jan)13User Value 33114 Tsd	00

Personnel expenses	(574)	(591)	(1166)		(528)		(1694)		(519)		(2213)		(479)		(461)			(940)		(469)			(1409)		(507)		(1916)			m7		m7		s7 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_3 gtgt q_act)13User Value -4045 Tsd	r7 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_3 gtgt q_act_jan)13User Value -19163 Tsd	00

Other operating expenses	(360)	(363)	(723)		(378)		(1102)		(367)		(1469)		(298)		(298)			(596)		(298)			(894)		(329)		(1223)			m8		m8		s8 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_3 gtgt q_act)13User Value -4415 Tsd	r8 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_3 gtgt q_act_jan)13User Value -12227 Tsd	00

EBITDA adjusted	48	52	100		38		138		37		175		48		54			103		48			151		22		172			m9		m9		s9 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_3 gtgt q_act)13User Value -479 Tsd	r9 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_3 gtgt q_act_jan)13User Value 1724 Tsd	00

Depreciation and amortization	(29)	(29)	(58)		(29)		(88)		(32)		(119)		(25)		(24)			(48)		(21)			(69)		(23)		(92)			m10		m10		s10 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_3 gtgt q_act)13User Value -125 Tsd	r10 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_3 gtgt q_act_jan)13User Value -918 Tsd	00

EBIT adjusted	18	23	41		09		50		05		56		24		31			54		27			81		(01)		81			m11		m11		s11 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act)13User Value -008 Tsd	r11 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act_jan)13User Value 807 Tsd	00

Non-recurring items

Restructuring expenses	00	(38)	(38)		00		(38)		00		(38)		00		00			00		00			00		00		00			m13		m13		s13	m13	00


EBIT reported	18	(15)	03		09		12		05		18		24		31			54		27			81		(01)		81			m15		m15		s15 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act)13User Value -008 Tsd	r15 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act_jan)13User Value 807 Tsd


GP Change YoY										-19		-18		-14		-16		-7		-14					s16	s16


															453

						10										15

GP control	000	000		000				000		(012)		(000)		000				000			000			000		s30		s30		s30		s30

EBITDA control	000	000		(000)				010		(002)		000		(000)				000			(000)			000		s31		s31		s31		s31

EBIT control	010	000		000				000		005		000		(000)			ERRORREF		000			000			000		s32		s32		s32		s32

2017	2016


Ocean Freight	Q1 2016	Q2 2016	HY 2016		Q3 2016	Q3YTD 2016			Q4 2016			FY 2016			Q1 2017			Q2 2017			HY 2017		Q3 2017			Q3YTD 2017		Q4 2017			FY 2017

Net forwarding revenue	5338	4921	10259		4955	15214			4770			19984			4915			5172			10087		5551			15637		5105			20743			m4		m4		s4 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_2 gtgt q_act)13User Value 55506 Tsd	r4 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_2 gtgt q_act_jan)13User Value 207428 Tsd	00	00	00	00

Forwarding expenses	(4157)	(3773)	(7930)		(3834)	(11764)			(3783)			(15547)			(3860)			(4081)			(7941)		(4463)			(12404)		(4067)			(16471)			m5		m5		s5 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_2 gtgt q_act)13User Value -44629 Tsd	r5 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_2 gtgt q_act_jan)13User Value -164707 Tsd	-00	00	00	00

Gross profit	1181	1148	2329		1121	3450			987			4438			1055			1091			2146		1088			3234		1038			4272			m6		m6		s6 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_2 gtgt q_act)13User Value 10877 Tsd	r6 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_2 gtgt q_act_jan)13User Value 42721 Tsd	00	00	00	00

Personnel expenses	(791)	(752)	(1543)		(755)	(2298)			(721)			(3019)			(779)			(784)			(1564)		(788)			(2352)		(837)			(3189)			m7		m7		s7 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_2 gtgt q_act)13User Value -7884 Tsd	r7 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_2 gtgt q_act_jan)13User Value -31889 Tsd	00	00	(00)	00

Other operating expenses	(305)	(288)	(594)		(274)	(868)			(275)			(1144)			(271)			(265)			(536)		(290)			(827)		(257)			(1083)			m8		m8		s8 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_2 gtgt q_act)13User Value -2905 Tsd	r8 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_2 gtgt q_act_jan)13User Value -10833 Tsd	00	(01)	(01)	00

EBITDA adjusted	84	108	192		92	284			(09)			275			05			41			46		09			55		(55)			(00)			m9		m9		s9 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_2 gtgt q_act)13User Value 089 Tsd	r9 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_2 gtgt q_act_jan)13User Value -001 Tsd	00	00	00	00

Depreciation and amortization	(41)	(42)	(83)		(41)	(124)			(42)			(166)			(36)			(36)			(72)		(38)			(110)		(41)			(151)			m10		m10		s10 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_2 gtgt q_act)13User Value -384 Tsd	r10 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_2 gtgt q_act_jan)13User Value -1508 Tsd	-00	00	00	00

EBIT adjusted	43	66	109		51	160			(51)			109			(32)			06			(26)		(29)			(55)		(96)			(151)			m11		m11		s11 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_2 gtgt q_act)13User Value -295 Tsd	r11 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_2 gtgt q_act_jan)13User Value -1509 Tsd	-00	00	00	00

in of gross profit	37	58	47		45	46			-51			25			-30			05			-12		-27			-17		-92			-35			m12		m12		s12	s12

Non-recurring items																									00		00		00			00

Restructuring expenses	00	(97)	(97)		0	(97)			(19)			(115)			00			00			00		00			00		00			00			m14		m14		s14	m14	00	00	01	00


EBIT reported	43	(30)	13		51	63			(69)			(06)			(32)			06			(26)		(29)			(55)		(96)			(151)			m16		m16		s16 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_2 gtgt q_act)13User Value -295 Tsd	r16 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_2 gtgt q_act_jan)13User Value -1509 Tsd	-00	00	(00)	00

in of gross profit	37	-26	05		45	18			-70			-01			-30			05			-12		-27			-17		-92			-35			m17		m17		s17	s17


Ocean Freight volumes (000 TEUs)	3482	3726	7208		3787	10995			3890			14885			3742			3828			7570		3856			11426		3779			15205			m19		m19		m19	m19	00	00	(00)	00

change YoY	-100	-82	-91		-88	-90			08			-66			75			27			50		18			39		-28			22			m20		m20		s20	s20

GPTEU (CHF)	339	308	323		296	314			254			298			282			285			283		282			283		275			281			m21		m21		m21	s21

change YoY	102	59	80		-16	47			-176			-11			-169			-75			-122		-47			-98		83			-58			m22		m22		s22	s22


GP change YoY								-11			-5			-8			-3			-6		519		-373					s23		s23


							-00298711145			00053228356					-00271124048				-00921686544

GP control	000	000		(000)			000			000			000			000					000			(000)			000			s30		s30		s30		s30

EBITDA control	010	000		000			000			(000)			(000)			(000)					000			000			(000)			s31		s31		s31		s31

EBIT control	000	000		000			000			(000)			(000)			000				000		000			000			(000)			s32		s32		s32		s32

2017	2016

																													Check

Air Freight	Q1 2016	Q2 2016	HY 2016		Q3 2016	Q3YTD 2016			Q4 2016			FY 2016			Q1 2017			Q2 2017		HY 2017			Q3 2017			Q3 YTD 2017			Q4 2017			FY 2017										CY

Net forwarding revenue	6332	6359	12691		6341	19032			7234			26267			6571			7000		13571			7389			20960			8238			29198			m4		m4		s4 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_1 gtgt q_act)13User Value 91229 Tsd		r4 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_1 gtgt q_act_jan)13User Value 291978 Tsd	00	00	(003)	00

Forwarding expenses	(4846)	(4800)	(9646)		(4853)	(14499)			(5816)			(20315)			(5125)			(5500)		(10625)			(5775)			(16400)			(6403)			(22803)			m5		m5		s5 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_1 gtgt q_act)13User Value -72887 Tsd		r5 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_1 gtgt q_act_jan)13User Value -228034 Tsd	00	00	00	00

Gross profit	1486	1559	3045		1489	4534			1418			5952			1447			1500		2946			1614			4560			1834			6394			m6		m6		s6 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_1 gtgt q_act)13User Value 18342 Tsd		r6 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_1 gtgt q_act_jan)13User Value 63944 Tsd	-00	00	00	00

Personnel expenses	(885)	(869)	(1754)		(847)	(2600)			(873)			(3473)			(905)			(916)		(1822)			(928)			(2750)			(1044)			(3793)			m7		m7		s7 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_1 gtgt q_act)13User Value -10893 Tsd		r7 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_1 gtgt q_act_jan)13User Value -37932 Tsd	-00	00	00	00

Other operating expenses	(371)	(359)	(730)		(318)	(1048)			(284)			(1333)			(324)			(317)		(641)			(337)			(978)			(334)			(1312)			m8		m8		s8 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_1 gtgt q_act)13User Value -2799 Tsd		r8 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_1 gtgt q_act_jan)13User Value -13116 Tsd	00	00	(00)	00

EBITDA adjusted	230	331	561		324	885			261			1146			218			266		484			349			833			457			1290			m9		m9		s9 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_1 gtgt q_act)13User Value 4650 Tsd		r9 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_1 gtgt q_act_jan)13User Value 12896 Tsd	00	00	(00)	00

Depreciation and amortization	(52)	(52)	(103)		(55)	(158)			(53)			(211)			(46)			(47)		(93)			(46)			(139)			(47)			(186)			m10		m10		s10 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_1 gtgt q_act)13User Value -558 Tsd		r10 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_1 gtgt q_act_jan)13User Value -1861 Tsd	00	01	01	00

EBIT adjusted	178	279	457		269	726			208			935			171			220		391			303			694			409			1103			m11		m11		s11 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act)13User Value 4092 Tsd		r11 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act_jan)13User Value 11035 Tsd	-00	00	00	00

in of gross profit	120	179	150		181	160			147			157			118			146		133			188			152			223			173			m12		m12		s12 PAC Hamon Pierrick Invalid Reference (value_1_PQACT02) 1313Reference could not be handled13Underlying Formula		s12

Non-recurring items																										00		00		00			00

Restructuring expenses	00	(127)	(127)		00	(127)			00			(127)			00			00		00			00			00			00			00			m14		m14		s14		m14	00	00	00	00


EBIT reported	178	153	331		269	600			208			808			171			220		391			303			694			409			1103			m16		m16		s16 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act)13User Value 4092 Tsd		r16 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act_jan)13User Value 11035 Tsd	-00	00	(00)	00

in of gross profit	120	98	109		181	132			147			136			118			146		133			188			152			223			173			m17		m17		s17		s17


Air Freight volumes (000 tons)	2161	2251	4412		2278	6690			2524			9214			2332			2399		4731			2489			7220			2739			9959			m19		m19		s19		m19	00	00	00	00

change YoY	54	111	82		99	88			141			102			79			66		72			93			79			85			81			m20		m20		s20		s20

GPton (CHF)	688	693	690		653	678			562			646			620			625		623			648			632			670			642			m21		m21		s21		s21

change YoY	-47	-36	-41		-73	-52			-140			-75			-98			-97		-98			-08			-68			192			-06			m22		m22		s22		s22


GP change YoY								-3			-4			-3			8		1			29			7					s23		s23

GP control	000	000		000			000			000			(000)			000				(000)				000		000		000		000			s30		s30		s30		s30

EBITDA control	000	000		000			(000)			000			000			(000)				000				000		(000)		000		000			s31		s31		s31		s31

EBIT control	000	000		000			000			(000)			000			(000)			000		000				000		000		000		(000)			s32		s32		s32		s32

2017		2016

																													Check CY

Group		Q1 2016		Q2 2016			HY 2016		Q3 2016		Q3YTD 2016		Q4 2016		FY 2016		Q1 2017		Q2 2017			HY 2017			Q3 2017			Q3YTD 2017		Q4 2017			FY 2017

Net forwarding revenue		13072		12894			25965		12670		38635		13325		51960		12772		13549			26321			14334			40655		14673			55328		s4 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Net forwarding revenue gtgt (ltlt 2017 gtgt q_act)13User Value 1433411124 Tsd		r4 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Net forwarding revenue gtgt (ltlt value_1 gtgt q_act_jan)13User Value 5532778504 Tsd		m4		m4		00		-01	-01	00

Forwarding expenses		(9423)		(9180)			(18602)		(9116)		(27718)		(9996)		(37714)		(9445)		(10145)			(19590)			(10818)			(30407)		(10942)			(41350)		s5 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Forwarding services from third parties gtgt (ltlt 2017 gtgt q_act)13User Value -1081765298 Tsd		r5 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Forwarding services from third parties gtgt (ltlt value_1 gtgt q_act_jan)13User Value -4134985568 Tsd		m5		m5		00		01	01	00

Gross profit		3649		3714			7363		3554		10917		3329		14246		3327		3404			6731			3516			10248		3730			13978		s6 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Gross profit gtgt (ltlt 2017 gtgt q_act)13User Value 351645826 Tsd		r6 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Gross profit gtgt (ltlt value_1 gtgt q_act_jan)13User Value 1397792936 Tsd		m6		m6		00		00	00	00

Personnel expenses		(2250)		(2213)			(4463)		(2129)		(6592)		(2113)		(8705)		(2164)		(2162)			(4326)			(2186)			(6511)		(2388)			(8898)		s7 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Personnel expenses gtgt (ltlt 2017 gtgt q_act)13User Value -218561825 Tsd		r7 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Personnel expenses gtgt (ltlt value_1 gtgt q_act_jan)13User Value -889847082 Tsd		m7		m7		00		00	00	00

Other operating expenses		(1037)		(1011)			(2047)		(971)		(3018)		(927)		(3945)		(893)		(880)			(1773)			(925)			(2698)		(919)			(3618)		s8 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Other operating expenses gtgt (ltlt 2017 gtgt q_act)13User Value -92494218 Tsd		r8 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Other operating expenses gtgt (ltlt value_1 gtgt q_act_jan)13User Value -361760468 Tsd		m8		m8		00		01	01	00

EBITDA adjusted		362		491			853		454		1307		289		1596		271		362			633			406			1039		423			1462		s9 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt EBITDA gtgt (ltlt 2017 gtgt q_act)13User Value 40589783 Tsd		r9 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt EBITDA gtgt (ltlt value_1 gtgt q_act_jan)13User Value 146185385 Tsd		m9		m9		00		00	00	00

Depreciation of property plant and equip		(62)		(62)			(125)		(62)		(187)		(71)		(258)		(53)		(54)			(107)			(50)			(156)		(56)			(213)		s10 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Depreciation of property plant and equipment gtgt (ltlt 2017 gtgt q_act)13User Value -4981553 Tsd		r10 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Depreciation of property plant and equipment gtgt (ltlt value_1 gtgt q_act_jan)13User Value -21293764 Tsd		m10		m10		-00		-01	-01	00

Amortization of intangible assets		(60)		(60)			(120)		(63)		(183)		(56)		(239)		(54)		(52)			(106)			(55)			(162)		(54)			(216)		s11 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Amortization of intangible assets gtgt (ltlt 2017 gtgt q_act)13User Value -5514918 Tsd		r11 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Amortization of intangible assets gtgt (ltlt value_1 gtgt q_act_jan)13User Value -21570493 Tsd		m11		m11		00		00	00	00

EBIT adjusted		240		368			608		329		936		163		1099		164		256			420			301			721		313			1033		s12 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Operating result (EBIT) gtgt (ltlt 2017 gtgt q_act)13User Value 30093312 Tsd		r12 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act_jan)13User Value 103321128 Tsd		m12		m12		00		00	-01	00

in of gross profit		66		99			83		92		86		49		77		49		75			62			86			70		84			74		s13		s13		m13		m13

Non-recurring items																											00		00		00		00

Restructuring expenses		00		(261)			(261)		00		(261)		(19)		(280)		00		00			00			00			00		00			00		s15 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Restructuring expenses gtgt (ltlt 2017 gtgt q_act)13User Value 0000000 Tsd		r15 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Restructuring expenses gtgt (ltlt value_1 gtgt q_act_jan)13User Value 0000000 Tsd		m15		m15		00		00	00	00


EBIT reported		240		107			347		329		675		144		820		164		256			420			301			721		313			1033		s17		s17		m17		m17		00		00	00	00

in of gross profit		66		29			47		92		62		43		58		49		75			62			86			70		84			74		s18		s18		m18		m18		-01		-00	-02

Financial result		(09)		07			(02)		(04)		(06)		02		(04)		02		01			03			(04)			(02)		(16)			(18)		s19 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13130939883 Tsd - ltlt Finance income gtgt (ltlt 2017 gtgt q_act)13-1343957 Tsd - ltlt Finance costs gtgt (ltlt 2017 gtgt q_act)13---------------------13-0404074 Tsd (Total)		r19 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13132749657 Tsd - ltlt Finance income gtgt (ltlt value_1 gtgt q_act_jan)13-4529105 Tsd - ltlt Finance costs gtgt (ltlt value_1 gtgt q_act_jan)13---------------------13-1779448 Tsd (Total)		m19		m19		00		00	00	00

Earnings before taxes (EBT)		231		114			345		325		670		146		816		165		257			422			297			719		296			1015		s20 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Profit before income tax (EBT) gtgt (ltlt 2017 gtgt q_act)13User Value 29689237 Tsd		r20 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Profit before income tax (EBT) gtgt (ltlt value_1 gtgt q_act_jan)13User Value 101541680 Tsd		m20		m20		00		00	00	00

Income tax expenses		(58)		(69)			(126)		(79)		(205)		(88)		(293)		(42)		(81)			(123)			(112)			(235)		(206)			(441)		s21 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Income tax expenses gtgt (ltlt 2017 gtgt q_act)13User Value -11228068 Tsd		r21 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Income tax expenses gtgt (ltlt value_1 gtgt q_act_jan)13User Value -44082152 Tsd		m21		m21		00		01	01	00

of EBT		250		602			367		242		306		601		359		252		316			291			378			327		694			434		s22		s22		m22		m22

Profit		173		45			218		246		465		58		523		124		176			299			185			484		91			575		s23 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Profit gtgt (ltlt 2017 gtgt q_act)13User Value 18461169 Tsd		r23 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Profit gtgt (ltlt value_1 gtgt q_act_jan)13User Value 57459528 Tsd		m23		m23		00		00	01	00

Earnings per share		075		021			096		106		201		027		229		054		075			129			079			208		040			248		s24 PAC Serova Elena (External) Referenced Value (value_1_PQACTJAN02)1313Document Q2_2017_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Basic gtgt (ltlt 2017 gtgt q_act_jan)13User Value 0000540 Tsd		s24 PAC Serova Elena (External) Referenced Value (value_1_PQACTJAN02)1313Document Q2_2017_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Basic gtgt (ltlt 2017 gtgt q_act_jan)13User Value 0000540 Tsd		m24		m24		00		00	00	00

			0		0				46460419259						0		0		0			0		0			0			m25		m25		l1	l1			00		00

Earnings per share 1000																0000788		0002078		0000788			0002478			rf28 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Basic gtgt (ltlt 2017 gtgt q_act)13User Value 0000788 Tsd		rf28 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Basic gtgt (ltlt value_1 gtgt q_act_jan)13User Value 0002478 Tsd		l2		l2

Total Operating Expenses																(3111)		(9209)		(3307)			(12516)			s25		s25		l3		l3

OOE YoY

	042


GP control		00		00		00		00		00	00	00		00		00		00			00		00		00			00		00		00		(00)		00			s30		s30	s30		s30

EBITDA control		00		(01)		00		00		00	00	00		(00)		00		(00)			00		00		(01)			00		00		(00)		00		(00)			s31		s31	s31		s31

EBIT control		00		01		00		00		00	00	00		(01)		00		00			(00)		00		(00)			00		00		00		00		00			s32		s32	s32		s32

Earnings before taxes (EBT)		00		00		00		00		00	00	00		00		00		00			00		00		01			00		00		(00)		(00)		00			s33		s33	s33		s33

Profit		00		00		00		01		00	00	00		00		00		00			00		00		(00)			(00)		00		00		(00)		00			s34		s34	s34		s34

Air GP																				6394449			l4		r40 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Gross profit (value_1 q_act_jan)13User Value 6394449 Mio		l4		l4

Ocean GP																				4272121			l5		r41 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_act_jan)13User Value 4272121 Mio		l5		l5

Logistics GP																				331136			l6		r42 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row Gross profit (value_1 q_act_jan)13User Value 3311360 Mio		l6		l6

Check																				00			l7		s43		l7		l7

Air EBIT																				1103462			l8		r44 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row EBIT adjusted (value_1 q_act_jan)13User Value 1103462 Mio		l8		l8

Ocean EBIT																				-150917			l9		r45 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_act_jan)13User Value -150917 Mio		l9		l9

Logistics EBIT																				80666			l10		r46 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row EBIT adjusted (value_1 q_act_jan)13User Value 80666 Mio		l10		l10

Check																				00			l11		s47		l11		l11

APAC GP																				34878			l12		r51 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 313 - AC Key figures APAC13Row Gross profit (value_1 q_act_jan)13User Value 34878 Mio		l12		l12

EUROPE GP																				53038			l13		r52 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 314 - AC Key figures Europe13Row Gross profit (value_1 q_act_jan)13User Value 53038 Mio		l13		l13

MEAC GP																				897489			l14		r53 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 315 - AC Key figures MEAC13Row Gross profit (value_1 q_act_jan)13User Value 8974886 Mio		l14		l14

AME GP																				4288802			l15		r54 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 316 - AC Key figures Americas13Row Gross profit (value_1 q_act_jan)13User Value 4288802 Mio		l15		l15

Check																				(00)			l16		s55		l16		l16

APAC EBIT																				7061			l17		r56 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 313 - AC Key figures APAC13Row EBIT (value_1 q_act_jan)13User Value 7061 Mio		l17		l17

EUROPE EBIT																				-122			l18		r57 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 314 - AC Key figures Europe13Row EBIT (value_1 q_act_jan)13User Value -122 Mio		l18		l18

MEAC EBIT																				20871			l19		r58 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 315 - AC Key figures MEAC13Row EBIT reported (value_1 q_act_jan)13User Value 208709 Mio		l19		l19

AME EBIT																				31847			l20		r59 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 316 - AC Key figures Americas13Row EBIT reported (value_1 q_act_jan)13User Value 3184697 Mio		l20		l20

Check																				00			l21		s60		l21		l21

Air NFR																				2919782			l31		r70 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Net forwarding revenue (value_1 q_act_jan)13User Value 29197820 Mio		l31		l31

Ocean NFR																				2074282			l22		r71 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Net forwarding revenue (value_1 q_act_jan)13User Value 20742820 Mio		l22		l22

Logistics NFR																				5387147			l23		r72 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row Net forwarding revenue (value_1 q_act_jan)13User Value 5387147 Mio		l23		l23

Check																				00			l24		s73		l24		l24

APAC NFR																				127363			l25		r75 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 313 - AC Key figures APAC13Row Net forwarding revenue (value_1 q_act_jan)13User Value 127363 Mio		l25		l25

EUROPE NFR																				231796			l26		r76 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 314 - AC Key figures Europe13Row Net forwarding revenue (value_1 q_act_jan)13User Value 231796 Mio		l26		l26

MEAC NFR																				271595			l27		r77 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 315 - AC Key figures MEAC13Row Net forwarding revenue (value_1 q_act_jan)13User Value 27159502 Mio		l27		l27

AME NFR																				16695948			l28		r78 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 316 - AC Key figures Americas13Row Net forwarding revenue (value_1 q_act_jan)13User Value 166959483 Mio		l28		l28

Check																				00			l29		s79		l29		l29

	Q4

GP		Q4 2016		Q1 2017		Q2 2017		Q3 2017		Q4 2017				Gross profit

	92		825		81		81		86			m3		Q4 2016		92

									Q1 2017		83

									Q2 2017		81

									Q3 2017		81

EBIT		05		24		31		27		-01			m7		Q4 2017		86


									EBIT

									Q4 2016		05

									Q1 2017		24

									Q2 2017		31

									Q3 2017		27

									Q4 2017		-01

	2017		2016


				2017						2016		2017

YoY Growth		Q3		Q4	Q1	Q2	Q3		Q4				Gross Profit EBIT		YTD		YTD

Gross Profit		-6		-11	-16	-19	-14		-7		m5			Gross Profit		3857		33114	-14	r5 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_3 gtgt q_act_jan)13User Value 33114 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row Gross profit (value_1 q_prior_jan)13User Value 3857000 Mio

								EBIT (adjusted PY)		56		81		45		rf7 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act_jan)13User Value 807 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_3 gtgt q_prior_jan)13User Value 556 Tsd

								EBIT in of NFR		10		15			s9

								NFR		57094638		53871466			rf8 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_3 gtgt q_act_jan)13User Value 53871 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_3 gtgt q_prior_jan)13User Value 57095 Tsd
PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_3 gtgt q_act_jan)13User Value 33114 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row Gross profit (value_1 q_prior_jan)13User Value 3857000 Mio	PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act_jan)13User Value 807 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_3 gtgt q_prior_jan)13User Value 556 Tsd

	Q4

GP		Q4 2016		Q1 2017		Q2 2017		Q3 2017		Q4 2017				Gross profit

	92		825		81		81		86			m3		Q4 2016		92

									Q1 2017		83

									Q2 2017		81

									Q3 2017		81

EBIT		05		24		31		27		-01			m7		Q4 2017		86


									EBIT

									Q4 2016		05

									Q1 2017		24

									Q2 2017		31

									Q3 2017		27

									Q4 2017		-01

	2017		2016


				2017						2016		2017

YoY Growth		Q3		Q4	Q1	Q2	Q3		Q4				Gross Profit EBIT		YTD		YTD

Gross Profit		-6		-11	-16	-19	-14		-7		m5			Gross Profit		3857		33114	-14	r5 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_3 gtgt q_act_jan)13User Value 33114 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row Gross profit (value_1 q_prior_jan)13User Value 3857000 Mio

								EBIT (adjusted PY)		56		81		45		rf7 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act_jan)13User Value 807 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_3 gtgt q_prior_jan)13User Value 556 Tsd

								EBIT in of NFR		10		15			s9

								NFR		57094638		53871466			rf8 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_3 gtgt q_act_jan)13User Value 53871 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_3 gtgt q_prior_jan)13User Value 57095 Tsd
PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_3 gtgt q_act_jan)13User Value 33114 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row Gross profit (value_1 q_prior_jan)13User Value 3857000 Mio	PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act_jan)13User Value 807 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_3 gtgt q_prior_jan)13User Value 556 Tsd

	Q4

GP		Q4 2016		Q1 2017		Q2 2017		Q3 2017		Q4 2017				Gross profit

	92		825		81		81		86			m3		Q4 2016		92

									Q1 2017		83

									Q2 2017		81

									Q3 2017		81

EBIT		05		24		31		27		-01			m7		Q4 2017		86


									EBIT

									Q4 2016		05

									Q1 2017		24

									Q2 2017		31

									Q3 2017		27

									Q4 2017		-01

	2017		2016


				2017						2016		2017

YoY Growth		Q3		Q4	Q1	Q2	Q3		Q4				Gross Profit EBIT		YTD		YTD

Gross Profit		-6		-11	-16	-19	-14		-7		m5			Gross Profit		3857		33114	-14	r5 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_3 gtgt q_act_jan)13User Value 33114 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row Gross profit (value_1 q_prior_jan)13User Value 3857000 Mio

								EBIT (adjusted PY)		56		81		45		rf7 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act_jan)13User Value 807 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_3 gtgt q_prior_jan)13User Value 556 Tsd

								EBIT in of NFR		10		15			s9

								NFR		57094638		53871466			rf8 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_3 gtgt q_act_jan)13User Value 53871 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_3 gtgt q_prior_jan)13User Value 57095 Tsd
PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_3 gtgt q_act_jan)13User Value 33114 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row Gross profit (value_1 q_prior_jan)13User Value 3857000 Mio	PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act_jan)13User Value 807 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_3 gtgt q_prior_jan)13User Value 556 Tsd

	Q4

GP		Q4 2016		Q1 2017		Q2 2017		Q3 2017		Q4 2017				Gross profit

	92		825		81		81		86			m3		Q4 2016		92

									Q1 2017		83

									Q2 2017		81

									Q3 2017		81

EBIT		05		24		31		27		-01			m7		Q4 2017		86


									EBIT

									Q4 2016		05

									Q1 2017		24

									Q2 2017		31

									Q3 2017		27

									Q4 2017		-01

	2017		2016


				2017						2016		2017

YoY Growth		Q3		Q4	Q1	Q2	Q3		Q4				Gross Profit EBIT		YTD		YTD

Gross Profit		-6		-11	-16	-19	-14		-7		m5			Gross Profit		3857		33114	-14	r5 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_3 gtgt q_act_jan)13User Value 33114 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row Gross profit (value_1 q_prior_jan)13User Value 3857000 Mio

								EBIT (adjusted PY)		56		81		45		rf7 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act_jan)13User Value 807 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_3 gtgt q_prior_jan)13User Value 556 Tsd

								EBIT in of NFR		10		15			s9

								NFR		57094638		53871466			rf8 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_3 gtgt q_act_jan)13User Value 53871 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_3 gtgt q_prior_jan)13User Value 57095 Tsd
PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_3 gtgt q_act_jan)13User Value 33114 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row Gross profit (value_1 q_prior_jan)13User Value 3857000 Mio	PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act_jan)13User Value 807 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_3 gtgt q_prior_jan)13User Value 556 Tsd

	Q4

TEU		Q4 2016		Q1 2017		Q2 2017		Q3 2017		Q4 2017						TEU

	389		374		383		386		378			m3		r3 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_act)13User Value 3778850 Mio			Q4 2016		389		254

	254		282		285		282		275			m4		r4 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row GPTEU (CHF) (value_1 q_act)13User Value 2748072 Mio			Q1 2017		374		282

										Q2 2017		383		285

										Q3 2017		386		282

EBIT		-51		-32		06		-29		-96			m7		m10			Q4 2017		378		275

	-51		-30		05		-27		-92			m8		m8

								PAC Hamon Pierrick Invalid Reference (value_3_PQACT02) 1313Reference could not be handled13Underlying Formula			EBIT		EBIT		EBIT GP

	0					-00353				r11 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row in of gross profit (value_1 q_act)13User Value -00353 Mio			Q4 2016		-51		-51

EBIT YTD						-150917				r12 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT reported (value_1 q_act_jan)13User Value -150917 Mio		PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_act)13User Value 3778850 Mio		PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row GPTEU (CHF) (value_1 q_act)13User Value 2748072 Mio			Q1 2017		-32		-30

										Q2 2017		06		05

										Q3 2017		-29		-27

										Q4 2017		-96		-92

		2017		2016

	2016					2017					2016		2017

YoY Growth			Q3		Q4		Q1	Q2	Q3	Q4			Gross Profit EBIT		YTD		YTD

Volume (market estimated)			0		3		4	3	3	4		m5		Gross Profit		4438		4272		-4		r5 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_act_jan)13User Value 4272121 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_prior_jan)13User Value 4437605 Mio

Volume (Panalpina)			-9		1		7	3	2	-3		r6 PAC Monaco Salvatore Referenced Value (value_4_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row change YoY (value_1 q_act)13User Value -00285 Mio		EBIT (adjusted PY)		109		-151		na		r6 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_act_jan)13User Value -150917 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_prior_jan)13User Value 109010 Mio

GPTEU			-2		-18		-17	-7	-5	8		r7 PAC Monaco Salvatore Referenced Value (value_4_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row change YoY (value_1 q_act)13User Value 00827 Mio							PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_act_jan)13User Value 4272121 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_prior_jan)13User Value 4437605 Mio		PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_act_jan)13User Value -150917 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_prior_jan)13User Value 109010 Mio	EBITGP ()	25	-35	r7 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row in of gross profit (value_1 q_act_jan)13User Value -00353 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row in of gross profit (value_1 q_prior_jan)13User Value 00246 Mio

Gross Profit			-10		-16		-11	-5	-3	5		m8		Volumes (TEUs 000)		14885		15205		2		r8 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_act_jan)13User Value 15204900 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_prior_jan)13User Value 14884510 Mio

	Q4

TEU		Q4 2016		Q1 2017		Q2 2017		Q3 2017		Q4 2017						TEU

	389		374		383		386		378			m3		r3 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_act)13User Value 3778850 Mio			Q4 2016		389		254

	254		282		285		282		275			m4		r4 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row GPTEU (CHF) (value_1 q_act)13User Value 2748072 Mio			Q1 2017		374		282

										Q2 2017		383		285

										Q3 2017		386		282

EBIT		-51		-32		06		-29		-96			m7		m10			Q4 2017		378		275

	-51		-30		05		-27		-92			m8		m8

								PAC Hamon Pierrick Invalid Reference (value_3_PQACT02) 1313Reference could not be handled13Underlying Formula			EBIT		EBIT		EBIT GP

	0					-00353				r11 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row in of gross profit (value_1 q_act)13User Value -00353 Mio			Q4 2016		-51		-51

EBIT YTD						-150917				r12 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT reported (value_1 q_act_jan)13User Value -150917 Mio		PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_act)13User Value 3778850 Mio		PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row GPTEU (CHF) (value_1 q_act)13User Value 2748072 Mio			Q1 2017		-32		-30

										Q2 2017		06		05

										Q3 2017		-29		-27

										Q4 2017		-96		-92

		2017		2016

	2016					2017					2016		2017

YoY Growth			Q3		Q4		Q1	Q2	Q3	Q4			Gross Profit EBIT		YTD		YTD

Volume (market estimated)			0		3		4	3	3	4		m5		Gross Profit		4438		4272		-4		r5 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_act_jan)13User Value 4272121 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_prior_jan)13User Value 4437605 Mio

Volume (Panalpina)			-9		1		7	3	2	-3		r6 PAC Monaco Salvatore Referenced Value (value_4_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row change YoY (value_1 q_act)13User Value -00285 Mio		EBIT (adjusted PY)		109		-151		na		r6 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_act_jan)13User Value -150917 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_prior_jan)13User Value 109010 Mio

GPTEU			-2		-18		-17	-7	-5	8		r7 PAC Monaco Salvatore Referenced Value (value_4_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row change YoY (value_1 q_act)13User Value 00827 Mio							PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_act_jan)13User Value 4272121 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_prior_jan)13User Value 4437605 Mio		PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_act_jan)13User Value -150917 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_prior_jan)13User Value 109010 Mio	EBITGP ()	25	-35	r7 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row in of gross profit (value_1 q_act_jan)13User Value -00353 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row in of gross profit (value_1 q_prior_jan)13User Value 00246 Mio

Gross Profit			-10		-16		-11	-5	-3	5		m8		Volumes (TEUs 000)		14885		15205		2		r8 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_act_jan)13User Value 15204900 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_prior_jan)13User Value 14884510 Mio

	Q4

TEU		Q4 2016		Q1 2017		Q2 2017		Q3 2017		Q4 2017						TEU

	389		374		383		386		378			m3		r3 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_act)13User Value 3778850 Mio			Q4 2016		389		254

	254		282		285		282		275			m4		r4 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row GPTEU (CHF) (value_1 q_act)13User Value 2748072 Mio			Q1 2017		374		282

										Q2 2017		383		285

										Q3 2017		386		282

EBIT		-51		-32		06		-29		-96			m7		m10			Q4 2017		378		275

	-51		-30		05		-27		-92			m8		m8

								PAC Hamon Pierrick Invalid Reference (value_3_PQACT02) 1313Reference could not be handled13Underlying Formula			EBIT		EBIT		EBIT GP

	0					-00353				r11 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row in of gross profit (value_1 q_act)13User Value -00353 Mio			Q4 2016		-51		-51

EBIT YTD						-150917				r12 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT reported (value_1 q_act_jan)13User Value -150917 Mio		PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_act)13User Value 3778850 Mio		PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row GPTEU (CHF) (value_1 q_act)13User Value 2748072 Mio			Q1 2017		-32		-30

										Q2 2017		06		05

										Q3 2017		-29		-27

										Q4 2017		-96		-92

		2017		2016

	2016					2017					2016		2017

YoY Growth			Q3		Q4		Q1	Q2	Q3	Q4			Gross Profit EBIT		YTD		YTD

Volume (market estimated)			0		3		4	3	3	4		m5		Gross Profit		4438		4272		-4		r5 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_act_jan)13User Value 4272121 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_prior_jan)13User Value 4437605 Mio

Volume (Panalpina)			-9		1		7	3	2	-3		r6 PAC Monaco Salvatore Referenced Value (value_4_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row change YoY (value_1 q_act)13User Value -00285 Mio		EBIT (adjusted PY)		109		-151		na		r6 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_act_jan)13User Value -150917 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_prior_jan)13User Value 109010 Mio

GPTEU			-2		-18		-17	-7	-5	8		r7 PAC Monaco Salvatore Referenced Value (value_4_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row change YoY (value_1 q_act)13User Value 00827 Mio							PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_act_jan)13User Value 4272121 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_prior_jan)13User Value 4437605 Mio		PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_act_jan)13User Value -150917 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_prior_jan)13User Value 109010 Mio	EBITGP ()	25	-35	r7 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row in of gross profit (value_1 q_act_jan)13User Value -00353 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row in of gross profit (value_1 q_prior_jan)13User Value 00246 Mio

Gross Profit			-10		-16		-11	-5	-3	5		m8		Volumes (TEUs 000)		14885		15205		2		r8 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_act_jan)13User Value 15204900 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_prior_jan)13User Value 14884510 Mio

	Q4

TEU		Q4 2016		Q1 2017		Q2 2017		Q3 2017		Q4 2017						TEU

	389		374		383		386		378			m3		r3 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_act)13User Value 3778850 Mio			Q4 2016		389		254

	254		282		285		282		275			m4		r4 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row GPTEU (CHF) (value_1 q_act)13User Value 2748072 Mio			Q1 2017		374		282

										Q2 2017		383		285

										Q3 2017		386		282

EBIT		-51		-32		06		-29		-96			m7		m10			Q4 2017		378		275

	-51		-30		05		-27		-92			m8		m8

								PAC Hamon Pierrick Invalid Reference (value_3_PQACT02) 1313Reference could not be handled13Underlying Formula			EBIT		EBIT		EBIT GP

	0					-00353				r11 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row in of gross profit (value_1 q_act)13User Value -00353 Mio			Q4 2016		-51		-51

EBIT YTD						-150917				r12 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT reported (value_1 q_act_jan)13User Value -150917 Mio		PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_act)13User Value 3778850 Mio		PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row GPTEU (CHF) (value_1 q_act)13User Value 2748072 Mio			Q1 2017		-32		-30

										Q2 2017		06		05

										Q3 2017		-29		-27

										Q4 2017		-96		-92

		2017		2016

	2016					2017					2016		2017

YoY Growth			Q3		Q4		Q1	Q2	Q3	Q4			Gross Profit EBIT		YTD		YTD

Volume (market estimated)			0		3		4	3	3	4		m5		Gross Profit		4438		4272		-4		r5 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_act_jan)13User Value 4272121 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_prior_jan)13User Value 4437605 Mio

Volume (Panalpina)			-9		1		7	3	2	-3		r6 PAC Monaco Salvatore Referenced Value (value_4_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row change YoY (value_1 q_act)13User Value -00285 Mio		EBIT (adjusted PY)		109		-151		na		r6 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_act_jan)13User Value -150917 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_prior_jan)13User Value 109010 Mio

GPTEU			-2		-18		-17	-7	-5	8		r7 PAC Monaco Salvatore Referenced Value (value_4_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row change YoY (value_1 q_act)13User Value 00827 Mio							PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_act_jan)13User Value 4272121 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_prior_jan)13User Value 4437605 Mio		PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_act_jan)13User Value -150917 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_prior_jan)13User Value 109010 Mio	EBITGP ()	25	-35	r7 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row in of gross profit (value_1 q_act_jan)13User Value -00353 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row in of gross profit (value_1 q_prior_jan)13User Value 00246 Mio

Gross Profit			-10		-16		-11	-5	-3	5		m8		Volumes (TEUs 000)		14885		15205		2		r8 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_act_jan)13User Value 15204900 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_prior_jan)13User Value 14884510 Mio

	Q4

TEU		Q4 2016		Q1 2017		Q2 2017		Q3 2017		Q4 2017		YTD CY					TEU

	252		233		2399		249		274		996		m4		m3			Q4 2016		252		562

	562		620		6251		648		670		642		m5		m4			Q1 2017		233		620

										Q2 2017		240		625

										Q3 2017		249		648

EBIT		208		171		220		303		410		1103		m6		m7			Q4 2017		274		670

	147		118		147		188		223		173		m7		m8


										EBIT

										Q4 2016		21		15

										Q1 2017		17		12

										Q2 2017		22		15

										Q3 2017		30		19

										Q4 2017		41		22

		2017		2016

	2016					2017					2016		2017

YoY Growth			Q3		Q4		Q1	Q2	Q3	Q4			Gross Profit EBIT		YTD		YTD

Volume (market estimated)			2		8		6	10	10	11		m5		Gross Profit		5952		6394	7		r5 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Gross profit (value_1 q_act_jan)13User Value 6394449 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Gross profit (value_1 q_prior_jan)13User Value 5951870 Mio

Volume (Panalpina)			10		14		8	7	9	8		m6		EBIT (adjusted PY)		935		1103	18		r6 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row EBIT reported (value_1 q_act_jan)13User Value 1103462 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row EBIT adjusted (value_1 q_prior_jan)13User Value 934506 Mio

GPton			-7		-14		-10	-10	-1	19		m7		EBITGP ()		157		173		r7 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row in of gross profit (value_1 q_act_jan)13User Value 01726 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row in of gross profit (value_1 q_prior_jan)13User Value 01570 Mio

Gross Profit			2		-2		-3	-4	8	29		m8		Volumes (tons 000)		9214		9959	8		r8 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Air Freight volumes (000 tons) (value_1 q_act_jan)13User Value 9959000 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Air Freight volumes (000 tons) (value_1 q_prior_jan)13User Value 9214480 Mio

	Q4

TEU		Q4 2016		Q1 2017		Q2 2017		Q3 2017		Q4 2017		YTD CY					TEU

	252		233		2399		249		274		996		m4		m3			Q4 2016		252		562

	562		620		6251		648		670		642		m5		m4			Q1 2017		233		620

										Q2 2017		240		625

										Q3 2017		249		648

EBIT		208		171		220		303		410		1103		m6		m7			Q4 2017		274		670

	147		118		147		188		223		173		m7		m8


										EBIT

										Q4 2016		21		15

										Q1 2017		17		12

										Q2 2017		22		15

										Q3 2017		30		19

										Q4 2017		41		22

		2017		2016

	2016					2017					2016		2017

YoY Growth			Q3		Q4		Q1	Q2	Q3	Q4			Gross Profit EBIT		YTD		YTD

Volume (market estimated)			2		8		6	10	10	11		m5		Gross Profit		5952		6394	7		r5 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Gross profit (value_1 q_act_jan)13User Value 6394449 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Gross profit (value_1 q_prior_jan)13User Value 5951870 Mio

Volume (Panalpina)			10		14		8	7	9	8		m6		EBIT (adjusted PY)		935		1103	18		r6 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row EBIT reported (value_1 q_act_jan)13User Value 1103462 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row EBIT adjusted (value_1 q_prior_jan)13User Value 934506 Mio

GPton			-7		-14		-10	-10	-1	19		m7		EBITGP ()		157		173		r7 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row in of gross profit (value_1 q_act_jan)13User Value 01726 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row in of gross profit (value_1 q_prior_jan)13User Value 01570 Mio

Gross Profit			2		-2		-3	-4	8	29		m8		Volumes (tons 000)		9214		9959	8		r8 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Air Freight volumes (000 tons) (value_1 q_act_jan)13User Value 9959000 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Air Freight volumes (000 tons) (value_1 q_prior_jan)13User Value 9214480 Mio

	Q4

TEU		Q4 2016		Q1 2017		Q2 2017		Q3 2017		Q4 2017		YTD CY					TEU

	252		233		2399		249		274		996		m4		m3			Q4 2016		252		562

	562		620		6251		648		670		642		m5		m4			Q1 2017		233		620

										Q2 2017		240		625

										Q3 2017		249		648

EBIT		208		171		220		303		410		1103		m6		m7			Q4 2017		274		670

	147		118		147		188		223		173		m7		m8


										EBIT

										Q4 2016		21		15

										Q1 2017		17		12

										Q2 2017		22		15

										Q3 2017		30		19

										Q4 2017		41		22

		2017		2016

	2016					2017					2016		2017

YoY Growth			Q3		Q4		Q1	Q2	Q3	Q4			Gross Profit EBIT		YTD		YTD

Volume (market estimated)			2		8		6	10	10	11		m5		Gross Profit		5952		6394	7		r5 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Gross profit (value_1 q_act_jan)13User Value 6394449 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Gross profit (value_1 q_prior_jan)13User Value 5951870 Mio

Volume (Panalpina)			10		14		8	7	9	8		m6		EBIT (adjusted PY)		935		1103	18		r6 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row EBIT reported (value_1 q_act_jan)13User Value 1103462 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row EBIT adjusted (value_1 q_prior_jan)13User Value 934506 Mio

GPton			-7		-14		-10	-10	-1	19		m7		EBITGP ()		157		173		r7 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row in of gross profit (value_1 q_act_jan)13User Value 01726 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row in of gross profit (value_1 q_prior_jan)13User Value 01570 Mio

Gross Profit			2		-2		-3	-4	8	29		m8		Volumes (tons 000)		9214		9959	8		r8 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Air Freight volumes (000 tons) (value_1 q_act_jan)13User Value 9959000 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Air Freight volumes (000 tons) (value_1 q_prior_jan)13User Value 9214480 Mio

	Q4

TEU		Q4 2016		Q1 2017		Q2 2017		Q3 2017		Q4 2017		YTD CY					TEU

	252		233		2399		249		274		996		m4		m3			Q4 2016		252		562

	562		620		6251		648		670		642		m5		m4			Q1 2017		233		620

										Q2 2017		240		625

										Q3 2017		249		648

EBIT		208		171		220		303		410		1103		m6		m7			Q4 2017		274		670

	147		118		147		188		223		173		m7		m8


										EBIT

										Q4 2016		21		15

										Q1 2017		17		12

										Q2 2017		22		15

										Q3 2017		30		19

										Q4 2017		41		22

		2017		2016

	2016					2017					2016		2017

YoY Growth			Q3		Q4		Q1	Q2	Q3	Q4			Gross Profit EBIT		YTD		YTD

Volume (market estimated)			2		8		6	10	10	11		m5		Gross Profit		5952		6394	7		r5 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Gross profit (value_1 q_act_jan)13User Value 6394449 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Gross profit (value_1 q_prior_jan)13User Value 5951870 Mio

Volume (Panalpina)			10		14		8	7	9	8		m6		EBIT (adjusted PY)		935		1103	18		r6 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row EBIT reported (value_1 q_act_jan)13User Value 1103462 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row EBIT adjusted (value_1 q_prior_jan)13User Value 934506 Mio

GPton			-7		-14		-10	-10	-1	19		m7		EBITGP ()		157		173		r7 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row in of gross profit (value_1 q_act_jan)13User Value 01726 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row in of gross profit (value_1 q_prior_jan)13User Value 01570 Mio

Gross Profit			2		-2		-3	-4	8	29		m8		Volumes (tons 000)		9214		9959	8		r8 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Air Freight volumes (000 tons) (value_1 q_act_jan)13User Value 9959000 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Air Freight volumes (000 tons) (value_1 q_prior_jan)13User Value 9214480 Mio

	2016					2017

YoY Growth		Q1		Q2	Q3		Q4	Q1

Volume (market)		-4		-2	2		8	6

Volume (Panalpina)		5		11	10		14	8

GPton		-5		-4	-7		-14	-10

GPton		0		7	2		-2	-3

	2016		2017

Gross Profit EBIT		Q1		Q1

Gross Profit		1486		1447

EBIT		178		171

EBITGP ()		120		118

Q4	2017	2016

			Data for Charts

Gross profit				Gross profit (YTDQ4 in CHFmillion)

Q4	13978	14246		r4 PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Gross profit gtgt (ltlt value_1 gtgt q_act_jan)13User Value 1397792936 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Gross profit gtgt (ltlt value_1 gtgt q_prior_jan)13User Value 1424631332 Tsd			2016 reported		10917		3329

Q4 alone	3730	3329		r5 PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Regions quater and year to date13Row ltlt Gross profit gtgt (ltlt value_7 gtgt q_act)13User Value 37303 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Regions quater and year to date13Row ltlt Gross profit gtgt (ltlt value_7 gtgt q_prior)13User Value 33294 Tsd			2017 reported		10248		3730		-19

Q3 YTD alone	10248	10917		s6			2017 FX normalized		10283		3663		-21

				13986

EBIT				EBIT

Q4	1033	1099		r8 PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act_jan)13User Value 103321128 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_4 gtgt q_prior_jan)13User Value 10991 Tsd			2016 adjusted		936		163

Q4 alone	313	163		r10 PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Regions quater and year to date13Row ltlt Operating result (Segment EBIT) gtgt (ltlt value_7 gtgt q_act)13User Value 3127 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Regions quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_7 gtgt q_prior)13User Value 1627 Tsd			2017 reported		721		313		-60

Q3 YTD alone	721	936		s11			2017 FX normalized		750		310		-36

				1033


Profit				Profit

Q4	575	523		r12 PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Profit gtgt (ltlt value_1 gtgt q_act_jan)13User Value 57459528 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Profit gtgt (ltlt value_4 gtgt q_prior_jan)13User Value 5229 Tsd			2016 reported		465		58

Q4 alone	91	58		s15 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Profit gtgt (ltlt 2017 gtgt q_act)13User Value 18461169 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement131324623919 Tsd - ltlt Profit gtgt (ltlt 2017 gtgt q_prior)130000000 Tsd - ltlt Restructuring expenses gtgt (ltlt 2017 gtgt q_prior)13---------------------1324623919 Tsd (Total)		PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Gross profit gtgt (ltlt value_1 gtgt q_act_jan)13User Value 1397792936 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Gross profit gtgt (ltlt value_1 gtgt q_prior_jan)13User Value 1424631332 Tsd		PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Regions quater and year to date13Row ltlt Gross profit gtgt (ltlt value_7 gtgt q_act)13User Value 37303 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Regions quater and year to date13Row ltlt Gross profit gtgt (ltlt value_7 gtgt q_prior)13User Value 33294 Tsd		PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act_jan)13User Value 103321128 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_4 gtgt q_prior_jan)13User Value 10991 Tsd		PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Regions quater and year to date13Row ltlt Operating result (Segment EBIT) gtgt (ltlt value_7 gtgt q_act)13User Value 3127 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Regions quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_7 gtgt q_prior)13User Value 1627 Tsd		2017 reported	484	91	99

Q3 YTD alone	484	465		m16			2017 FX normalized		505		95		147

				575


			FY 2017 FX adjusted		GP		13946

				EBIT		1060

				Profit		600

	2016					2017

YoY Growth		Q1		Q2	Q3		Q4	Q1

Volume (market)		-4		-2	2		8	6

Volume (Panalpina)		5		11	10		14	8

GPton		-5		-4	-7		-14	-10

GPton		0		7	2		-2	-3

	2016		2017

Gross Profit EBIT		Q1		Q1

Gross Profit		1486		1447

EBIT		178		171

EBITGP ()		120		118

Q4	2017	2016

			Data for Charts

Gross profit				Gross profit (YTDQ4 in CHFmillion)

Q4	13978	14246		r4 PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Gross profit gtgt (ltlt value_1 gtgt q_act_jan)13User Value 1397792936 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Gross profit gtgt (ltlt value_1 gtgt q_prior_jan)13User Value 1424631332 Tsd			2016 reported		10917		3329

Q4 alone	3730	3329		r5 PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Regions quater and year to date13Row ltlt Gross profit gtgt (ltlt value_7 gtgt q_act)13User Value 37303 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Regions quater and year to date13Row ltlt Gross profit gtgt (ltlt value_7 gtgt q_prior)13User Value 33294 Tsd			2017 reported		10248		3730		-19

Q3 YTD alone	10248	10917		s6			2017 FX normalized		10283		3663		-21

				13986

EBIT				EBIT

Q4	1033	1099		r8 PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act_jan)13User Value 103321128 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_4 gtgt q_prior_jan)13User Value 10991 Tsd			2016 adjusted		936		163

Q4 alone	313	163		r10 PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Regions quater and year to date13Row ltlt Operating result (Segment EBIT) gtgt (ltlt value_7 gtgt q_act)13User Value 3127 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Regions quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_7 gtgt q_prior)13User Value 1627 Tsd			2017 reported		721		313		-60

Q3 YTD alone	721	936		s11			2017 FX normalized		750		310		-36

				1033


Profit				Profit

Q4	575	523		r12 PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Profit gtgt (ltlt value_1 gtgt q_act_jan)13User Value 57459528 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Profit gtgt (ltlt value_4 gtgt q_prior_jan)13User Value 5229 Tsd			2016 reported		465		58

Q4 alone	91	58		s15 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Profit gtgt (ltlt 2017 gtgt q_act)13User Value 18461169 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement131324623919 Tsd - ltlt Profit gtgt (ltlt 2017 gtgt q_prior)130000000 Tsd - ltlt Restructuring expenses gtgt (ltlt 2017 gtgt q_prior)13---------------------1324623919 Tsd (Total)		PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Gross profit gtgt (ltlt value_1 gtgt q_act_jan)13User Value 1397792936 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Gross profit gtgt (ltlt value_1 gtgt q_prior_jan)13User Value 1424631332 Tsd		PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Regions quater and year to date13Row ltlt Gross profit gtgt (ltlt value_7 gtgt q_act)13User Value 37303 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Regions quater and year to date13Row ltlt Gross profit gtgt (ltlt value_7 gtgt q_prior)13User Value 33294 Tsd		PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act_jan)13User Value 103321128 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_4 gtgt q_prior_jan)13User Value 10991 Tsd		PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Regions quater and year to date13Row ltlt Operating result (Segment EBIT) gtgt (ltlt value_7 gtgt q_act)13User Value 3127 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Regions quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_7 gtgt q_prior)13User Value 1627 Tsd		2017 reported	484	91	99

Q3 YTD alone	484	465		m16			2017 FX normalized		505		95		147

				575


			FY 2017 FX adjusted		GP		13946

				EBIT		1060

				Profit		600

	2016					2017

YoY Growth		Q1		Q2	Q3		Q4	Q1

Volume (market)		-4		-2	2		8	6

Volume (Panalpina)		5		11	10		14	8

GPton		-5		-4	-7		-14	-10

GPton		0		7	2		-2	-3

	2016		2017

Gross Profit EBIT		Q1		Q1

Gross Profit		1486		1447

EBIT		178		171

EBITGP ()		120		118

Q4	2017	2016

			Data for Charts

Gross profit				Gross profit (YTDQ4 in CHFmillion)

Q4	13978	14246		r4 PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Gross profit gtgt (ltlt value_1 gtgt q_act_jan)13User Value 1397792936 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Gross profit gtgt (ltlt value_1 gtgt q_prior_jan)13User Value 1424631332 Tsd			2016 reported		10917		3329

Q4 alone	3730	3329		r5 PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Regions quater and year to date13Row ltlt Gross profit gtgt (ltlt value_7 gtgt q_act)13User Value 37303 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Regions quater and year to date13Row ltlt Gross profit gtgt (ltlt value_7 gtgt q_prior)13User Value 33294 Tsd			2017 reported		10248		3730		-19

Q3 YTD alone	10248	10917		s6			2017 FX normalized		10283		3663		-21

				13986

EBIT				EBIT

Q4	1033	1099		r8 PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act_jan)13User Value 103321128 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_4 gtgt q_prior_jan)13User Value 10991 Tsd			2016 adjusted		936		163

Q4 alone	313	163		r10 PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Regions quater and year to date13Row ltlt Operating result (Segment EBIT) gtgt (ltlt value_7 gtgt q_act)13User Value 3127 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Regions quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_7 gtgt q_prior)13User Value 1627 Tsd			2017 reported		721		313		-60

Q3 YTD alone	721	936		s11			2017 FX normalized		750		310		-36

				1033


Profit				Profit

Q4	575	523		r12 PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Profit gtgt (ltlt value_1 gtgt q_act_jan)13User Value 57459528 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Profit gtgt (ltlt value_4 gtgt q_prior_jan)13User Value 5229 Tsd			2016 reported		465		58

Q4 alone	91	58		s15 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Profit gtgt (ltlt 2017 gtgt q_act)13User Value 18461169 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement131324623919 Tsd - ltlt Profit gtgt (ltlt 2017 gtgt q_prior)130000000 Tsd - ltlt Restructuring expenses gtgt (ltlt 2017 gtgt q_prior)13---------------------1324623919 Tsd (Total)		PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Gross profit gtgt (ltlt value_1 gtgt q_act_jan)13User Value 1397792936 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Gross profit gtgt (ltlt value_1 gtgt q_prior_jan)13User Value 1424631332 Tsd		PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Regions quater and year to date13Row ltlt Gross profit gtgt (ltlt value_7 gtgt q_act)13User Value 37303 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Regions quater and year to date13Row ltlt Gross profit gtgt (ltlt value_7 gtgt q_prior)13User Value 33294 Tsd		PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act_jan)13User Value 103321128 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_4 gtgt q_prior_jan)13User Value 10991 Tsd		PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Regions quater and year to date13Row ltlt Operating result (Segment EBIT) gtgt (ltlt value_7 gtgt q_act)13User Value 3127 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Regions quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_7 gtgt q_prior)13User Value 1627 Tsd		2017 reported	484	91	99

Q3 YTD alone	484	465		m16			2017 FX normalized		505		95		147

				575


			FY 2017 FX adjusted		GP		13946

				EBIT		1060

				Profit		600

Page 2: Full-year results 2017 - panalpina.com · GP/ton -14% -10% -10% ... of an offer to purchase any shares andneither it nor any part of it shall form the basis ... % 24.2% 60.1% 35.9%

Achievements and key figures

IFRS changes 2018

Appendix

465

484

505

58

91

95

2016reported

2017reported

2017 FXnormalized

PROFIT

936

721

750

163

313

310

2016adjusted

2017reported

2017 FXnormalized

EBIT

10917

10248

10283

3329

3730

3663

2016reported

2017reported

2017 FXnormalized

GROSS PROFIT

in Q4

-60

+99

1rsquo3978

1rsquo4246

1033

1099

575

523

1rsquo3946-21

1060

600

+147

-36

Chart1

PROFIT

SNVeryHiddenParameterSheet

Charts

GROSS PROFIT

EBIT

PROFIT

NOT IN USE

Chart1

EBIT

SNVeryHiddenParameterSheet

Charts

GROSS PROFIT

EBIT

PROFIT

NOT IN USE

Chart1

GROSS PROFIT

SNVeryHiddenParameterSheet

Charts

GROSS PROFIT

EBIT

PROFIT

NOT IN USE

2016 2017

252

233 240249

274

562

620 625648 670

Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017

TONNAGE GPTON

21 17 22 30 41

147118

147

188

223

Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017

SNVeryHiddenParameterSheet

Table

Charts

TONNAGE GPTON

Tons (000)

562620625143000000000036483289999999999566974680000000001

EBIT (adjusted PY)

147118146499999999999991879000000000000322326599999999999

SNVeryHiddenParameterSheet

Table

Charts

TONNAGE GPTON

Tons (000)

562620625143000000000036483289999999999566974680000000001

EBIT (adjusted PY)

147118146499999999999991879000000000000322326599999999999

Chart1

TONNAGE GPTON

Tons (000)

562620625143000000000036483289999999999566974680000000001

SNVeryHiddenParameterSheet

Table

Charts

TONNAGE GPTON

Tons (000)

562620625143000000000036483289999999999566974680000000001

EBIT (adjusted PY)

147118146499999999999991879000000000000322326599999999999

Chart1

EBIT (adjusted PY)

147118146499999999999991879000000000000322326599999999999

SNVeryHiddenParameterSheet

Table

Charts

TONNAGE GPTON

Tons (000)

562620625143000000000036483289999999999566974680000000001

EBIT (adjusted PY)

147118146499999999999991879000000000000322326599999999999

2016 2017

389 374 383 386 378

254

282 285 282275

Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017

TEU GPTEU

-51 -32 06 -29 -96

-51

-30

05

-27

-92

Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017

SNVeryHiddenParameterSheet

Sheet1

charts

TEU GPTEU

TEU (in 000)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017254282284946000000000032820749999999999927480720000000002

EBIT (adjusted PY)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017-50999999999999996-29871099999999999053228355696699203-271-92169000000000008

SNVeryHiddenParameterSheet

Sheet1

charts

TEU GPTEU

TEU (in 000)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017254282284946000000000032820749999999999927480720000000002

EBIT (adjusted PY)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017-50999999999999996-29871099999999999053228355696699203-271-92169000000000008

Chart1

TEU GPTEU

TEU (in 000)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017254282284946000000000032820749999999999927480720000000002

SNVeryHiddenParameterSheet

Sheet1

charts

TEU GPTEU

TEU (in 000)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017254282284946000000000032820749999999999927480720000000002

EBIT (adjusted PY)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017-50999999999999996-29871099999999999053228355696699203-271-92169000000000008

Chart1

EBIT (adjusted PY)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017-50999999999999996-29871099999999999053228355696699203-271-92169000000000008

SNVeryHiddenParameterSheet

Sheet1

charts

TEU GPTEU

TEU (in 000)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017254282284946000000000032820749999999999927480720000000002

EBIT (adjusted PY)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017-50999999999999996-29871099999999999053228355696699203-271-92169000000000008

Gross Profit -11 -16 -19 -14 -7

201792

83 81 8186

Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017

GROSS PROFIT

05

24

3127

-01

Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017

EBIT (ADJUSTED PY)

SNVeryHiddenParameterSheet

Table

charts

GROSS PROFIT

Q4 2016Q1 2017Q2 2017Q3 2017Q4 201792825813481488576

EBIT (ADJUSTED PY)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017052430608271-008

SNVeryHiddenParameterSheet

Table

charts

GROSS PROFIT

Q4 2016Q1 2017Q2 2017Q3 2017Q4 201792825813481488576

EBIT (ADJUSTED PY)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017052430608271-008

Chart1

GROSS PROFIT

Q4 2016Q1 2017Q2 2017Q3 2017Q4 201792825813481488576

SNVeryHiddenParameterSheet

Table

charts

GROSS PROFIT

Q4 2016Q1 2017Q2 2017Q3 2017Q4 201792825813481488576

EBIT (ADJUSTED PY)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017052430608271-008

Chart1

EBIT (ADJUSTED PY)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017052430608271-008

SNVeryHiddenParameterSheet

Table

charts

GROSS PROFIT

Q4 2016Q1 2017Q2 2017Q3 2017Q4 201792825813481488576

EBIT (ADJUSTED PY)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017052430608271-008

IFRS CHANGES 2018

in CHF million

OUTLOOK Market

minus AirOcean 3-4

Panalpina

APRIL 19 2018

MAY 8 2018

NEXT EVENTS

DISCLAIMER

APPENDIX

SNVeryHiddenParameterSheet

PAN_ISpQ_Group

image1png

SNVeryHiddenParameterSheet

PAN_ISpQ_AirFreight

image1png

SNVeryHiddenParameterSheet

PAN_ISpQ_OceanFreight

image1png

EBIT reported 18 (15) 09 05 18 24 31 27 (01) 81

SNVeryHiddenParameterSheet

PAN_ISpQ_Logistics

image1png

BALANCE SHEET

SNVeryHiddenParameterSheet

PAN_BalanceSheet

image1png

CASH FLOW

SNVeryHiddenParameterSheet

Tabele PAN_Cashflow

Slide Number 2
IFRS changes 2018
Next EVENTs
Disclaimer
Appendix
Balance sheet
Cash flow

	31-Dec-16		31-Dec-17		Change in

Cash flow before changes in working capital		1313		1536				r2 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Subtotal cash flow from operations gtgt (ltlt 2017 gtgt q_act_jan)13User Value 15298 Tsd			PY IS MANUAL

Changes in working capital		188		(480)				r3 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows131313267 Tsd - ltlt Increase (decrease) payables and accruals incl accrued cost of service gtgt (ltlt 2017 gtgt q_act_jan)13-695 Tsd - ltlt (Decrease) increase non-current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13256 Tsd - ltlt (Decrease) increase current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13-17508 Tsd - ltlt (Increase) decrease receivables other current assets and unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-4680 Tsd (Total)

Cash from operations		1501		1056				r4 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash generated from operations gtgt (ltlt 2017 gtgt q_act_jan)13User Value 10618 Tsd


Interest and income taxes paid		(394)		(383)				r6 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows1313-3709 Tsd - ltlt Income taxes paid gtgt (ltlt 2017 gtgt q_act_jan)13-122 Tsd - ltlt Interest paid gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-3831 Tsd (Total)

Net cash from operating activities		1107		673		-39			r7 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash from operating activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 6787 Tsd


Net cash from investing activities		(241)		(681)		183			r9 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in investing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -6870 Tsd


Free cash flow		866		(08)		-101			r11 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Free cash flow gtgt (ltlt 2017 gtgt q_act_jan)13User Value -083 Tsd


Net cash used in financing activities		(887)		(882)		-1			r13 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in financing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8818 Tsd


Net increase (decrease) in cash and cash equivalents		(21)		(890)				r15 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net increase (decrease) in cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8901 Tsd

Cash and cash equivalents at beginning of period		3923		3888				r16 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the beginning of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 38878 Tsd

Effect of exchange rate changes		(14)		111				r17 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Effect of exchange rate changes on cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 1108 Tsd

Cash and cash equivalents at end of period		3888		3109				r18 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the end of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd


Reported cash and cash equivalents at 31122016			3888				r21 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the beginning of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 38878 Tsd			Reported cash and cash equivalents at 31122016			3888

Profit YTD 122017			5746				r19 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Profit gtgt (ltlt 2017 gtgt q_act_jan)13User Value 5746 Tsd			Profit YTD 122017		3888		575

Other non-cash items (eg DampA)			9613				r23 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13132129 Tsd - ltlt Depreciation of property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)132157 Tsd - ltlt Amortization of intangible assets gtgt (ltlt 2017 gtgt q_act_jan)13-224 Tsd - ltlt Interest income and dividend on available-for-sale financial assets gtgt (ltlt 2017 gtgt q_act_jan)13-062 Tsd - ltlt Exchange differences gtgt (ltlt 2017 gtgt q_act_jan)13-033 Tsd - ltlt Loss (gain) on sales of property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)13000 Tsd - ltlt Gain on sales of financial assets gtgt (ltlt 2017 gtgt q_act_jan)13612 Tsd - ltlt Expenses for share-based compensation plans gtgt (ltlt 2017 gtgt q_act_jan)13564 Tsd - ltlt Other non-cash (income) and expenses gtgt (ltlt 2017 gtgt q_act_jan)134408 Tsd - ltlt Income tax expenses gtgt (ltlt 2017 gtgt q_act_jan)13---------------------139552 Tsd (Total)			Other non-cash items (eg DampA)		4462		961

Changes in working capital			-4798				r24 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows131313267 Tsd - ltlt Increase (decrease) payables and accruals incl accrued cost of service gtgt (ltlt 2017 gtgt q_act_jan)13-695 Tsd - ltlt (Decrease) increase non-current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13256 Tsd - ltlt (Decrease) increase current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13-17508 Tsd - ltlt (Increase) decrease receivables other current assets and unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-4680 Tsd (Total)			Changes in working capital		4944		480	neg

Interest and income taxes paid			-3831				r25 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows1313-3709 Tsd - ltlt Income taxes paid gtgt (ltlt 2017 gtgt q_act_jan)13-122 Tsd - ltlt Interest paid gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-3831 Tsd (Total)			Interest and income taxes paid		4561		383	neg

Net cash from investing activities			-6813				r26 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in investing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -6870 Tsd			Net cash from investing activities		3879		681	neg

Financing activitiesdividend			-8818				r27 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in financing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8818 Tsd			Financing activitiesdividend		2998		882	neg

Effect of exchange rate changes			1108				r28 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Effect of exchange rate changes on cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 1108 Tsd			Effect of exchange rate changes		2998		111

Reported cash and cash equivalents at 31122017			31085				r29 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the end of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd		PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Subtotal cash flow from operations gtgt (ltlt 2017 gtgt q_act_jan)13User Value 15298 Tsd		PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows131313267 Tsd - ltlt Increase (decrease) payables and accruals incl accrued cost of service gtgt (ltlt 2017 gtgt q_act_jan)13-695 Tsd - ltlt (Decrease) increase non-current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13256 Tsd - ltlt (Decrease) increase current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13-17508 Tsd - ltlt (Increase) decrease receivables other current assets and unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-4680 Tsd (Total)	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash generated from operations gtgt (ltlt 2017 gtgt q_act_jan)13User Value 10618 Tsd		PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows1313-3709 Tsd - ltlt Income taxes paid gtgt (ltlt 2017 gtgt q_act_jan)13-122 Tsd - ltlt Interest paid gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-3831 Tsd (Total)	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash from operating activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 6787 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in investing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -6870 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Free cash flow gtgt (ltlt 2017 gtgt q_act_jan)13User Value -083 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in financing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8818 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net increase (decrease) in cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8901 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the beginning of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 38878 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Effect of exchange rate changes on cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 1108 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the end of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the beginning of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 38878 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Profit gtgt (ltlt 2017 gtgt q_act_jan)13User Value 5746 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13132129 Tsd - ltlt Depreciation of property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)132157 Tsd - ltlt Amortization of intangible assets gtgt (ltlt 2017 gtgt q_act_jan)13-224 Tsd - ltlt Interest income and dividend on available-for-sale financial assets gtgt (ltlt 2017 gtgt q_act_jan)13-062 Tsd - ltlt Exchange differences gtgt (ltlt 2017 gtgt q_act_jan)13-033 Tsd - ltlt Loss (gain) on sales of property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)13000 Tsd - ltlt Gain on sales of financial assets gtgt (ltlt 2017 gtgt q_act_jan)13612 Tsd - ltlt Expenses for share-based compensation plans gtgt (ltlt 2017 gtgt q_act_jan)13564 Tsd - ltlt Other non-cash (income) and expenses gtgt (ltlt 2017 gtgt q_act_jan)134408 Tsd - ltlt Income tax expenses gtgt (ltlt 2017 gtgt q_act_jan)13---------------------139552 Tsd (Total)	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows131313267 Tsd - ltlt Increase (decrease) payables and accruals incl accrued cost of service gtgt (ltlt 2017 gtgt q_act_jan)13-695 Tsd - ltlt (Decrease) increase non-current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13256 Tsd - ltlt (Decrease) increase current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13-17508 Tsd - ltlt (Increase) decrease receivables other current assets and unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-4680 Tsd (Total)	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows1313-3709 Tsd - ltlt Income taxes paid gtgt (ltlt 2017 gtgt q_act_jan)13-122 Tsd - ltlt Interest paid gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-3831 Tsd (Total)	Reported cash and cash equivalents at 31122017	3109	3888

													484

													591

													(479)

													(331)

													(406)

													(882)

													93

													2946

	31-Dec-16		31-Dec-17		Change in

				CHF

Cash and cash equivalents		3888		3109		(779)		-20			r3 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd		3888	3999		111		3

Trade receivables unbilled forwarding services		9087		10970		1883		21			r4 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Trade receivables unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13User Value 109701 Tsd		9087	8693		-394		-4

Other current assets		1025		1322		297		29			r5 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other current assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 13217 Tsd		1025	1335		31		30

Property plant and equipment		635		967		332		52			r6 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)13User Value 9673 Tsd		635	651		16		3

Intangible assets		979		885		(95)		-10			r7 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Intangible assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 8845 Tsd		979	926		-53		-5

Other non-current assets		990		1138		148		15			r8 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other non-current assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 11382 Tsd		99	1073		83		8

Total assets		16606		18390		1784		11			r9 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 183903 Tsd		166060	166780		72		0

											0

Short-term borrowings		23		26		03		15			r11 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Short-term borrowings gtgt (ltlt 2017 gtgt q_act_jan)13User Value 262 Tsd		23	05		-18		-78

Trade payables accured cost of services		6524		7967		1443		22			r12 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Trade payables accured cost of services gtgt (ltlt 2017 gtgt q_act_jan)13User Value 79665 Tsd		6524	620		-324		-5

Other current liabilities		2439		2676		237		10			r13 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other current liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 26763 Tsd		2439	2592		153		6

Long-Term borrowings		00		32		32		na			r20 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Long-term borrowings gtgt (ltlt 2017 gtgt q_act_jan)13User Value 324 Tsd		0	12		12		na

Other long-term liabilities		1449		1546		97		7			r21 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other long-term liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 15459 Tsd		1449	1479		3		2

Total liabilities		10436		12247		1811		17			r14 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 122473 Tsd		104360	102880		-148		-1

Share capital		24		24		(00)		-1			r15 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Share capital gtgt (ltlt 2017 gtgt q_act_jan)13User Value 238 Tsd		24	24		0		0

Reserves treasury shares		6057		6056		(01)		-0			r16 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Reserves treasury shares gtgt (ltlt 2017 gtgt q_act_jan)13User Value 60534 Tsd		6057	6285		228		4

Non-controlling interests		89		63		(26)		-29			r17 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Non-controlling interests gtgt (ltlt 2017 gtgt q_act_jan)13User Value 659 Tsd		89	81		-08		-9

Total equity		6170		6143		(27)		-0			r18 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total equity gtgt (ltlt 2017 gtgt q_act_jan)13User Value 61430 Tsd		617	639		22		4

Total equity and liabilities		16606		18390		1784		11			r19 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total equity and liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 183903 Tsd		166060	166780		72		0

KPIs		31-Dec-16		31-Dec-17


Equity Ratio		372		334					s20 PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document Q2_2017_Quarter_Report13Chapter Consolidated Statement of Financial Position13Row ltlt Total equity and liabilities gtgt (ltlt June 30 2017 gtgt q_act_jan)13User Value 153472 Tsd

							PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Trade receivables unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13User Value 109701 Tsd		PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other current assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 13217 Tsd		PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)13User Value 9673 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Intangible assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 8845 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other non-current assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 11382 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 183903 Tsd		PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Short-term borrowings gtgt (ltlt 2017 gtgt q_act_jan)13User Value 262 Tsd		PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Trade payables accured cost of services gtgt (ltlt 2017 gtgt q_act_jan)13User Value 79665 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other current liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 26763 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Long-term borrowings gtgt (ltlt 2017 gtgt q_act_jan)13User Value 324 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other long-term liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 15459 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 122473 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Share capital gtgt (ltlt 2017 gtgt q_act_jan)13User Value 238 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Reserves treasury shares gtgt (ltlt 2017 gtgt q_act_jan)13User Value 60534 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Non-controlling interests gtgt (ltlt 2017 gtgt q_act_jan)13User Value 659 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total equity gtgt (ltlt 2017 gtgt q_act_jan)13User Value 61430 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total equity and liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 183903 Tsd	NWC-Intensity	18	15	mf24	Enterred by HPI on 14012018

DSO 3-m-rolling YTD		455		474					m22		Enterred by HPI on 14012018

DPO 3-m-rolling YTD		407		412					m23		Enterred by HPI on 14012018

2017	2016

																						Check

Logistics	Q1 2016	Q2 2016	HY 2016		Q3 2016		Q3YTD 2016		Q4 2016		FY 2016		Q1 2017		Q2 2017			HY 2017		Q3 2017			Q3YTD 2017		Q4 2017		FY 2017								CY

Net forwarding revenue	1402	1613	3015		1374		4389		1321		5709		1286		1377			2663		1394			4057		1330		5387			m4		m4		s4 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_3 gtgt q_act)13User Value 14141 Tsd	r4 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_3 gtgt q_act_jan)13User Value 53871 Tsd	00

Forwarding expenses	(420)	(607)	(1027)		(429)		(1456)		(397)		(1853)		(460)		(564)			(1024)		(580)			(1604)		(472)		(2076)			m5		m5		s5 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_3 gtgt q_act)13User Value -5564 Tsd	r5 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_3 gtgt q_act_jan)13User Value -20758 Tsd	00

Gross profit	982	1006	1989		944		2933		924		3857		825		813			1639		815			2454		858		3311			m6		m6		s6 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_3 gtgt q_act)13User Value 8576 Tsd	r6 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_3 gtgt q_act_jan)13User Value 33114 Tsd	00

Personnel expenses	(574)	(591)	(1166)		(528)		(1694)		(519)		(2213)		(479)		(461)			(940)		(469)			(1409)		(507)		(1916)			m7		m7		s7 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_3 gtgt q_act)13User Value -4045 Tsd	r7 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_3 gtgt q_act_jan)13User Value -19163 Tsd	00

Other operating expenses	(360)	(363)	(723)		(378)		(1102)		(367)		(1469)		(298)		(298)			(596)		(298)			(894)		(329)		(1223)			m8		m8		s8 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_3 gtgt q_act)13User Value -4415 Tsd	r8 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_3 gtgt q_act_jan)13User Value -12227 Tsd	00

EBITDA adjusted	48	52	100		38		138		37		175		48		54			103		48			151		22		172			m9		m9		s9 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_3 gtgt q_act)13User Value -479 Tsd	r9 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_3 gtgt q_act_jan)13User Value 1724 Tsd	00

Depreciation and amortization	(29)	(29)	(58)		(29)		(88)		(32)		(119)		(25)		(24)			(48)		(21)			(69)		(23)		(92)			m10		m10		s10 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_3 gtgt q_act)13User Value -125 Tsd	r10 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_3 gtgt q_act_jan)13User Value -918 Tsd	00

EBIT adjusted	18	23	41		09		50		05		56		24		31			54		27			81		(01)		81			m11		m11		s11 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act)13User Value -008 Tsd	r11 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act_jan)13User Value 807 Tsd	00

Non-recurring items

Restructuring expenses	00	(38)	(38)		00		(38)		00		(38)		00		00			00		00			00		00		00			m13		m13		s13	m13	00


EBIT reported	18	(15)	03		09		12		05		18		24		31			54		27			81		(01)		81			m15		m15		s15 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act)13User Value -008 Tsd	r15 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act_jan)13User Value 807 Tsd


GP Change YoY										-19		-18		-14		-16		-7		-14					s16	s16


															453

						10										15

GP control	000	000		000				000		(012)		(000)		000				000			000			000		s30		s30		s30		s30

EBITDA control	000	000		(000)				010		(002)		000		(000)				000			(000)			000		s31		s31		s31		s31

EBIT control	010	000		000				000		005		000		(000)			ERRORREF		000			000			000		s32		s32		s32		s32

2017	2016


Ocean Freight	Q1 2016	Q2 2016	HY 2016		Q3 2016	Q3YTD 2016			Q4 2016			FY 2016			Q1 2017			Q2 2017			HY 2017		Q3 2017			Q3YTD 2017		Q4 2017			FY 2017

Net forwarding revenue	5338	4921	10259		4955	15214			4770			19984			4915			5172			10087		5551			15637		5105			20743			m4		m4		s4 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_2 gtgt q_act)13User Value 55506 Tsd	r4 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_2 gtgt q_act_jan)13User Value 207428 Tsd	00	00	00	00

Forwarding expenses	(4157)	(3773)	(7930)		(3834)	(11764)			(3783)			(15547)			(3860)			(4081)			(7941)		(4463)			(12404)		(4067)			(16471)			m5		m5		s5 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_2 gtgt q_act)13User Value -44629 Tsd	r5 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_2 gtgt q_act_jan)13User Value -164707 Tsd	-00	00	00	00

Gross profit	1181	1148	2329		1121	3450			987			4438			1055			1091			2146		1088			3234		1038			4272			m6		m6		s6 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_2 gtgt q_act)13User Value 10877 Tsd	r6 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_2 gtgt q_act_jan)13User Value 42721 Tsd	00	00	00	00

Personnel expenses	(791)	(752)	(1543)		(755)	(2298)			(721)			(3019)			(779)			(784)			(1564)		(788)			(2352)		(837)			(3189)			m7		m7		s7 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_2 gtgt q_act)13User Value -7884 Tsd	r7 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_2 gtgt q_act_jan)13User Value -31889 Tsd	00	00	(00)	00

Other operating expenses	(305)	(288)	(594)		(274)	(868)			(275)			(1144)			(271)			(265)			(536)		(290)			(827)		(257)			(1083)			m8		m8		s8 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_2 gtgt q_act)13User Value -2905 Tsd	r8 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_2 gtgt q_act_jan)13User Value -10833 Tsd	00	(01)	(01)	00

EBITDA adjusted	84	108	192		92	284			(09)			275			05			41			46		09			55		(55)			(00)			m9		m9		s9 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_2 gtgt q_act)13User Value 089 Tsd	r9 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_2 gtgt q_act_jan)13User Value -001 Tsd	00	00	00	00

Depreciation and amortization	(41)	(42)	(83)		(41)	(124)			(42)			(166)			(36)			(36)			(72)		(38)			(110)		(41)			(151)			m10		m10		s10 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_2 gtgt q_act)13User Value -384 Tsd	r10 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_2 gtgt q_act_jan)13User Value -1508 Tsd	-00	00	00	00

EBIT adjusted	43	66	109		51	160			(51)			109			(32)			06			(26)		(29)			(55)		(96)			(151)			m11		m11		s11 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_2 gtgt q_act)13User Value -295 Tsd	r11 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_2 gtgt q_act_jan)13User Value -1509 Tsd	-00	00	00	00

in of gross profit	37	58	47		45	46			-51			25			-30			05			-12		-27			-17		-92			-35			m12		m12		s12	s12

Non-recurring items																									00		00		00			00

Restructuring expenses	00	(97)	(97)		0	(97)			(19)			(115)			00			00			00		00			00		00			00			m14		m14		s14	m14	00	00	01	00


EBIT reported	43	(30)	13		51	63			(69)			(06)			(32)			06			(26)		(29)			(55)		(96)			(151)			m16		m16		s16 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_2 gtgt q_act)13User Value -295 Tsd	r16 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_2 gtgt q_act_jan)13User Value -1509 Tsd	-00	00	(00)	00

in of gross profit	37	-26	05		45	18			-70			-01			-30			05			-12		-27			-17		-92			-35			m17		m17		s17	s17


Ocean Freight volumes (000 TEUs)	3482	3726	7208		3787	10995			3890			14885			3742			3828			7570		3856			11426		3779			15205			m19		m19		m19	m19	00	00	(00)	00

change YoY	-100	-82	-91		-88	-90			08			-66			75			27			50		18			39		-28			22			m20		m20		s20	s20

GPTEU (CHF)	339	308	323		296	314			254			298			282			285			283		282			283		275			281			m21		m21		m21	s21

change YoY	102	59	80		-16	47			-176			-11			-169			-75			-122		-47			-98		83			-58			m22		m22		s22	s22


GP change YoY								-11			-5			-8			-3			-6		519		-373					s23		s23


							-00298711145			00053228356					-00271124048				-00921686544

GP control	000	000		(000)			000			000			000			000					000			(000)			000			s30		s30		s30		s30

EBITDA control	010	000		000			000			(000)			(000)			(000)					000			000			(000)			s31		s31		s31		s31

EBIT control	000	000		000			000			(000)			(000)			000				000		000			000			(000)			s32		s32		s32		s32

2017	2016

																													Check

Air Freight	Q1 2016	Q2 2016	HY 2016		Q3 2016	Q3YTD 2016			Q4 2016			FY 2016			Q1 2017			Q2 2017		HY 2017			Q3 2017			Q3 YTD 2017			Q4 2017			FY 2017										CY

Net forwarding revenue	6332	6359	12691		6341	19032			7234			26267			6571			7000		13571			7389			20960			8238			29198			m4		m4		s4 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_1 gtgt q_act)13User Value 91229 Tsd		r4 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_1 gtgt q_act_jan)13User Value 291978 Tsd	00	00	(003)	00

Forwarding expenses	(4846)	(4800)	(9646)		(4853)	(14499)			(5816)			(20315)			(5125)			(5500)		(10625)			(5775)			(16400)			(6403)			(22803)			m5		m5		s5 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_1 gtgt q_act)13User Value -72887 Tsd		r5 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_1 gtgt q_act_jan)13User Value -228034 Tsd	00	00	00	00

Gross profit	1486	1559	3045		1489	4534			1418			5952			1447			1500		2946			1614			4560			1834			6394			m6		m6		s6 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_1 gtgt q_act)13User Value 18342 Tsd		r6 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_1 gtgt q_act_jan)13User Value 63944 Tsd	-00	00	00	00

Personnel expenses	(885)	(869)	(1754)		(847)	(2600)			(873)			(3473)			(905)			(916)		(1822)			(928)			(2750)			(1044)			(3793)			m7		m7		s7 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_1 gtgt q_act)13User Value -10893 Tsd		r7 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_1 gtgt q_act_jan)13User Value -37932 Tsd	-00	00	00	00

Other operating expenses	(371)	(359)	(730)		(318)	(1048)			(284)			(1333)			(324)			(317)		(641)			(337)			(978)			(334)			(1312)			m8		m8		s8 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_1 gtgt q_act)13User Value -2799 Tsd		r8 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_1 gtgt q_act_jan)13User Value -13116 Tsd	00	00	(00)	00

EBITDA adjusted	230	331	561		324	885			261			1146			218			266		484			349			833			457			1290			m9		m9		s9 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_1 gtgt q_act)13User Value 4650 Tsd		r9 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_1 gtgt q_act_jan)13User Value 12896 Tsd	00	00	(00)	00

Depreciation and amortization	(52)	(52)	(103)		(55)	(158)			(53)			(211)			(46)			(47)		(93)			(46)			(139)			(47)			(186)			m10		m10		s10 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_1 gtgt q_act)13User Value -558 Tsd		r10 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_1 gtgt q_act_jan)13User Value -1861 Tsd	00	01	01	00

EBIT adjusted	178	279	457		269	726			208			935			171			220		391			303			694			409			1103			m11		m11		s11 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act)13User Value 4092 Tsd		r11 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act_jan)13User Value 11035 Tsd	-00	00	00	00

in of gross profit	120	179	150		181	160			147			157			118			146		133			188			152			223			173			m12		m12		s12 PAC Hamon Pierrick Invalid Reference (value_1_PQACT02) 1313Reference could not be handled13Underlying Formula		s12

Non-recurring items																										00		00		00			00

Restructuring expenses	00	(127)	(127)		00	(127)			00			(127)			00			00		00			00			00			00			00			m14		m14		s14		m14	00	00	00	00


EBIT reported	178	153	331		269	600			208			808			171			220		391			303			694			409			1103			m16		m16		s16 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act)13User Value 4092 Tsd		r16 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act_jan)13User Value 11035 Tsd	-00	00	(00)	00

in of gross profit	120	98	109		181	132			147			136			118			146		133			188			152			223			173			m17		m17		s17		s17


Air Freight volumes (000 tons)	2161	2251	4412		2278	6690			2524			9214			2332			2399		4731			2489			7220			2739			9959			m19		m19		s19		m19	00	00	00	00

change YoY	54	111	82		99	88			141			102			79			66		72			93			79			85			81			m20		m20		s20		s20

GPton (CHF)	688	693	690		653	678			562			646			620			625		623			648			632			670			642			m21		m21		s21		s21

change YoY	-47	-36	-41		-73	-52			-140			-75			-98			-97		-98			-08			-68			192			-06			m22		m22		s22		s22


GP change YoY								-3			-4			-3			8		1			29			7					s23		s23

GP control	000	000		000			000			000			(000)			000				(000)				000		000		000		000			s30		s30		s30		s30

EBITDA control	000	000		000			(000)			000			000			(000)				000				000		(000)		000		000			s31		s31		s31		s31

EBIT control	000	000		000			000			(000)			000			(000)			000		000				000		000		000		(000)			s32		s32		s32		s32

2017		2016

																													Check CY

Group		Q1 2016		Q2 2016			HY 2016		Q3 2016		Q3YTD 2016		Q4 2016		FY 2016		Q1 2017		Q2 2017			HY 2017			Q3 2017			Q3YTD 2017		Q4 2017			FY 2017

Net forwarding revenue		13072		12894			25965		12670		38635		13325		51960		12772		13549			26321			14334			40655		14673			55328		s4 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Net forwarding revenue gtgt (ltlt 2017 gtgt q_act)13User Value 1433411124 Tsd		r4 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Net forwarding revenue gtgt (ltlt value_1 gtgt q_act_jan)13User Value 5532778504 Tsd		m4		m4		00		-01	-01	00

Forwarding expenses		(9423)		(9180)			(18602)		(9116)		(27718)		(9996)		(37714)		(9445)		(10145)			(19590)			(10818)			(30407)		(10942)			(41350)		s5 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Forwarding services from third parties gtgt (ltlt 2017 gtgt q_act)13User Value -1081765298 Tsd		r5 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Forwarding services from third parties gtgt (ltlt value_1 gtgt q_act_jan)13User Value -4134985568 Tsd		m5		m5		00		01	01	00

Gross profit		3649		3714			7363		3554		10917		3329		14246		3327		3404			6731			3516			10248		3730			13978		s6 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Gross profit gtgt (ltlt 2017 gtgt q_act)13User Value 351645826 Tsd		r6 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Gross profit gtgt (ltlt value_1 gtgt q_act_jan)13User Value 1397792936 Tsd		m6		m6		00		00	00	00

Personnel expenses		(2250)		(2213)			(4463)		(2129)		(6592)		(2113)		(8705)		(2164)		(2162)			(4326)			(2186)			(6511)		(2388)			(8898)		s7 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Personnel expenses gtgt (ltlt 2017 gtgt q_act)13User Value -218561825 Tsd		r7 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Personnel expenses gtgt (ltlt value_1 gtgt q_act_jan)13User Value -889847082 Tsd		m7		m7		00		00	00	00

Other operating expenses		(1037)		(1011)			(2047)		(971)		(3018)		(927)		(3945)		(893)		(880)			(1773)			(925)			(2698)		(919)			(3618)		s8 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Other operating expenses gtgt (ltlt 2017 gtgt q_act)13User Value -92494218 Tsd		r8 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Other operating expenses gtgt (ltlt value_1 gtgt q_act_jan)13User Value -361760468 Tsd		m8		m8		00		01	01	00

EBITDA adjusted		362		491			853		454		1307		289		1596		271		362			633			406			1039		423			1462		s9 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt EBITDA gtgt (ltlt 2017 gtgt q_act)13User Value 40589783 Tsd		r9 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt EBITDA gtgt (ltlt value_1 gtgt q_act_jan)13User Value 146185385 Tsd		m9		m9		00		00	00	00

Depreciation of property plant and equip		(62)		(62)			(125)		(62)		(187)		(71)		(258)		(53)		(54)			(107)			(50)			(156)		(56)			(213)		s10 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Depreciation of property plant and equipment gtgt (ltlt 2017 gtgt q_act)13User Value -4981553 Tsd		r10 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Depreciation of property plant and equipment gtgt (ltlt value_1 gtgt q_act_jan)13User Value -21293764 Tsd		m10		m10		-00		-01	-01	00

Amortization of intangible assets		(60)		(60)			(120)		(63)		(183)		(56)		(239)		(54)		(52)			(106)			(55)			(162)		(54)			(216)		s11 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Amortization of intangible assets gtgt (ltlt 2017 gtgt q_act)13User Value -5514918 Tsd		r11 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Amortization of intangible assets gtgt (ltlt value_1 gtgt q_act_jan)13User Value -21570493 Tsd		m11		m11		00		00	00	00

EBIT adjusted		240		368			608		329		936		163		1099		164		256			420			301			721		313			1033		s12 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Operating result (EBIT) gtgt (ltlt 2017 gtgt q_act)13User Value 30093312 Tsd		r12 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act_jan)13User Value 103321128 Tsd		m12		m12		00		00	-01	00

in of gross profit		66		99			83		92		86		49		77		49		75			62			86			70		84			74		s13		s13		m13		m13

Non-recurring items																											00		00		00		00

Restructuring expenses		00		(261)			(261)		00		(261)		(19)		(280)		00		00			00			00			00		00			00		s15 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Restructuring expenses gtgt (ltlt 2017 gtgt q_act)13User Value 0000000 Tsd		r15 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Restructuring expenses gtgt (ltlt value_1 gtgt q_act_jan)13User Value 0000000 Tsd		m15		m15		00		00	00	00


EBIT reported		240		107			347		329		675		144		820		164		256			420			301			721		313			1033		s17		s17		m17		m17		00		00	00	00

in of gross profit		66		29			47		92		62		43		58		49		75			62			86			70		84			74		s18		s18		m18		m18		-01		-00	-02

Financial result		(09)		07			(02)		(04)		(06)		02		(04)		02		01			03			(04)			(02)		(16)			(18)		s19 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13130939883 Tsd - ltlt Finance income gtgt (ltlt 2017 gtgt q_act)13-1343957 Tsd - ltlt Finance costs gtgt (ltlt 2017 gtgt q_act)13---------------------13-0404074 Tsd (Total)		r19 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13132749657 Tsd - ltlt Finance income gtgt (ltlt value_1 gtgt q_act_jan)13-4529105 Tsd - ltlt Finance costs gtgt (ltlt value_1 gtgt q_act_jan)13---------------------13-1779448 Tsd (Total)		m19		m19		00		00	00	00

Earnings before taxes (EBT)		231		114			345		325		670		146		816		165		257			422			297			719		296			1015		s20 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Profit before income tax (EBT) gtgt (ltlt 2017 gtgt q_act)13User Value 29689237 Tsd		r20 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Profit before income tax (EBT) gtgt (ltlt value_1 gtgt q_act_jan)13User Value 101541680 Tsd		m20		m20		00		00	00	00

Income tax expenses		(58)		(69)			(126)		(79)		(205)		(88)		(293)		(42)		(81)			(123)			(112)			(235)		(206)			(441)		s21 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Income tax expenses gtgt (ltlt 2017 gtgt q_act)13User Value -11228068 Tsd		r21 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Income tax expenses gtgt (ltlt value_1 gtgt q_act_jan)13User Value -44082152 Tsd		m21		m21		00		01	01	00

of EBT		250		602			367		242		306		601		359		252		316			291			378			327		694			434		s22		s22		m22		m22

Profit		173		45			218		246		465		58		523		124		176			299			185			484		91			575		s23 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Profit gtgt (ltlt 2017 gtgt q_act)13User Value 18461169 Tsd		r23 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Profit gtgt (ltlt value_1 gtgt q_act_jan)13User Value 57459528 Tsd		m23		m23		00		00	01	00

Earnings per share		075		021			096		106		201		027		229		054		075			129			079			208		040			248		s24 PAC Serova Elena (External) Referenced Value (value_1_PQACTJAN02)1313Document Q2_2017_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Basic gtgt (ltlt 2017 gtgt q_act_jan)13User Value 0000540 Tsd		s24 PAC Serova Elena (External) Referenced Value (value_1_PQACTJAN02)1313Document Q2_2017_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Basic gtgt (ltlt 2017 gtgt q_act_jan)13User Value 0000540 Tsd		m24		m24		00		00	00	00

			0		0				46460419259						0		0		0			0		0			0			m25		m25		l1	l1			00		00

Earnings per share 1000																0000788		0002078		0000788			0002478			rf28 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Basic gtgt (ltlt 2017 gtgt q_act)13User Value 0000788 Tsd		rf28 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Basic gtgt (ltlt value_1 gtgt q_act_jan)13User Value 0002478 Tsd		l2		l2

Total Operating Expenses																(3111)		(9209)		(3307)			(12516)			s25		s25		l3		l3

OOE YoY

	042


GP control		00		00		00		00		00	00	00		00		00		00			00		00		00			00		00		00		(00)		00			s30		s30	s30		s30

EBITDA control		00		(01)		00		00		00	00	00		(00)		00		(00)			00		00		(01)			00		00		(00)		00		(00)			s31		s31	s31		s31

EBIT control		00		01		00		00		00	00	00		(01)		00		00			(00)		00		(00)			00		00		00		00		00			s32		s32	s32		s32

Earnings before taxes (EBT)		00		00		00		00		00	00	00		00		00		00			00		00		01			00		00		(00)		(00)		00			s33		s33	s33		s33

Profit		00		00		00		01		00	00	00		00		00		00			00		00		(00)			(00)		00		00		(00)		00			s34		s34	s34		s34

Air GP																				6394449			l4		r40 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Gross profit (value_1 q_act_jan)13User Value 6394449 Mio		l4		l4

Ocean GP																				4272121			l5		r41 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_act_jan)13User Value 4272121 Mio		l5		l5

Logistics GP																				331136			l6		r42 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row Gross profit (value_1 q_act_jan)13User Value 3311360 Mio		l6		l6

Check																				00			l7		s43		l7		l7

Air EBIT																				1103462			l8		r44 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row EBIT adjusted (value_1 q_act_jan)13User Value 1103462 Mio		l8		l8

Ocean EBIT																				-150917			l9		r45 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_act_jan)13User Value -150917 Mio		l9		l9

Logistics EBIT																				80666			l10		r46 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row EBIT adjusted (value_1 q_act_jan)13User Value 80666 Mio		l10		l10

Check																				00			l11		s47		l11		l11

APAC GP																				34878			l12		r51 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 313 - AC Key figures APAC13Row Gross profit (value_1 q_act_jan)13User Value 34878 Mio		l12		l12

EUROPE GP																				53038			l13		r52 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 314 - AC Key figures Europe13Row Gross profit (value_1 q_act_jan)13User Value 53038 Mio		l13		l13

MEAC GP																				897489			l14		r53 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 315 - AC Key figures MEAC13Row Gross profit (value_1 q_act_jan)13User Value 8974886 Mio		l14		l14

AME GP																				4288802			l15		r54 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 316 - AC Key figures Americas13Row Gross profit (value_1 q_act_jan)13User Value 4288802 Mio		l15		l15

Check																				(00)			l16		s55		l16		l16

APAC EBIT																				7061			l17		r56 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 313 - AC Key figures APAC13Row EBIT (value_1 q_act_jan)13User Value 7061 Mio		l17		l17

EUROPE EBIT																				-122			l18		r57 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 314 - AC Key figures Europe13Row EBIT (value_1 q_act_jan)13User Value -122 Mio		l18		l18

MEAC EBIT																				20871			l19		r58 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 315 - AC Key figures MEAC13Row EBIT reported (value_1 q_act_jan)13User Value 208709 Mio		l19		l19

AME EBIT																				31847			l20		r59 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 316 - AC Key figures Americas13Row EBIT reported (value_1 q_act_jan)13User Value 3184697 Mio		l20		l20

Check																				00			l21		s60		l21		l21

Air NFR																				2919782			l31		r70 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Net forwarding revenue (value_1 q_act_jan)13User Value 29197820 Mio		l31		l31

Ocean NFR																				2074282			l22		r71 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Net forwarding revenue (value_1 q_act_jan)13User Value 20742820 Mio		l22		l22

Logistics NFR																				5387147			l23		r72 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row Net forwarding revenue (value_1 q_act_jan)13User Value 5387147 Mio		l23		l23

Check																				00			l24		s73		l24		l24

APAC NFR																				127363			l25		r75 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 313 - AC Key figures APAC13Row Net forwarding revenue (value_1 q_act_jan)13User Value 127363 Mio		l25		l25

EUROPE NFR																				231796			l26		r76 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 314 - AC Key figures Europe13Row Net forwarding revenue (value_1 q_act_jan)13User Value 231796 Mio		l26		l26

MEAC NFR																				271595			l27		r77 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 315 - AC Key figures MEAC13Row Net forwarding revenue (value_1 q_act_jan)13User Value 27159502 Mio		l27		l27

AME NFR																				16695948			l28		r78 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 316 - AC Key figures Americas13Row Net forwarding revenue (value_1 q_act_jan)13User Value 166959483 Mio		l28		l28

Check																				00			l29		s79		l29		l29

	Q4

GP		Q4 2016		Q1 2017		Q2 2017		Q3 2017		Q4 2017				Gross profit

	92		825		81		81		86			m3		Q4 2016		92

									Q1 2017		83

									Q2 2017		81

									Q3 2017		81

EBIT		05		24		31		27		-01			m7		Q4 2017		86


									EBIT

									Q4 2016		05

									Q1 2017		24

									Q2 2017		31

									Q3 2017		27

									Q4 2017		-01

	2017		2016


				2017						2016		2017

YoY Growth		Q3		Q4	Q1	Q2	Q3		Q4				Gross Profit EBIT		YTD		YTD

Gross Profit		-6		-11	-16	-19	-14		-7		m5			Gross Profit		3857		33114	-14	r5 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_3 gtgt q_act_jan)13User Value 33114 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row Gross profit (value_1 q_prior_jan)13User Value 3857000 Mio

								EBIT (adjusted PY)		56		81		45		rf7 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act_jan)13User Value 807 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_3 gtgt q_prior_jan)13User Value 556 Tsd

								EBIT in of NFR		10		15			s9

								NFR		57094638		53871466			rf8 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_3 gtgt q_act_jan)13User Value 53871 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_3 gtgt q_prior_jan)13User Value 57095 Tsd
PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_3 gtgt q_act_jan)13User Value 33114 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row Gross profit (value_1 q_prior_jan)13User Value 3857000 Mio	PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act_jan)13User Value 807 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_3 gtgt q_prior_jan)13User Value 556 Tsd

	Q4

GP		Q4 2016		Q1 2017		Q2 2017		Q3 2017		Q4 2017				Gross profit

	92		825		81		81		86			m3		Q4 2016		92

									Q1 2017		83

									Q2 2017		81

									Q3 2017		81

EBIT		05		24		31		27		-01			m7		Q4 2017		86


									EBIT

									Q4 2016		05

									Q1 2017		24

									Q2 2017		31

									Q3 2017		27

									Q4 2017		-01

	2017		2016


				2017						2016		2017

YoY Growth		Q3		Q4	Q1	Q2	Q3		Q4				Gross Profit EBIT		YTD		YTD

Gross Profit		-6		-11	-16	-19	-14		-7		m5			Gross Profit		3857		33114	-14	r5 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_3 gtgt q_act_jan)13User Value 33114 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row Gross profit (value_1 q_prior_jan)13User Value 3857000 Mio

								EBIT (adjusted PY)		56		81		45		rf7 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act_jan)13User Value 807 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_3 gtgt q_prior_jan)13User Value 556 Tsd

								EBIT in of NFR		10		15			s9

								NFR		57094638		53871466			rf8 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_3 gtgt q_act_jan)13User Value 53871 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_3 gtgt q_prior_jan)13User Value 57095 Tsd
PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_3 gtgt q_act_jan)13User Value 33114 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row Gross profit (value_1 q_prior_jan)13User Value 3857000 Mio	PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act_jan)13User Value 807 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_3 gtgt q_prior_jan)13User Value 556 Tsd

	Q4

GP		Q4 2016		Q1 2017		Q2 2017		Q3 2017		Q4 2017				Gross profit

	92		825		81		81		86			m3		Q4 2016		92

									Q1 2017		83

									Q2 2017		81

									Q3 2017		81

EBIT		05		24		31		27		-01			m7		Q4 2017		86


									EBIT

									Q4 2016		05

									Q1 2017		24

									Q2 2017		31

									Q3 2017		27

									Q4 2017		-01

	2017		2016


				2017						2016		2017

YoY Growth		Q3		Q4	Q1	Q2	Q3		Q4				Gross Profit EBIT		YTD		YTD

Gross Profit		-6		-11	-16	-19	-14		-7		m5			Gross Profit		3857		33114	-14	r5 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_3 gtgt q_act_jan)13User Value 33114 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row Gross profit (value_1 q_prior_jan)13User Value 3857000 Mio

								EBIT (adjusted PY)		56		81		45		rf7 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act_jan)13User Value 807 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_3 gtgt q_prior_jan)13User Value 556 Tsd

								EBIT in of NFR		10		15			s9

								NFR		57094638		53871466			rf8 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_3 gtgt q_act_jan)13User Value 53871 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_3 gtgt q_prior_jan)13User Value 57095 Tsd
PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_3 gtgt q_act_jan)13User Value 33114 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row Gross profit (value_1 q_prior_jan)13User Value 3857000 Mio	PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act_jan)13User Value 807 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_3 gtgt q_prior_jan)13User Value 556 Tsd

	Q4

GP		Q4 2016		Q1 2017		Q2 2017		Q3 2017		Q4 2017				Gross profit

	92		825		81		81		86			m3		Q4 2016		92

									Q1 2017		83

									Q2 2017		81

									Q3 2017		81

EBIT		05		24		31		27		-01			m7		Q4 2017		86


									EBIT

									Q4 2016		05

									Q1 2017		24

									Q2 2017		31

									Q3 2017		27

									Q4 2017		-01

	2017		2016


				2017						2016		2017

YoY Growth		Q3		Q4	Q1	Q2	Q3		Q4				Gross Profit EBIT		YTD		YTD

Gross Profit		-6		-11	-16	-19	-14		-7		m5			Gross Profit		3857		33114	-14	r5 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_3 gtgt q_act_jan)13User Value 33114 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row Gross profit (value_1 q_prior_jan)13User Value 3857000 Mio

								EBIT (adjusted PY)		56		81		45		rf7 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act_jan)13User Value 807 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_3 gtgt q_prior_jan)13User Value 556 Tsd

								EBIT in of NFR		10		15			s9

								NFR		57094638		53871466			rf8 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_3 gtgt q_act_jan)13User Value 53871 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_3 gtgt q_prior_jan)13User Value 57095 Tsd
PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_3 gtgt q_act_jan)13User Value 33114 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row Gross profit (value_1 q_prior_jan)13User Value 3857000 Mio	PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act_jan)13User Value 807 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_3 gtgt q_prior_jan)13User Value 556 Tsd

	Q4

TEU		Q4 2016		Q1 2017		Q2 2017		Q3 2017		Q4 2017						TEU

	389		374		383		386		378			m3		r3 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_act)13User Value 3778850 Mio			Q4 2016		389		254

	254		282		285		282		275			m4		r4 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row GPTEU (CHF) (value_1 q_act)13User Value 2748072 Mio			Q1 2017		374		282

										Q2 2017		383		285

										Q3 2017		386		282

EBIT		-51		-32		06		-29		-96			m7		m10			Q4 2017		378		275

	-51		-30		05		-27		-92			m8		m8

								PAC Hamon Pierrick Invalid Reference (value_3_PQACT02) 1313Reference could not be handled13Underlying Formula			EBIT		EBIT		EBIT GP

	0					-00353				r11 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row in of gross profit (value_1 q_act)13User Value -00353 Mio			Q4 2016		-51		-51

EBIT YTD						-150917				r12 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT reported (value_1 q_act_jan)13User Value -150917 Mio		PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_act)13User Value 3778850 Mio		PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row GPTEU (CHF) (value_1 q_act)13User Value 2748072 Mio			Q1 2017		-32		-30

										Q2 2017		06		05

										Q3 2017		-29		-27

										Q4 2017		-96		-92

		2017		2016

	2016					2017					2016		2017

YoY Growth			Q3		Q4		Q1	Q2	Q3	Q4			Gross Profit EBIT		YTD		YTD

Volume (market estimated)			0		3		4	3	3	4		m5		Gross Profit		4438		4272		-4		r5 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_act_jan)13User Value 4272121 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_prior_jan)13User Value 4437605 Mio

Volume (Panalpina)			-9		1		7	3	2	-3		r6 PAC Monaco Salvatore Referenced Value (value_4_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row change YoY (value_1 q_act)13User Value -00285 Mio		EBIT (adjusted PY)		109		-151		na		r6 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_act_jan)13User Value -150917 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_prior_jan)13User Value 109010 Mio

GPTEU			-2		-18		-17	-7	-5	8		r7 PAC Monaco Salvatore Referenced Value (value_4_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row change YoY (value_1 q_act)13User Value 00827 Mio							PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_act_jan)13User Value 4272121 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_prior_jan)13User Value 4437605 Mio		PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_act_jan)13User Value -150917 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_prior_jan)13User Value 109010 Mio	EBITGP ()	25	-35	r7 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row in of gross profit (value_1 q_act_jan)13User Value -00353 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row in of gross profit (value_1 q_prior_jan)13User Value 00246 Mio

Gross Profit			-10		-16		-11	-5	-3	5		m8		Volumes (TEUs 000)		14885		15205		2		r8 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_act_jan)13User Value 15204900 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_prior_jan)13User Value 14884510 Mio

	Q4

TEU		Q4 2016		Q1 2017		Q2 2017		Q3 2017		Q4 2017						TEU

	389		374		383		386		378			m3		r3 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_act)13User Value 3778850 Mio			Q4 2016		389		254

	254		282		285		282		275			m4		r4 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row GPTEU (CHF) (value_1 q_act)13User Value 2748072 Mio			Q1 2017		374		282

										Q2 2017		383		285

										Q3 2017		386		282

EBIT		-51		-32		06		-29		-96			m7		m10			Q4 2017		378		275

	-51		-30		05		-27		-92			m8		m8

								PAC Hamon Pierrick Invalid Reference (value_3_PQACT02) 1313Reference could not be handled13Underlying Formula			EBIT		EBIT		EBIT GP

	0					-00353				r11 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row in of gross profit (value_1 q_act)13User Value -00353 Mio			Q4 2016		-51		-51

EBIT YTD						-150917				r12 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT reported (value_1 q_act_jan)13User Value -150917 Mio		PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_act)13User Value 3778850 Mio		PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row GPTEU (CHF) (value_1 q_act)13User Value 2748072 Mio			Q1 2017		-32		-30

										Q2 2017		06		05

										Q3 2017		-29		-27

										Q4 2017		-96		-92

		2017		2016

	2016					2017					2016		2017

YoY Growth			Q3		Q4		Q1	Q2	Q3	Q4			Gross Profit EBIT		YTD		YTD

Volume (market estimated)			0		3		4	3	3	4		m5		Gross Profit		4438		4272		-4		r5 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_act_jan)13User Value 4272121 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_prior_jan)13User Value 4437605 Mio

Volume (Panalpina)			-9		1		7	3	2	-3		r6 PAC Monaco Salvatore Referenced Value (value_4_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row change YoY (value_1 q_act)13User Value -00285 Mio		EBIT (adjusted PY)		109		-151		na		r6 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_act_jan)13User Value -150917 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_prior_jan)13User Value 109010 Mio

GPTEU			-2		-18		-17	-7	-5	8		r7 PAC Monaco Salvatore Referenced Value (value_4_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row change YoY (value_1 q_act)13User Value 00827 Mio							PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_act_jan)13User Value 4272121 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_prior_jan)13User Value 4437605 Mio		PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_act_jan)13User Value -150917 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_prior_jan)13User Value 109010 Mio	EBITGP ()	25	-35	r7 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row in of gross profit (value_1 q_act_jan)13User Value -00353 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row in of gross profit (value_1 q_prior_jan)13User Value 00246 Mio

Gross Profit			-10		-16		-11	-5	-3	5		m8		Volumes (TEUs 000)		14885		15205		2		r8 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_act_jan)13User Value 15204900 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_prior_jan)13User Value 14884510 Mio

	Q4

TEU		Q4 2016		Q1 2017		Q2 2017		Q3 2017		Q4 2017						TEU

	389		374		383		386		378			m3		r3 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_act)13User Value 3778850 Mio			Q4 2016		389		254

	254		282		285		282		275			m4		r4 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row GPTEU (CHF) (value_1 q_act)13User Value 2748072 Mio			Q1 2017		374		282

										Q2 2017		383		285

										Q3 2017		386		282

EBIT		-51		-32		06		-29		-96			m7		m10			Q4 2017		378		275

	-51		-30		05		-27		-92			m8		m8

								PAC Hamon Pierrick Invalid Reference (value_3_PQACT02) 1313Reference could not be handled13Underlying Formula			EBIT		EBIT		EBIT GP

	0					-00353				r11 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row in of gross profit (value_1 q_act)13User Value -00353 Mio			Q4 2016		-51		-51

EBIT YTD						-150917				r12 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT reported (value_1 q_act_jan)13User Value -150917 Mio		PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_act)13User Value 3778850 Mio		PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row GPTEU (CHF) (value_1 q_act)13User Value 2748072 Mio			Q1 2017		-32		-30

										Q2 2017		06		05

										Q3 2017		-29		-27

										Q4 2017		-96		-92

		2017		2016

	2016					2017					2016		2017

YoY Growth			Q3		Q4		Q1	Q2	Q3	Q4			Gross Profit EBIT		YTD		YTD

Volume (market estimated)			0		3		4	3	3	4		m5		Gross Profit		4438		4272		-4		r5 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_act_jan)13User Value 4272121 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_prior_jan)13User Value 4437605 Mio

Volume (Panalpina)			-9		1		7	3	2	-3		r6 PAC Monaco Salvatore Referenced Value (value_4_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row change YoY (value_1 q_act)13User Value -00285 Mio		EBIT (adjusted PY)		109		-151		na		r6 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_act_jan)13User Value -150917 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_prior_jan)13User Value 109010 Mio

GPTEU			-2		-18		-17	-7	-5	8		r7 PAC Monaco Salvatore Referenced Value (value_4_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row change YoY (value_1 q_act)13User Value 00827 Mio							PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_act_jan)13User Value 4272121 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_prior_jan)13User Value 4437605 Mio		PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_act_jan)13User Value -150917 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_prior_jan)13User Value 109010 Mio	EBITGP ()	25	-35	r7 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row in of gross profit (value_1 q_act_jan)13User Value -00353 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row in of gross profit (value_1 q_prior_jan)13User Value 00246 Mio

Gross Profit			-10		-16		-11	-5	-3	5		m8		Volumes (TEUs 000)		14885		15205		2		r8 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_act_jan)13User Value 15204900 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_prior_jan)13User Value 14884510 Mio

	Q4

TEU		Q4 2016		Q1 2017		Q2 2017		Q3 2017		Q4 2017						TEU

	389		374		383		386		378			m3		r3 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_act)13User Value 3778850 Mio			Q4 2016		389		254

	254		282		285		282		275			m4		r4 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row GPTEU (CHF) (value_1 q_act)13User Value 2748072 Mio			Q1 2017		374		282

										Q2 2017		383		285

										Q3 2017		386		282

EBIT		-51		-32		06		-29		-96			m7		m10			Q4 2017		378		275

	-51		-30		05		-27		-92			m8		m8

								PAC Hamon Pierrick Invalid Reference (value_3_PQACT02) 1313Reference could not be handled13Underlying Formula			EBIT		EBIT		EBIT GP

	0					-00353				r11 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row in of gross profit (value_1 q_act)13User Value -00353 Mio			Q4 2016		-51		-51

EBIT YTD						-150917				r12 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT reported (value_1 q_act_jan)13User Value -150917 Mio		PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_act)13User Value 3778850 Mio		PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row GPTEU (CHF) (value_1 q_act)13User Value 2748072 Mio			Q1 2017		-32		-30

										Q2 2017		06		05

										Q3 2017		-29		-27

										Q4 2017		-96		-92

		2017		2016

	2016					2017					2016		2017

YoY Growth			Q3		Q4		Q1	Q2	Q3	Q4			Gross Profit EBIT		YTD		YTD

Volume (market estimated)			0		3		4	3	3	4		m5		Gross Profit		4438		4272		-4		r5 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_act_jan)13User Value 4272121 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_prior_jan)13User Value 4437605 Mio

Volume (Panalpina)			-9		1		7	3	2	-3		r6 PAC Monaco Salvatore Referenced Value (value_4_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row change YoY (value_1 q_act)13User Value -00285 Mio		EBIT (adjusted PY)		109		-151		na		r6 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_act_jan)13User Value -150917 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_prior_jan)13User Value 109010 Mio

GPTEU			-2		-18		-17	-7	-5	8		r7 PAC Monaco Salvatore Referenced Value (value_4_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row change YoY (value_1 q_act)13User Value 00827 Mio							PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_act_jan)13User Value 4272121 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_prior_jan)13User Value 4437605 Mio		PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_act_jan)13User Value -150917 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_prior_jan)13User Value 109010 Mio	EBITGP ()	25	-35	r7 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row in of gross profit (value_1 q_act_jan)13User Value -00353 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row in of gross profit (value_1 q_prior_jan)13User Value 00246 Mio

Gross Profit			-10		-16		-11	-5	-3	5		m8		Volumes (TEUs 000)		14885		15205		2		r8 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_act_jan)13User Value 15204900 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_prior_jan)13User Value 14884510 Mio

	Q4

TEU		Q4 2016		Q1 2017		Q2 2017		Q3 2017		Q4 2017		YTD CY					TEU

	252		233		2399		249		274		996		m4		m3			Q4 2016		252		562

	562		620		6251		648		670		642		m5		m4			Q1 2017		233		620

										Q2 2017		240		625

										Q3 2017		249		648

EBIT		208		171		220		303		410		1103		m6		m7			Q4 2017		274		670

	147		118		147		188		223		173		m7		m8


										EBIT

										Q4 2016		21		15

										Q1 2017		17		12

										Q2 2017		22		15

										Q3 2017		30		19

										Q4 2017		41		22

		2017		2016

	2016					2017					2016		2017

YoY Growth			Q3		Q4		Q1	Q2	Q3	Q4			Gross Profit EBIT		YTD		YTD

Volume (market estimated)			2		8		6	10	10	11		m5		Gross Profit		5952		6394	7		r5 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Gross profit (value_1 q_act_jan)13User Value 6394449 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Gross profit (value_1 q_prior_jan)13User Value 5951870 Mio

Volume (Panalpina)			10		14		8	7	9	8		m6		EBIT (adjusted PY)		935		1103	18		r6 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row EBIT reported (value_1 q_act_jan)13User Value 1103462 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row EBIT adjusted (value_1 q_prior_jan)13User Value 934506 Mio

GPton			-7		-14		-10	-10	-1	19		m7		EBITGP ()		157		173		r7 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row in of gross profit (value_1 q_act_jan)13User Value 01726 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row in of gross profit (value_1 q_prior_jan)13User Value 01570 Mio

Gross Profit			2		-2		-3	-4	8	29		m8		Volumes (tons 000)		9214		9959	8		r8 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Air Freight volumes (000 tons) (value_1 q_act_jan)13User Value 9959000 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Air Freight volumes (000 tons) (value_1 q_prior_jan)13User Value 9214480 Mio

	Q4

TEU		Q4 2016		Q1 2017		Q2 2017		Q3 2017		Q4 2017		YTD CY					TEU

	252		233		2399		249		274		996		m4		m3			Q4 2016		252		562

	562		620		6251		648		670		642		m5		m4			Q1 2017		233		620

										Q2 2017		240		625

										Q3 2017		249		648

EBIT		208		171		220		303		410		1103		m6		m7			Q4 2017		274		670

	147		118		147		188		223		173		m7		m8


										EBIT

										Q4 2016		21		15

										Q1 2017		17		12

										Q2 2017		22		15

										Q3 2017		30		19

										Q4 2017		41		22

		2017		2016

	2016					2017					2016		2017

YoY Growth			Q3		Q4		Q1	Q2	Q3	Q4			Gross Profit EBIT		YTD		YTD

Volume (market estimated)			2		8		6	10	10	11		m5		Gross Profit		5952		6394	7		r5 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Gross profit (value_1 q_act_jan)13User Value 6394449 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Gross profit (value_1 q_prior_jan)13User Value 5951870 Mio

Volume (Panalpina)			10		14		8	7	9	8		m6		EBIT (adjusted PY)		935		1103	18		r6 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row EBIT reported (value_1 q_act_jan)13User Value 1103462 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row EBIT adjusted (value_1 q_prior_jan)13User Value 934506 Mio

GPton			-7		-14		-10	-10	-1	19		m7		EBITGP ()		157		173		r7 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row in of gross profit (value_1 q_act_jan)13User Value 01726 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row in of gross profit (value_1 q_prior_jan)13User Value 01570 Mio

Gross Profit			2		-2		-3	-4	8	29		m8		Volumes (tons 000)		9214		9959	8		r8 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Air Freight volumes (000 tons) (value_1 q_act_jan)13User Value 9959000 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Air Freight volumes (000 tons) (value_1 q_prior_jan)13User Value 9214480 Mio

	Q4

TEU		Q4 2016		Q1 2017		Q2 2017		Q3 2017		Q4 2017		YTD CY					TEU

	252		233		2399		249		274		996		m4		m3			Q4 2016		252		562

	562		620		6251		648		670		642		m5		m4			Q1 2017		233		620

										Q2 2017		240		625

										Q3 2017		249		648

EBIT		208		171		220		303		410		1103		m6		m7			Q4 2017		274		670

	147		118		147		188		223		173		m7		m8


										EBIT

										Q4 2016		21		15

										Q1 2017		17		12

										Q2 2017		22		15

										Q3 2017		30		19

										Q4 2017		41		22

		2017		2016

	2016					2017					2016		2017

YoY Growth			Q3		Q4		Q1	Q2	Q3	Q4			Gross Profit EBIT		YTD		YTD

Volume (market estimated)			2		8		6	10	10	11		m5		Gross Profit		5952		6394	7		r5 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Gross profit (value_1 q_act_jan)13User Value 6394449 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Gross profit (value_1 q_prior_jan)13User Value 5951870 Mio

Volume (Panalpina)			10		14		8	7	9	8		m6		EBIT (adjusted PY)		935		1103	18		r6 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row EBIT reported (value_1 q_act_jan)13User Value 1103462 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row EBIT adjusted (value_1 q_prior_jan)13User Value 934506 Mio

GPton			-7		-14		-10	-10	-1	19		m7		EBITGP ()		157		173		r7 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row in of gross profit (value_1 q_act_jan)13User Value 01726 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row in of gross profit (value_1 q_prior_jan)13User Value 01570 Mio

Gross Profit			2		-2		-3	-4	8	29		m8		Volumes (tons 000)		9214		9959	8		r8 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Air Freight volumes (000 tons) (value_1 q_act_jan)13User Value 9959000 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Air Freight volumes (000 tons) (value_1 q_prior_jan)13User Value 9214480 Mio

	Q4

TEU		Q4 2016		Q1 2017		Q2 2017		Q3 2017		Q4 2017		YTD CY					TEU

	252		233		2399		249		274		996		m4		m3			Q4 2016		252		562

	562		620		6251		648		670		642		m5		m4			Q1 2017		233		620

										Q2 2017		240		625

										Q3 2017		249		648

EBIT		208		171		220		303		410		1103		m6		m7			Q4 2017		274		670

	147		118		147		188		223		173		m7		m8


										EBIT

										Q4 2016		21		15

										Q1 2017		17		12

										Q2 2017		22		15

										Q3 2017		30		19

										Q4 2017		41		22

		2017		2016

	2016					2017					2016		2017

YoY Growth			Q3		Q4		Q1	Q2	Q3	Q4			Gross Profit EBIT		YTD		YTD

Volume (market estimated)			2		8		6	10	10	11		m5		Gross Profit		5952		6394	7		r5 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Gross profit (value_1 q_act_jan)13User Value 6394449 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Gross profit (value_1 q_prior_jan)13User Value 5951870 Mio

Volume (Panalpina)			10		14		8	7	9	8		m6		EBIT (adjusted PY)		935		1103	18		r6 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row EBIT reported (value_1 q_act_jan)13User Value 1103462 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row EBIT adjusted (value_1 q_prior_jan)13User Value 934506 Mio

GPton			-7		-14		-10	-10	-1	19		m7		EBITGP ()		157		173		r7 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row in of gross profit (value_1 q_act_jan)13User Value 01726 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row in of gross profit (value_1 q_prior_jan)13User Value 01570 Mio

Gross Profit			2		-2		-3	-4	8	29		m8		Volumes (tons 000)		9214		9959	8		r8 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Air Freight volumes (000 tons) (value_1 q_act_jan)13User Value 9959000 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Air Freight volumes (000 tons) (value_1 q_prior_jan)13User Value 9214480 Mio

	2016					2017

YoY Growth		Q1		Q2	Q3		Q4	Q1

Volume (market)		-4		-2	2		8	6

Volume (Panalpina)		5		11	10		14	8

GPton		-5		-4	-7		-14	-10

GPton		0		7	2		-2	-3

	2016		2017

Gross Profit EBIT		Q1		Q1

Gross Profit		1486		1447

EBIT		178		171

EBITGP ()		120		118

Q4	2017	2016

			Data for Charts

Gross profit				Gross profit (YTDQ4 in CHFmillion)

Q4	13978	14246		r4 PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Gross profit gtgt (ltlt value_1 gtgt q_act_jan)13User Value 1397792936 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Gross profit gtgt (ltlt value_1 gtgt q_prior_jan)13User Value 1424631332 Tsd			2016 reported		10917		3329

Q4 alone	3730	3329		r5 PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Regions quater and year to date13Row ltlt Gross profit gtgt (ltlt value_7 gtgt q_act)13User Value 37303 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Regions quater and year to date13Row ltlt Gross profit gtgt (ltlt value_7 gtgt q_prior)13User Value 33294 Tsd			2017 reported		10248		3730		-19

Q3 YTD alone	10248	10917		s6			2017 FX normalized		10283		3663		-21

				13986

EBIT				EBIT

Q4	1033	1099		r8 PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act_jan)13User Value 103321128 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_4 gtgt q_prior_jan)13User Value 10991 Tsd			2016 adjusted		936		163

Q4 alone	313	163		r10 PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Regions quater and year to date13Row ltlt Operating result (Segment EBIT) gtgt (ltlt value_7 gtgt q_act)13User Value 3127 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Regions quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_7 gtgt q_prior)13User Value 1627 Tsd			2017 reported		721		313		-60

Q3 YTD alone	721	936		s11			2017 FX normalized		750		310		-36

				1033


Profit				Profit

Q4	575	523		r12 PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Profit gtgt (ltlt value_1 gtgt q_act_jan)13User Value 57459528 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Profit gtgt (ltlt value_4 gtgt q_prior_jan)13User Value 5229 Tsd			2016 reported		465		58

Q4 alone	91	58		s15 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Profit gtgt (ltlt 2017 gtgt q_act)13User Value 18461169 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement131324623919 Tsd - ltlt Profit gtgt (ltlt 2017 gtgt q_prior)130000000 Tsd - ltlt Restructuring expenses gtgt (ltlt 2017 gtgt q_prior)13---------------------1324623919 Tsd (Total)		PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Gross profit gtgt (ltlt value_1 gtgt q_act_jan)13User Value 1397792936 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Gross profit gtgt (ltlt value_1 gtgt q_prior_jan)13User Value 1424631332 Tsd		PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Regions quater and year to date13Row ltlt Gross profit gtgt (ltlt value_7 gtgt q_act)13User Value 37303 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Regions quater and year to date13Row ltlt Gross profit gtgt (ltlt value_7 gtgt q_prior)13User Value 33294 Tsd		PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act_jan)13User Value 103321128 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_4 gtgt q_prior_jan)13User Value 10991 Tsd		PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Regions quater and year to date13Row ltlt Operating result (Segment EBIT) gtgt (ltlt value_7 gtgt q_act)13User Value 3127 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Regions quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_7 gtgt q_prior)13User Value 1627 Tsd		2017 reported	484	91	99

Q3 YTD alone	484	465		m16			2017 FX normalized		505		95		147

				575


			FY 2017 FX adjusted		GP		13946

				EBIT		1060

				Profit		600

	2016					2017

YoY Growth		Q1		Q2	Q3		Q4	Q1

Volume (market)		-4		-2	2		8	6

Volume (Panalpina)		5		11	10		14	8

GPton		-5		-4	-7		-14	-10

GPton		0		7	2		-2	-3

	2016		2017

Gross Profit EBIT		Q1		Q1

Gross Profit		1486		1447

EBIT		178		171

EBITGP ()		120		118

Q4	2017	2016

			Data for Charts

Gross profit				Gross profit (YTDQ4 in CHFmillion)

Q4	13978	14246		r4 PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Gross profit gtgt (ltlt value_1 gtgt q_act_jan)13User Value 1397792936 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Gross profit gtgt (ltlt value_1 gtgt q_prior_jan)13User Value 1424631332 Tsd			2016 reported		10917		3329

Q4 alone	3730	3329		r5 PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Regions quater and year to date13Row ltlt Gross profit gtgt (ltlt value_7 gtgt q_act)13User Value 37303 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Regions quater and year to date13Row ltlt Gross profit gtgt (ltlt value_7 gtgt q_prior)13User Value 33294 Tsd			2017 reported		10248		3730		-19

Q3 YTD alone	10248	10917		s6			2017 FX normalized		10283		3663		-21

				13986

EBIT				EBIT

Q4	1033	1099		r8 PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act_jan)13User Value 103321128 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_4 gtgt q_prior_jan)13User Value 10991 Tsd			2016 adjusted		936		163

Q4 alone	313	163		r10 PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Regions quater and year to date13Row ltlt Operating result (Segment EBIT) gtgt (ltlt value_7 gtgt q_act)13User Value 3127 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Regions quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_7 gtgt q_prior)13User Value 1627 Tsd			2017 reported		721		313		-60

Q3 YTD alone	721	936		s11			2017 FX normalized		750		310		-36

				1033


Profit				Profit

Q4	575	523		r12 PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Profit gtgt (ltlt value_1 gtgt q_act_jan)13User Value 57459528 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Profit gtgt (ltlt value_4 gtgt q_prior_jan)13User Value 5229 Tsd			2016 reported		465		58

Q4 alone	91	58		s15 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Profit gtgt (ltlt 2017 gtgt q_act)13User Value 18461169 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement131324623919 Tsd - ltlt Profit gtgt (ltlt 2017 gtgt q_prior)130000000 Tsd - ltlt Restructuring expenses gtgt (ltlt 2017 gtgt q_prior)13---------------------1324623919 Tsd (Total)		PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Gross profit gtgt (ltlt value_1 gtgt q_act_jan)13User Value 1397792936 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Gross profit gtgt (ltlt value_1 gtgt q_prior_jan)13User Value 1424631332 Tsd		PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Regions quater and year to date13Row ltlt Gross profit gtgt (ltlt value_7 gtgt q_act)13User Value 37303 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Regions quater and year to date13Row ltlt Gross profit gtgt (ltlt value_7 gtgt q_prior)13User Value 33294 Tsd		PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act_jan)13User Value 103321128 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_4 gtgt q_prior_jan)13User Value 10991 Tsd		PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Regions quater and year to date13Row ltlt Operating result (Segment EBIT) gtgt (ltlt value_7 gtgt q_act)13User Value 3127 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Regions quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_7 gtgt q_prior)13User Value 1627 Tsd		2017 reported	484	91	99

Q3 YTD alone	484	465		m16			2017 FX normalized		505		95		147

				575


			FY 2017 FX adjusted		GP		13946

				EBIT		1060

				Profit		600

	2016					2017

YoY Growth		Q1		Q2	Q3		Q4	Q1

Volume (market)		-4		-2	2		8	6

Volume (Panalpina)		5		11	10		14	8

GPton		-5		-4	-7		-14	-10

GPton		0		7	2		-2	-3

	2016		2017

Gross Profit EBIT		Q1		Q1

Gross Profit		1486		1447

EBIT		178		171

EBITGP ()		120		118

Q4	2017	2016

			Data for Charts

Gross profit				Gross profit (YTDQ4 in CHFmillion)

Q4	13978	14246		r4 PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Gross profit gtgt (ltlt value_1 gtgt q_act_jan)13User Value 1397792936 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Gross profit gtgt (ltlt value_1 gtgt q_prior_jan)13User Value 1424631332 Tsd			2016 reported		10917		3329

Q4 alone	3730	3329		r5 PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Regions quater and year to date13Row ltlt Gross profit gtgt (ltlt value_7 gtgt q_act)13User Value 37303 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Regions quater and year to date13Row ltlt Gross profit gtgt (ltlt value_7 gtgt q_prior)13User Value 33294 Tsd			2017 reported		10248		3730		-19

Q3 YTD alone	10248	10917		s6			2017 FX normalized		10283		3663		-21

				13986

EBIT				EBIT

Q4	1033	1099		r8 PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act_jan)13User Value 103321128 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_4 gtgt q_prior_jan)13User Value 10991 Tsd			2016 adjusted		936		163

Q4 alone	313	163		r10 PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Regions quater and year to date13Row ltlt Operating result (Segment EBIT) gtgt (ltlt value_7 gtgt q_act)13User Value 3127 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Regions quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_7 gtgt q_prior)13User Value 1627 Tsd			2017 reported		721		313		-60

Q3 YTD alone	721	936		s11			2017 FX normalized		750		310		-36

				1033


Profit				Profit

Q4	575	523		r12 PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Profit gtgt (ltlt value_1 gtgt q_act_jan)13User Value 57459528 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Profit gtgt (ltlt value_4 gtgt q_prior_jan)13User Value 5229 Tsd			2016 reported		465		58

Q4 alone	91	58		s15 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Profit gtgt (ltlt 2017 gtgt q_act)13User Value 18461169 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement131324623919 Tsd - ltlt Profit gtgt (ltlt 2017 gtgt q_prior)130000000 Tsd - ltlt Restructuring expenses gtgt (ltlt 2017 gtgt q_prior)13---------------------1324623919 Tsd (Total)		PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Gross profit gtgt (ltlt value_1 gtgt q_act_jan)13User Value 1397792936 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Gross profit gtgt (ltlt value_1 gtgt q_prior_jan)13User Value 1424631332 Tsd		PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Regions quater and year to date13Row ltlt Gross profit gtgt (ltlt value_7 gtgt q_act)13User Value 37303 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Regions quater and year to date13Row ltlt Gross profit gtgt (ltlt value_7 gtgt q_prior)13User Value 33294 Tsd		PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act_jan)13User Value 103321128 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_4 gtgt q_prior_jan)13User Value 10991 Tsd		PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Regions quater and year to date13Row ltlt Operating result (Segment EBIT) gtgt (ltlt value_7 gtgt q_act)13User Value 3127 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Regions quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_7 gtgt q_prior)13User Value 1627 Tsd		2017 reported	484	91	99

Q3 YTD alone	484	465		m16			2017 FX normalized		505		95		147

				575


			FY 2017 FX adjusted		GP		13946

				EBIT		1060

				Profit		600

Page 3: Full-year results 2017 - panalpina.com · GP/ton -14% -10% -10% ... of an offer to purchase any shares andneither it nor any part of it shall form the basis ... % 24.2% 60.1% 35.9%

465

484

505

58

91

95

2016reported

2017reported

2017 FXnormalized

PROFIT

936

721

750

163

313

310

2016adjusted

2017reported

2017 FXnormalized

EBIT

10917

10248

10283

3329

3730

3663

2016reported

2017reported

2017 FXnormalized

GROSS PROFIT

in Q4

-60

+99

1rsquo3978

1rsquo4246

1033

1099

575

523

1rsquo3946-21

1060

600

+147

-36

Chart1

PROFIT

SNVeryHiddenParameterSheet

Charts

GROSS PROFIT

EBIT

PROFIT

NOT IN USE

Chart1

EBIT

SNVeryHiddenParameterSheet

Charts

GROSS PROFIT

EBIT

PROFIT

NOT IN USE

Chart1

GROSS PROFIT

SNVeryHiddenParameterSheet

Charts

GROSS PROFIT

EBIT

PROFIT

NOT IN USE

2016 2017

252

233 240249

274

562

620 625648 670

Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017

TONNAGE GPTON

21 17 22 30 41

147118

147

188

223

Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017

SNVeryHiddenParameterSheet

Table

Charts

TONNAGE GPTON

Tons (000)

562620625143000000000036483289999999999566974680000000001

EBIT (adjusted PY)

147118146499999999999991879000000000000322326599999999999

SNVeryHiddenParameterSheet

Table

Charts

TONNAGE GPTON

Tons (000)

562620625143000000000036483289999999999566974680000000001

EBIT (adjusted PY)

147118146499999999999991879000000000000322326599999999999

Chart1

TONNAGE GPTON

Tons (000)

562620625143000000000036483289999999999566974680000000001

SNVeryHiddenParameterSheet

Table

Charts

TONNAGE GPTON

Tons (000)

562620625143000000000036483289999999999566974680000000001

EBIT (adjusted PY)

147118146499999999999991879000000000000322326599999999999

Chart1

EBIT (adjusted PY)

147118146499999999999991879000000000000322326599999999999

SNVeryHiddenParameterSheet

Table

Charts

TONNAGE GPTON

Tons (000)

562620625143000000000036483289999999999566974680000000001

EBIT (adjusted PY)

147118146499999999999991879000000000000322326599999999999

2016 2017

389 374 383 386 378

254

282 285 282275

Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017

TEU GPTEU

-51 -32 06 -29 -96

-51

-30

05

-27

-92

Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017

SNVeryHiddenParameterSheet

Sheet1

charts

TEU GPTEU

TEU (in 000)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017254282284946000000000032820749999999999927480720000000002

EBIT (adjusted PY)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017-50999999999999996-29871099999999999053228355696699203-271-92169000000000008

SNVeryHiddenParameterSheet

Sheet1

charts

TEU GPTEU

TEU (in 000)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017254282284946000000000032820749999999999927480720000000002

EBIT (adjusted PY)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017-50999999999999996-29871099999999999053228355696699203-271-92169000000000008

Chart1

TEU GPTEU

TEU (in 000)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017254282284946000000000032820749999999999927480720000000002

SNVeryHiddenParameterSheet

Sheet1

charts

TEU GPTEU

TEU (in 000)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017254282284946000000000032820749999999999927480720000000002

EBIT (adjusted PY)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017-50999999999999996-29871099999999999053228355696699203-271-92169000000000008

Chart1

EBIT (adjusted PY)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017-50999999999999996-29871099999999999053228355696699203-271-92169000000000008

SNVeryHiddenParameterSheet

Sheet1

charts

TEU GPTEU

TEU (in 000)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017254282284946000000000032820749999999999927480720000000002

EBIT (adjusted PY)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017-50999999999999996-29871099999999999053228355696699203-271-92169000000000008

Gross Profit -11 -16 -19 -14 -7

201792

83 81 8186

Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017

GROSS PROFIT

05

24

3127

-01

Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017

EBIT (ADJUSTED PY)

SNVeryHiddenParameterSheet

Table

charts

GROSS PROFIT

Q4 2016Q1 2017Q2 2017Q3 2017Q4 201792825813481488576

EBIT (ADJUSTED PY)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017052430608271-008

SNVeryHiddenParameterSheet

Table

charts

GROSS PROFIT

Q4 2016Q1 2017Q2 2017Q3 2017Q4 201792825813481488576

EBIT (ADJUSTED PY)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017052430608271-008

Chart1

GROSS PROFIT

Q4 2016Q1 2017Q2 2017Q3 2017Q4 201792825813481488576

SNVeryHiddenParameterSheet

Table

charts

GROSS PROFIT

Q4 2016Q1 2017Q2 2017Q3 2017Q4 201792825813481488576

EBIT (ADJUSTED PY)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017052430608271-008

Chart1

EBIT (ADJUSTED PY)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017052430608271-008

SNVeryHiddenParameterSheet

Table

charts

GROSS PROFIT

Q4 2016Q1 2017Q2 2017Q3 2017Q4 201792825813481488576

EBIT (ADJUSTED PY)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017052430608271-008

IFRS CHANGES 2018

in CHF million

OUTLOOK Market

minus AirOcean 3-4

Panalpina

APRIL 19 2018

MAY 8 2018

NEXT EVENTS

DISCLAIMER

APPENDIX

SNVeryHiddenParameterSheet

PAN_ISpQ_Group

image1png

SNVeryHiddenParameterSheet

PAN_ISpQ_AirFreight

image1png

SNVeryHiddenParameterSheet

PAN_ISpQ_OceanFreight

image1png

EBIT reported 18 (15) 09 05 18 24 31 27 (01) 81

SNVeryHiddenParameterSheet

PAN_ISpQ_Logistics

image1png

BALANCE SHEET

SNVeryHiddenParameterSheet

PAN_BalanceSheet

image1png

CASH FLOW

SNVeryHiddenParameterSheet

Tabele PAN_Cashflow

Slide Number 2
IFRS changes 2018
Next EVENTs
Disclaimer
Appendix
Balance sheet
Cash flow

	31-Dec-16		31-Dec-17		Change in

Cash flow before changes in working capital		1313		1536				r2 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Subtotal cash flow from operations gtgt (ltlt 2017 gtgt q_act_jan)13User Value 15298 Tsd			PY IS MANUAL

Changes in working capital		188		(480)				r3 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows131313267 Tsd - ltlt Increase (decrease) payables and accruals incl accrued cost of service gtgt (ltlt 2017 gtgt q_act_jan)13-695 Tsd - ltlt (Decrease) increase non-current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13256 Tsd - ltlt (Decrease) increase current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13-17508 Tsd - ltlt (Increase) decrease receivables other current assets and unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-4680 Tsd (Total)

Cash from operations		1501		1056				r4 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash generated from operations gtgt (ltlt 2017 gtgt q_act_jan)13User Value 10618 Tsd


Interest and income taxes paid		(394)		(383)				r6 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows1313-3709 Tsd - ltlt Income taxes paid gtgt (ltlt 2017 gtgt q_act_jan)13-122 Tsd - ltlt Interest paid gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-3831 Tsd (Total)

Net cash from operating activities		1107		673		-39			r7 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash from operating activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 6787 Tsd


Net cash from investing activities		(241)		(681)		183			r9 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in investing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -6870 Tsd


Free cash flow		866		(08)		-101			r11 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Free cash flow gtgt (ltlt 2017 gtgt q_act_jan)13User Value -083 Tsd


Net cash used in financing activities		(887)		(882)		-1			r13 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in financing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8818 Tsd


Net increase (decrease) in cash and cash equivalents		(21)		(890)				r15 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net increase (decrease) in cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8901 Tsd

Cash and cash equivalents at beginning of period		3923		3888				r16 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the beginning of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 38878 Tsd

Effect of exchange rate changes		(14)		111				r17 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Effect of exchange rate changes on cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 1108 Tsd

Cash and cash equivalents at end of period		3888		3109				r18 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the end of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd


Reported cash and cash equivalents at 31122016			3888				r21 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the beginning of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 38878 Tsd			Reported cash and cash equivalents at 31122016			3888

Profit YTD 122017			5746				r19 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Profit gtgt (ltlt 2017 gtgt q_act_jan)13User Value 5746 Tsd			Profit YTD 122017		3888		575

Other non-cash items (eg DampA)			9613				r23 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13132129 Tsd - ltlt Depreciation of property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)132157 Tsd - ltlt Amortization of intangible assets gtgt (ltlt 2017 gtgt q_act_jan)13-224 Tsd - ltlt Interest income and dividend on available-for-sale financial assets gtgt (ltlt 2017 gtgt q_act_jan)13-062 Tsd - ltlt Exchange differences gtgt (ltlt 2017 gtgt q_act_jan)13-033 Tsd - ltlt Loss (gain) on sales of property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)13000 Tsd - ltlt Gain on sales of financial assets gtgt (ltlt 2017 gtgt q_act_jan)13612 Tsd - ltlt Expenses for share-based compensation plans gtgt (ltlt 2017 gtgt q_act_jan)13564 Tsd - ltlt Other non-cash (income) and expenses gtgt (ltlt 2017 gtgt q_act_jan)134408 Tsd - ltlt Income tax expenses gtgt (ltlt 2017 gtgt q_act_jan)13---------------------139552 Tsd (Total)			Other non-cash items (eg DampA)		4462		961

Changes in working capital			-4798				r24 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows131313267 Tsd - ltlt Increase (decrease) payables and accruals incl accrued cost of service gtgt (ltlt 2017 gtgt q_act_jan)13-695 Tsd - ltlt (Decrease) increase non-current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13256 Tsd - ltlt (Decrease) increase current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13-17508 Tsd - ltlt (Increase) decrease receivables other current assets and unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-4680 Tsd (Total)			Changes in working capital		4944		480	neg

Interest and income taxes paid			-3831				r25 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows1313-3709 Tsd - ltlt Income taxes paid gtgt (ltlt 2017 gtgt q_act_jan)13-122 Tsd - ltlt Interest paid gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-3831 Tsd (Total)			Interest and income taxes paid		4561		383	neg

Net cash from investing activities			-6813				r26 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in investing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -6870 Tsd			Net cash from investing activities		3879		681	neg

Financing activitiesdividend			-8818				r27 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in financing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8818 Tsd			Financing activitiesdividend		2998		882	neg

Effect of exchange rate changes			1108				r28 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Effect of exchange rate changes on cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 1108 Tsd			Effect of exchange rate changes		2998		111

Reported cash and cash equivalents at 31122017			31085				r29 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the end of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd		PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Subtotal cash flow from operations gtgt (ltlt 2017 gtgt q_act_jan)13User Value 15298 Tsd		PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows131313267 Tsd - ltlt Increase (decrease) payables and accruals incl accrued cost of service gtgt (ltlt 2017 gtgt q_act_jan)13-695 Tsd - ltlt (Decrease) increase non-current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13256 Tsd - ltlt (Decrease) increase current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13-17508 Tsd - ltlt (Increase) decrease receivables other current assets and unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-4680 Tsd (Total)	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash generated from operations gtgt (ltlt 2017 gtgt q_act_jan)13User Value 10618 Tsd		PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows1313-3709 Tsd - ltlt Income taxes paid gtgt (ltlt 2017 gtgt q_act_jan)13-122 Tsd - ltlt Interest paid gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-3831 Tsd (Total)	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash from operating activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 6787 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in investing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -6870 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Free cash flow gtgt (ltlt 2017 gtgt q_act_jan)13User Value -083 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in financing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8818 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net increase (decrease) in cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8901 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the beginning of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 38878 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Effect of exchange rate changes on cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 1108 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the end of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the beginning of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 38878 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Profit gtgt (ltlt 2017 gtgt q_act_jan)13User Value 5746 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13132129 Tsd - ltlt Depreciation of property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)132157 Tsd - ltlt Amortization of intangible assets gtgt (ltlt 2017 gtgt q_act_jan)13-224 Tsd - ltlt Interest income and dividend on available-for-sale financial assets gtgt (ltlt 2017 gtgt q_act_jan)13-062 Tsd - ltlt Exchange differences gtgt (ltlt 2017 gtgt q_act_jan)13-033 Tsd - ltlt Loss (gain) on sales of property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)13000 Tsd - ltlt Gain on sales of financial assets gtgt (ltlt 2017 gtgt q_act_jan)13612 Tsd - ltlt Expenses for share-based compensation plans gtgt (ltlt 2017 gtgt q_act_jan)13564 Tsd - ltlt Other non-cash (income) and expenses gtgt (ltlt 2017 gtgt q_act_jan)134408 Tsd - ltlt Income tax expenses gtgt (ltlt 2017 gtgt q_act_jan)13---------------------139552 Tsd (Total)	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows131313267 Tsd - ltlt Increase (decrease) payables and accruals incl accrued cost of service gtgt (ltlt 2017 gtgt q_act_jan)13-695 Tsd - ltlt (Decrease) increase non-current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13256 Tsd - ltlt (Decrease) increase current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13-17508 Tsd - ltlt (Increase) decrease receivables other current assets and unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-4680 Tsd (Total)	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows1313-3709 Tsd - ltlt Income taxes paid gtgt (ltlt 2017 gtgt q_act_jan)13-122 Tsd - ltlt Interest paid gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-3831 Tsd (Total)	Reported cash and cash equivalents at 31122017	3109	3888

													484

													591

													(479)

													(331)

													(406)

													(882)

													93

													2946

	31-Dec-16		31-Dec-17		Change in

				CHF

Cash and cash equivalents		3888		3109		(779)		-20			r3 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd		3888	3999		111		3

Trade receivables unbilled forwarding services		9087		10970		1883		21			r4 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Trade receivables unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13User Value 109701 Tsd		9087	8693		-394		-4

Other current assets		1025		1322		297		29			r5 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other current assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 13217 Tsd		1025	1335		31		30

Property plant and equipment		635		967		332		52			r6 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)13User Value 9673 Tsd		635	651		16		3

Intangible assets		979		885		(95)		-10			r7 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Intangible assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 8845 Tsd		979	926		-53		-5

Other non-current assets		990		1138		148		15			r8 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other non-current assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 11382 Tsd		99	1073		83		8

Total assets		16606		18390		1784		11			r9 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 183903 Tsd		166060	166780		72		0

											0

Short-term borrowings		23		26		03		15			r11 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Short-term borrowings gtgt (ltlt 2017 gtgt q_act_jan)13User Value 262 Tsd		23	05		-18		-78

Trade payables accured cost of services		6524		7967		1443		22			r12 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Trade payables accured cost of services gtgt (ltlt 2017 gtgt q_act_jan)13User Value 79665 Tsd		6524	620		-324		-5

Other current liabilities		2439		2676		237		10			r13 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other current liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 26763 Tsd		2439	2592		153		6

Long-Term borrowings		00		32		32		na			r20 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Long-term borrowings gtgt (ltlt 2017 gtgt q_act_jan)13User Value 324 Tsd		0	12		12		na

Other long-term liabilities		1449		1546		97		7			r21 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other long-term liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 15459 Tsd		1449	1479		3		2

Total liabilities		10436		12247		1811		17			r14 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 122473 Tsd		104360	102880		-148		-1

Share capital		24		24		(00)		-1			r15 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Share capital gtgt (ltlt 2017 gtgt q_act_jan)13User Value 238 Tsd		24	24		0		0

Reserves treasury shares		6057		6056		(01)		-0			r16 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Reserves treasury shares gtgt (ltlt 2017 gtgt q_act_jan)13User Value 60534 Tsd		6057	6285		228		4

Non-controlling interests		89		63		(26)		-29			r17 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Non-controlling interests gtgt (ltlt 2017 gtgt q_act_jan)13User Value 659 Tsd		89	81		-08		-9

Total equity		6170		6143		(27)		-0			r18 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total equity gtgt (ltlt 2017 gtgt q_act_jan)13User Value 61430 Tsd		617	639		22		4

Total equity and liabilities		16606		18390		1784		11			r19 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total equity and liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 183903 Tsd		166060	166780		72		0

KPIs		31-Dec-16		31-Dec-17


Equity Ratio		372		334					s20 PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document Q2_2017_Quarter_Report13Chapter Consolidated Statement of Financial Position13Row ltlt Total equity and liabilities gtgt (ltlt June 30 2017 gtgt q_act_jan)13User Value 153472 Tsd

							PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Trade receivables unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13User Value 109701 Tsd		PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other current assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 13217 Tsd		PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)13User Value 9673 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Intangible assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 8845 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other non-current assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 11382 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 183903 Tsd		PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Short-term borrowings gtgt (ltlt 2017 gtgt q_act_jan)13User Value 262 Tsd		PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Trade payables accured cost of services gtgt (ltlt 2017 gtgt q_act_jan)13User Value 79665 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other current liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 26763 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Long-term borrowings gtgt (ltlt 2017 gtgt q_act_jan)13User Value 324 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other long-term liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 15459 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 122473 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Share capital gtgt (ltlt 2017 gtgt q_act_jan)13User Value 238 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Reserves treasury shares gtgt (ltlt 2017 gtgt q_act_jan)13User Value 60534 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Non-controlling interests gtgt (ltlt 2017 gtgt q_act_jan)13User Value 659 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total equity gtgt (ltlt 2017 gtgt q_act_jan)13User Value 61430 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total equity and liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 183903 Tsd	NWC-Intensity	18	15	mf24	Enterred by HPI on 14012018

DSO 3-m-rolling YTD		455		474					m22		Enterred by HPI on 14012018

DPO 3-m-rolling YTD		407		412					m23		Enterred by HPI on 14012018

2017	2016

																						Check

Logistics	Q1 2016	Q2 2016	HY 2016		Q3 2016		Q3YTD 2016		Q4 2016		FY 2016		Q1 2017		Q2 2017			HY 2017		Q3 2017			Q3YTD 2017		Q4 2017		FY 2017								CY

Net forwarding revenue	1402	1613	3015		1374		4389		1321		5709		1286		1377			2663		1394			4057		1330		5387			m4		m4		s4 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_3 gtgt q_act)13User Value 14141 Tsd	r4 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_3 gtgt q_act_jan)13User Value 53871 Tsd	00

Forwarding expenses	(420)	(607)	(1027)		(429)		(1456)		(397)		(1853)		(460)		(564)			(1024)		(580)			(1604)		(472)		(2076)			m5		m5		s5 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_3 gtgt q_act)13User Value -5564 Tsd	r5 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_3 gtgt q_act_jan)13User Value -20758 Tsd	00

Gross profit	982	1006	1989		944		2933		924		3857		825		813			1639		815			2454		858		3311			m6		m6		s6 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_3 gtgt q_act)13User Value 8576 Tsd	r6 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_3 gtgt q_act_jan)13User Value 33114 Tsd	00

Personnel expenses	(574)	(591)	(1166)		(528)		(1694)		(519)		(2213)		(479)		(461)			(940)		(469)			(1409)		(507)		(1916)			m7		m7		s7 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_3 gtgt q_act)13User Value -4045 Tsd	r7 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_3 gtgt q_act_jan)13User Value -19163 Tsd	00

Other operating expenses	(360)	(363)	(723)		(378)		(1102)		(367)		(1469)		(298)		(298)			(596)		(298)			(894)		(329)		(1223)			m8		m8		s8 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_3 gtgt q_act)13User Value -4415 Tsd	r8 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_3 gtgt q_act_jan)13User Value -12227 Tsd	00

EBITDA adjusted	48	52	100		38		138		37		175		48		54			103		48			151		22		172			m9		m9		s9 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_3 gtgt q_act)13User Value -479 Tsd	r9 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_3 gtgt q_act_jan)13User Value 1724 Tsd	00

Depreciation and amortization	(29)	(29)	(58)		(29)		(88)		(32)		(119)		(25)		(24)			(48)		(21)			(69)		(23)		(92)			m10		m10		s10 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_3 gtgt q_act)13User Value -125 Tsd	r10 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_3 gtgt q_act_jan)13User Value -918 Tsd	00

EBIT adjusted	18	23	41		09		50		05		56		24		31			54		27			81		(01)		81			m11		m11		s11 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act)13User Value -008 Tsd	r11 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act_jan)13User Value 807 Tsd	00

Non-recurring items

Restructuring expenses	00	(38)	(38)		00		(38)		00		(38)		00		00			00		00			00		00		00			m13		m13		s13	m13	00


EBIT reported	18	(15)	03		09		12		05		18		24		31			54		27			81		(01)		81			m15		m15		s15 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act)13User Value -008 Tsd	r15 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act_jan)13User Value 807 Tsd


GP Change YoY										-19		-18		-14		-16		-7		-14					s16	s16


															453

						10										15

GP control	000	000		000				000		(012)		(000)		000				000			000			000		s30		s30		s30		s30

EBITDA control	000	000		(000)				010		(002)		000		(000)				000			(000)			000		s31		s31		s31		s31

EBIT control	010	000		000				000		005		000		(000)			ERRORREF		000			000			000		s32		s32		s32		s32

2017	2016


Ocean Freight	Q1 2016	Q2 2016	HY 2016		Q3 2016	Q3YTD 2016			Q4 2016			FY 2016			Q1 2017			Q2 2017			HY 2017		Q3 2017			Q3YTD 2017		Q4 2017			FY 2017

Net forwarding revenue	5338	4921	10259		4955	15214			4770			19984			4915			5172			10087		5551			15637		5105			20743			m4		m4		s4 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_2 gtgt q_act)13User Value 55506 Tsd	r4 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_2 gtgt q_act_jan)13User Value 207428 Tsd	00	00	00	00

Forwarding expenses	(4157)	(3773)	(7930)		(3834)	(11764)			(3783)			(15547)			(3860)			(4081)			(7941)		(4463)			(12404)		(4067)			(16471)			m5		m5		s5 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_2 gtgt q_act)13User Value -44629 Tsd	r5 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_2 gtgt q_act_jan)13User Value -164707 Tsd	-00	00	00	00

Gross profit	1181	1148	2329		1121	3450			987			4438			1055			1091			2146		1088			3234		1038			4272			m6		m6		s6 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_2 gtgt q_act)13User Value 10877 Tsd	r6 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_2 gtgt q_act_jan)13User Value 42721 Tsd	00	00	00	00

Personnel expenses	(791)	(752)	(1543)		(755)	(2298)			(721)			(3019)			(779)			(784)			(1564)		(788)			(2352)		(837)			(3189)			m7		m7		s7 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_2 gtgt q_act)13User Value -7884 Tsd	r7 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_2 gtgt q_act_jan)13User Value -31889 Tsd	00	00	(00)	00

Other operating expenses	(305)	(288)	(594)		(274)	(868)			(275)			(1144)			(271)			(265)			(536)		(290)			(827)		(257)			(1083)			m8		m8		s8 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_2 gtgt q_act)13User Value -2905 Tsd	r8 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_2 gtgt q_act_jan)13User Value -10833 Tsd	00	(01)	(01)	00

EBITDA adjusted	84	108	192		92	284			(09)			275			05			41			46		09			55		(55)			(00)			m9		m9		s9 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_2 gtgt q_act)13User Value 089 Tsd	r9 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_2 gtgt q_act_jan)13User Value -001 Tsd	00	00	00	00

Depreciation and amortization	(41)	(42)	(83)		(41)	(124)			(42)			(166)			(36)			(36)			(72)		(38)			(110)		(41)			(151)			m10		m10		s10 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_2 gtgt q_act)13User Value -384 Tsd	r10 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_2 gtgt q_act_jan)13User Value -1508 Tsd	-00	00	00	00

EBIT adjusted	43	66	109		51	160			(51)			109			(32)			06			(26)		(29)			(55)		(96)			(151)			m11		m11		s11 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_2 gtgt q_act)13User Value -295 Tsd	r11 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_2 gtgt q_act_jan)13User Value -1509 Tsd	-00	00	00	00

in of gross profit	37	58	47		45	46			-51			25			-30			05			-12		-27			-17		-92			-35			m12		m12		s12	s12

Non-recurring items																									00		00		00			00

Restructuring expenses	00	(97)	(97)		0	(97)			(19)			(115)			00			00			00		00			00		00			00			m14		m14		s14	m14	00	00	01	00


EBIT reported	43	(30)	13		51	63			(69)			(06)			(32)			06			(26)		(29)			(55)		(96)			(151)			m16		m16		s16 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_2 gtgt q_act)13User Value -295 Tsd	r16 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_2 gtgt q_act_jan)13User Value -1509 Tsd	-00	00	(00)	00

in of gross profit	37	-26	05		45	18			-70			-01			-30			05			-12		-27			-17		-92			-35			m17		m17		s17	s17


Ocean Freight volumes (000 TEUs)	3482	3726	7208		3787	10995			3890			14885			3742			3828			7570		3856			11426		3779			15205			m19		m19		m19	m19	00	00	(00)	00

change YoY	-100	-82	-91		-88	-90			08			-66			75			27			50		18			39		-28			22			m20		m20		s20	s20

GPTEU (CHF)	339	308	323		296	314			254			298			282			285			283		282			283		275			281			m21		m21		m21	s21

change YoY	102	59	80		-16	47			-176			-11			-169			-75			-122		-47			-98		83			-58			m22		m22		s22	s22


GP change YoY								-11			-5			-8			-3			-6		519		-373					s23		s23


							-00298711145			00053228356					-00271124048				-00921686544

GP control	000	000		(000)			000			000			000			000					000			(000)			000			s30		s30		s30		s30

EBITDA control	010	000		000			000			(000)			(000)			(000)					000			000			(000)			s31		s31		s31		s31

EBIT control	000	000		000			000			(000)			(000)			000				000		000			000			(000)			s32		s32		s32		s32

2017	2016

																													Check

Air Freight	Q1 2016	Q2 2016	HY 2016		Q3 2016	Q3YTD 2016			Q4 2016			FY 2016			Q1 2017			Q2 2017		HY 2017			Q3 2017			Q3 YTD 2017			Q4 2017			FY 2017										CY

Net forwarding revenue	6332	6359	12691		6341	19032			7234			26267			6571			7000		13571			7389			20960			8238			29198			m4		m4		s4 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_1 gtgt q_act)13User Value 91229 Tsd		r4 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_1 gtgt q_act_jan)13User Value 291978 Tsd	00	00	(003)	00

Forwarding expenses	(4846)	(4800)	(9646)		(4853)	(14499)			(5816)			(20315)			(5125)			(5500)		(10625)			(5775)			(16400)			(6403)			(22803)			m5		m5		s5 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_1 gtgt q_act)13User Value -72887 Tsd		r5 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_1 gtgt q_act_jan)13User Value -228034 Tsd	00	00	00	00

Gross profit	1486	1559	3045		1489	4534			1418			5952			1447			1500		2946			1614			4560			1834			6394			m6		m6		s6 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_1 gtgt q_act)13User Value 18342 Tsd		r6 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_1 gtgt q_act_jan)13User Value 63944 Tsd	-00	00	00	00

Personnel expenses	(885)	(869)	(1754)		(847)	(2600)			(873)			(3473)			(905)			(916)		(1822)			(928)			(2750)			(1044)			(3793)			m7		m7		s7 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_1 gtgt q_act)13User Value -10893 Tsd		r7 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_1 gtgt q_act_jan)13User Value -37932 Tsd	-00	00	00	00

Other operating expenses	(371)	(359)	(730)		(318)	(1048)			(284)			(1333)			(324)			(317)		(641)			(337)			(978)			(334)			(1312)			m8		m8		s8 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_1 gtgt q_act)13User Value -2799 Tsd		r8 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_1 gtgt q_act_jan)13User Value -13116 Tsd	00	00	(00)	00

EBITDA adjusted	230	331	561		324	885			261			1146			218			266		484			349			833			457			1290			m9		m9		s9 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_1 gtgt q_act)13User Value 4650 Tsd		r9 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_1 gtgt q_act_jan)13User Value 12896 Tsd	00	00	(00)	00

Depreciation and amortization	(52)	(52)	(103)		(55)	(158)			(53)			(211)			(46)			(47)		(93)			(46)			(139)			(47)			(186)			m10		m10		s10 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_1 gtgt q_act)13User Value -558 Tsd		r10 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_1 gtgt q_act_jan)13User Value -1861 Tsd	00	01	01	00

EBIT adjusted	178	279	457		269	726			208			935			171			220		391			303			694			409			1103			m11		m11		s11 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act)13User Value 4092 Tsd		r11 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act_jan)13User Value 11035 Tsd	-00	00	00	00

in of gross profit	120	179	150		181	160			147			157			118			146		133			188			152			223			173			m12		m12		s12 PAC Hamon Pierrick Invalid Reference (value_1_PQACT02) 1313Reference could not be handled13Underlying Formula		s12

Non-recurring items																										00		00		00			00

Restructuring expenses	00	(127)	(127)		00	(127)			00			(127)			00			00		00			00			00			00			00			m14		m14		s14		m14	00	00	00	00


EBIT reported	178	153	331		269	600			208			808			171			220		391			303			694			409			1103			m16		m16		s16 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act)13User Value 4092 Tsd		r16 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act_jan)13User Value 11035 Tsd	-00	00	(00)	00

in of gross profit	120	98	109		181	132			147			136			118			146		133			188			152			223			173			m17		m17		s17		s17


Air Freight volumes (000 tons)	2161	2251	4412		2278	6690			2524			9214			2332			2399		4731			2489			7220			2739			9959			m19		m19		s19		m19	00	00	00	00

change YoY	54	111	82		99	88			141			102			79			66		72			93			79			85			81			m20		m20		s20		s20

GPton (CHF)	688	693	690		653	678			562			646			620			625		623			648			632			670			642			m21		m21		s21		s21

change YoY	-47	-36	-41		-73	-52			-140			-75			-98			-97		-98			-08			-68			192			-06			m22		m22		s22		s22


GP change YoY								-3			-4			-3			8		1			29			7					s23		s23

GP control	000	000		000			000			000			(000)			000				(000)				000		000		000		000			s30		s30		s30		s30

EBITDA control	000	000		000			(000)			000			000			(000)				000				000		(000)		000		000			s31		s31		s31		s31

EBIT control	000	000		000			000			(000)			000			(000)			000		000				000		000		000		(000)			s32		s32		s32		s32

2017		2016

																													Check CY

Group		Q1 2016		Q2 2016			HY 2016		Q3 2016		Q3YTD 2016		Q4 2016		FY 2016		Q1 2017		Q2 2017			HY 2017			Q3 2017			Q3YTD 2017		Q4 2017			FY 2017

Net forwarding revenue		13072		12894			25965		12670		38635		13325		51960		12772		13549			26321			14334			40655		14673			55328		s4 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Net forwarding revenue gtgt (ltlt 2017 gtgt q_act)13User Value 1433411124 Tsd		r4 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Net forwarding revenue gtgt (ltlt value_1 gtgt q_act_jan)13User Value 5532778504 Tsd		m4		m4		00		-01	-01	00

Forwarding expenses		(9423)		(9180)			(18602)		(9116)		(27718)		(9996)		(37714)		(9445)		(10145)			(19590)			(10818)			(30407)		(10942)			(41350)		s5 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Forwarding services from third parties gtgt (ltlt 2017 gtgt q_act)13User Value -1081765298 Tsd		r5 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Forwarding services from third parties gtgt (ltlt value_1 gtgt q_act_jan)13User Value -4134985568 Tsd		m5		m5		00		01	01	00

Gross profit		3649		3714			7363		3554		10917		3329		14246		3327		3404			6731			3516			10248		3730			13978		s6 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Gross profit gtgt (ltlt 2017 gtgt q_act)13User Value 351645826 Tsd		r6 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Gross profit gtgt (ltlt value_1 gtgt q_act_jan)13User Value 1397792936 Tsd		m6		m6		00		00	00	00

Personnel expenses		(2250)		(2213)			(4463)		(2129)		(6592)		(2113)		(8705)		(2164)		(2162)			(4326)			(2186)			(6511)		(2388)			(8898)		s7 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Personnel expenses gtgt (ltlt 2017 gtgt q_act)13User Value -218561825 Tsd		r7 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Personnel expenses gtgt (ltlt value_1 gtgt q_act_jan)13User Value -889847082 Tsd		m7		m7		00		00	00	00

Other operating expenses		(1037)		(1011)			(2047)		(971)		(3018)		(927)		(3945)		(893)		(880)			(1773)			(925)			(2698)		(919)			(3618)		s8 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Other operating expenses gtgt (ltlt 2017 gtgt q_act)13User Value -92494218 Tsd		r8 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Other operating expenses gtgt (ltlt value_1 gtgt q_act_jan)13User Value -361760468 Tsd		m8		m8		00		01	01	00

EBITDA adjusted		362		491			853		454		1307		289		1596		271		362			633			406			1039		423			1462		s9 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt EBITDA gtgt (ltlt 2017 gtgt q_act)13User Value 40589783 Tsd		r9 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt EBITDA gtgt (ltlt value_1 gtgt q_act_jan)13User Value 146185385 Tsd		m9		m9		00		00	00	00

Depreciation of property plant and equip		(62)		(62)			(125)		(62)		(187)		(71)		(258)		(53)		(54)			(107)			(50)			(156)		(56)			(213)		s10 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Depreciation of property plant and equipment gtgt (ltlt 2017 gtgt q_act)13User Value -4981553 Tsd		r10 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Depreciation of property plant and equipment gtgt (ltlt value_1 gtgt q_act_jan)13User Value -21293764 Tsd		m10		m10		-00		-01	-01	00

Amortization of intangible assets		(60)		(60)			(120)		(63)		(183)		(56)		(239)		(54)		(52)			(106)			(55)			(162)		(54)			(216)		s11 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Amortization of intangible assets gtgt (ltlt 2017 gtgt q_act)13User Value -5514918 Tsd		r11 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Amortization of intangible assets gtgt (ltlt value_1 gtgt q_act_jan)13User Value -21570493 Tsd		m11		m11		00		00	00	00

EBIT adjusted		240		368			608		329		936		163		1099		164		256			420			301			721		313			1033		s12 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Operating result (EBIT) gtgt (ltlt 2017 gtgt q_act)13User Value 30093312 Tsd		r12 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act_jan)13User Value 103321128 Tsd		m12		m12		00		00	-01	00

in of gross profit		66		99			83		92		86		49		77		49		75			62			86			70		84			74		s13		s13		m13		m13

Non-recurring items																											00		00		00		00

Restructuring expenses		00		(261)			(261)		00		(261)		(19)		(280)		00		00			00			00			00		00			00		s15 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Restructuring expenses gtgt (ltlt 2017 gtgt q_act)13User Value 0000000 Tsd		r15 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Restructuring expenses gtgt (ltlt value_1 gtgt q_act_jan)13User Value 0000000 Tsd		m15		m15		00		00	00	00


EBIT reported		240		107			347		329		675		144		820		164		256			420			301			721		313			1033		s17		s17		m17		m17		00		00	00	00

in of gross profit		66		29			47		92		62		43		58		49		75			62			86			70		84			74		s18		s18		m18		m18		-01		-00	-02

Financial result		(09)		07			(02)		(04)		(06)		02		(04)		02		01			03			(04)			(02)		(16)			(18)		s19 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13130939883 Tsd - ltlt Finance income gtgt (ltlt 2017 gtgt q_act)13-1343957 Tsd - ltlt Finance costs gtgt (ltlt 2017 gtgt q_act)13---------------------13-0404074 Tsd (Total)		r19 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13132749657 Tsd - ltlt Finance income gtgt (ltlt value_1 gtgt q_act_jan)13-4529105 Tsd - ltlt Finance costs gtgt (ltlt value_1 gtgt q_act_jan)13---------------------13-1779448 Tsd (Total)		m19		m19		00		00	00	00

Earnings before taxes (EBT)		231		114			345		325		670		146		816		165		257			422			297			719		296			1015		s20 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Profit before income tax (EBT) gtgt (ltlt 2017 gtgt q_act)13User Value 29689237 Tsd		r20 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Profit before income tax (EBT) gtgt (ltlt value_1 gtgt q_act_jan)13User Value 101541680 Tsd		m20		m20		00		00	00	00

Income tax expenses		(58)		(69)			(126)		(79)		(205)		(88)		(293)		(42)		(81)			(123)			(112)			(235)		(206)			(441)		s21 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Income tax expenses gtgt (ltlt 2017 gtgt q_act)13User Value -11228068 Tsd		r21 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Income tax expenses gtgt (ltlt value_1 gtgt q_act_jan)13User Value -44082152 Tsd		m21		m21		00		01	01	00

of EBT		250		602			367		242		306		601		359		252		316			291			378			327		694			434		s22		s22		m22		m22

Profit		173		45			218		246		465		58		523		124		176			299			185			484		91			575		s23 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Profit gtgt (ltlt 2017 gtgt q_act)13User Value 18461169 Tsd		r23 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Profit gtgt (ltlt value_1 gtgt q_act_jan)13User Value 57459528 Tsd		m23		m23		00		00	01	00

Earnings per share		075		021			096		106		201		027		229		054		075			129			079			208		040			248		s24 PAC Serova Elena (External) Referenced Value (value_1_PQACTJAN02)1313Document Q2_2017_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Basic gtgt (ltlt 2017 gtgt q_act_jan)13User Value 0000540 Tsd		s24 PAC Serova Elena (External) Referenced Value (value_1_PQACTJAN02)1313Document Q2_2017_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Basic gtgt (ltlt 2017 gtgt q_act_jan)13User Value 0000540 Tsd		m24		m24		00		00	00	00

			0		0				46460419259						0		0		0			0		0			0			m25		m25		l1	l1			00		00

Earnings per share 1000																0000788		0002078		0000788			0002478			rf28 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Basic gtgt (ltlt 2017 gtgt q_act)13User Value 0000788 Tsd		rf28 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Basic gtgt (ltlt value_1 gtgt q_act_jan)13User Value 0002478 Tsd		l2		l2

Total Operating Expenses																(3111)		(9209)		(3307)			(12516)			s25		s25		l3		l3

OOE YoY

	042


GP control		00		00		00		00		00	00	00		00		00		00			00		00		00			00		00		00		(00)		00			s30		s30	s30		s30

EBITDA control		00		(01)		00		00		00	00	00		(00)		00		(00)			00		00		(01)			00		00		(00)		00		(00)			s31		s31	s31		s31

EBIT control		00		01		00		00		00	00	00		(01)		00		00			(00)		00		(00)			00		00		00		00		00			s32		s32	s32		s32

Earnings before taxes (EBT)		00		00		00		00		00	00	00		00		00		00			00		00		01			00		00		(00)		(00)		00			s33		s33	s33		s33

Profit		00		00		00		01		00	00	00		00		00		00			00		00		(00)			(00)		00		00		(00)		00			s34		s34	s34		s34

Air GP																				6394449			l4		r40 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Gross profit (value_1 q_act_jan)13User Value 6394449 Mio		l4		l4

Ocean GP																				4272121			l5		r41 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_act_jan)13User Value 4272121 Mio		l5		l5

Logistics GP																				331136			l6		r42 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row Gross profit (value_1 q_act_jan)13User Value 3311360 Mio		l6		l6

Check																				00			l7		s43		l7		l7

Air EBIT																				1103462			l8		r44 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row EBIT adjusted (value_1 q_act_jan)13User Value 1103462 Mio		l8		l8

Ocean EBIT																				-150917			l9		r45 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_act_jan)13User Value -150917 Mio		l9		l9

Logistics EBIT																				80666			l10		r46 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row EBIT adjusted (value_1 q_act_jan)13User Value 80666 Mio		l10		l10

Check																				00			l11		s47		l11		l11

APAC GP																				34878			l12		r51 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 313 - AC Key figures APAC13Row Gross profit (value_1 q_act_jan)13User Value 34878 Mio		l12		l12

EUROPE GP																				53038			l13		r52 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 314 - AC Key figures Europe13Row Gross profit (value_1 q_act_jan)13User Value 53038 Mio		l13		l13

MEAC GP																				897489			l14		r53 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 315 - AC Key figures MEAC13Row Gross profit (value_1 q_act_jan)13User Value 8974886 Mio		l14		l14

AME GP																				4288802			l15		r54 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 316 - AC Key figures Americas13Row Gross profit (value_1 q_act_jan)13User Value 4288802 Mio		l15		l15

Check																				(00)			l16		s55		l16		l16

APAC EBIT																				7061			l17		r56 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 313 - AC Key figures APAC13Row EBIT (value_1 q_act_jan)13User Value 7061 Mio		l17		l17

EUROPE EBIT																				-122			l18		r57 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 314 - AC Key figures Europe13Row EBIT (value_1 q_act_jan)13User Value -122 Mio		l18		l18

MEAC EBIT																				20871			l19		r58 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 315 - AC Key figures MEAC13Row EBIT reported (value_1 q_act_jan)13User Value 208709 Mio		l19		l19

AME EBIT																				31847			l20		r59 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 316 - AC Key figures Americas13Row EBIT reported (value_1 q_act_jan)13User Value 3184697 Mio		l20		l20

Check																				00			l21		s60		l21		l21

Air NFR																				2919782			l31		r70 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Net forwarding revenue (value_1 q_act_jan)13User Value 29197820 Mio		l31		l31

Ocean NFR																				2074282			l22		r71 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Net forwarding revenue (value_1 q_act_jan)13User Value 20742820 Mio		l22		l22

Logistics NFR																				5387147			l23		r72 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row Net forwarding revenue (value_1 q_act_jan)13User Value 5387147 Mio		l23		l23

Check																				00			l24		s73		l24		l24

APAC NFR																				127363			l25		r75 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 313 - AC Key figures APAC13Row Net forwarding revenue (value_1 q_act_jan)13User Value 127363 Mio		l25		l25

EUROPE NFR																				231796			l26		r76 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 314 - AC Key figures Europe13Row Net forwarding revenue (value_1 q_act_jan)13User Value 231796 Mio		l26		l26

MEAC NFR																				271595			l27		r77 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 315 - AC Key figures MEAC13Row Net forwarding revenue (value_1 q_act_jan)13User Value 27159502 Mio		l27		l27

AME NFR																				16695948			l28		r78 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 316 - AC Key figures Americas13Row Net forwarding revenue (value_1 q_act_jan)13User Value 166959483 Mio		l28		l28

Check																				00			l29		s79		l29		l29

	Q4

GP		Q4 2016		Q1 2017		Q2 2017		Q3 2017		Q4 2017				Gross profit

	92		825		81		81		86			m3		Q4 2016		92

									Q1 2017		83

									Q2 2017		81

									Q3 2017		81

EBIT		05		24		31		27		-01			m7		Q4 2017		86


									EBIT

									Q4 2016		05

									Q1 2017		24

									Q2 2017		31

									Q3 2017		27

									Q4 2017		-01

	2017		2016


				2017						2016		2017

YoY Growth		Q3		Q4	Q1	Q2	Q3		Q4				Gross Profit EBIT		YTD		YTD

Gross Profit		-6		-11	-16	-19	-14		-7		m5			Gross Profit		3857		33114	-14	r5 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_3 gtgt q_act_jan)13User Value 33114 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row Gross profit (value_1 q_prior_jan)13User Value 3857000 Mio

								EBIT (adjusted PY)		56		81		45		rf7 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act_jan)13User Value 807 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_3 gtgt q_prior_jan)13User Value 556 Tsd

								EBIT in of NFR		10		15			s9

								NFR		57094638		53871466			rf8 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_3 gtgt q_act_jan)13User Value 53871 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_3 gtgt q_prior_jan)13User Value 57095 Tsd
PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_3 gtgt q_act_jan)13User Value 33114 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row Gross profit (value_1 q_prior_jan)13User Value 3857000 Mio	PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act_jan)13User Value 807 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_3 gtgt q_prior_jan)13User Value 556 Tsd

	Q4

GP		Q4 2016		Q1 2017		Q2 2017		Q3 2017		Q4 2017				Gross profit

	92		825		81		81		86			m3		Q4 2016		92

									Q1 2017		83

									Q2 2017		81

									Q3 2017		81

EBIT		05		24		31		27		-01			m7		Q4 2017		86


									EBIT

									Q4 2016		05

									Q1 2017		24

									Q2 2017		31

									Q3 2017		27

									Q4 2017		-01

	2017		2016


				2017						2016		2017

YoY Growth		Q3		Q4	Q1	Q2	Q3		Q4				Gross Profit EBIT		YTD		YTD

Gross Profit		-6		-11	-16	-19	-14		-7		m5			Gross Profit		3857		33114	-14	r5 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_3 gtgt q_act_jan)13User Value 33114 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row Gross profit (value_1 q_prior_jan)13User Value 3857000 Mio

								EBIT (adjusted PY)		56		81		45		rf7 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act_jan)13User Value 807 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_3 gtgt q_prior_jan)13User Value 556 Tsd

								EBIT in of NFR		10		15			s9

								NFR		57094638		53871466			rf8 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_3 gtgt q_act_jan)13User Value 53871 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_3 gtgt q_prior_jan)13User Value 57095 Tsd
PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_3 gtgt q_act_jan)13User Value 33114 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row Gross profit (value_1 q_prior_jan)13User Value 3857000 Mio	PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act_jan)13User Value 807 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_3 gtgt q_prior_jan)13User Value 556 Tsd

	Q4

GP		Q4 2016		Q1 2017		Q2 2017		Q3 2017		Q4 2017				Gross profit

	92		825		81		81		86			m3		Q4 2016		92

									Q1 2017		83

									Q2 2017		81

									Q3 2017		81

EBIT		05		24		31		27		-01			m7		Q4 2017		86


									EBIT

									Q4 2016		05

									Q1 2017		24

									Q2 2017		31

									Q3 2017		27

									Q4 2017		-01

	2017		2016


				2017						2016		2017

YoY Growth		Q3		Q4	Q1	Q2	Q3		Q4				Gross Profit EBIT		YTD		YTD

Gross Profit		-6		-11	-16	-19	-14		-7		m5			Gross Profit		3857		33114	-14	r5 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_3 gtgt q_act_jan)13User Value 33114 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row Gross profit (value_1 q_prior_jan)13User Value 3857000 Mio

								EBIT (adjusted PY)		56		81		45		rf7 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act_jan)13User Value 807 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_3 gtgt q_prior_jan)13User Value 556 Tsd

								EBIT in of NFR		10		15			s9

								NFR		57094638		53871466			rf8 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_3 gtgt q_act_jan)13User Value 53871 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_3 gtgt q_prior_jan)13User Value 57095 Tsd
PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_3 gtgt q_act_jan)13User Value 33114 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row Gross profit (value_1 q_prior_jan)13User Value 3857000 Mio	PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act_jan)13User Value 807 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_3 gtgt q_prior_jan)13User Value 556 Tsd

	Q4

GP		Q4 2016		Q1 2017		Q2 2017		Q3 2017		Q4 2017				Gross profit

	92		825		81		81		86			m3		Q4 2016		92

									Q1 2017		83

									Q2 2017		81

									Q3 2017		81

EBIT		05		24		31		27		-01			m7		Q4 2017		86


									EBIT

									Q4 2016		05

									Q1 2017		24

									Q2 2017		31

									Q3 2017		27

									Q4 2017		-01

	2017		2016


				2017						2016		2017

YoY Growth		Q3		Q4	Q1	Q2	Q3		Q4				Gross Profit EBIT		YTD		YTD

Gross Profit		-6		-11	-16	-19	-14		-7		m5			Gross Profit		3857		33114	-14	r5 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_3 gtgt q_act_jan)13User Value 33114 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row Gross profit (value_1 q_prior_jan)13User Value 3857000 Mio

								EBIT (adjusted PY)		56		81		45		rf7 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act_jan)13User Value 807 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_3 gtgt q_prior_jan)13User Value 556 Tsd

								EBIT in of NFR		10		15			s9

								NFR		57094638		53871466			rf8 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_3 gtgt q_act_jan)13User Value 53871 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_3 gtgt q_prior_jan)13User Value 57095 Tsd
PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_3 gtgt q_act_jan)13User Value 33114 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row Gross profit (value_1 q_prior_jan)13User Value 3857000 Mio	PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act_jan)13User Value 807 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_3 gtgt q_prior_jan)13User Value 556 Tsd

	Q4

TEU		Q4 2016		Q1 2017		Q2 2017		Q3 2017		Q4 2017						TEU

	389		374		383		386		378			m3		r3 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_act)13User Value 3778850 Mio			Q4 2016		389		254

	254		282		285		282		275			m4		r4 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row GPTEU (CHF) (value_1 q_act)13User Value 2748072 Mio			Q1 2017		374		282

										Q2 2017		383		285

										Q3 2017		386		282

EBIT		-51		-32		06		-29		-96			m7		m10			Q4 2017		378		275

	-51		-30		05		-27		-92			m8		m8

								PAC Hamon Pierrick Invalid Reference (value_3_PQACT02) 1313Reference could not be handled13Underlying Formula			EBIT		EBIT		EBIT GP

	0					-00353				r11 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row in of gross profit (value_1 q_act)13User Value -00353 Mio			Q4 2016		-51		-51

EBIT YTD						-150917				r12 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT reported (value_1 q_act_jan)13User Value -150917 Mio		PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_act)13User Value 3778850 Mio		PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row GPTEU (CHF) (value_1 q_act)13User Value 2748072 Mio			Q1 2017		-32		-30

										Q2 2017		06		05

										Q3 2017		-29		-27

										Q4 2017		-96		-92

		2017		2016

	2016					2017					2016		2017

YoY Growth			Q3		Q4		Q1	Q2	Q3	Q4			Gross Profit EBIT		YTD		YTD

Volume (market estimated)			0		3		4	3	3	4		m5		Gross Profit		4438		4272		-4		r5 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_act_jan)13User Value 4272121 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_prior_jan)13User Value 4437605 Mio

Volume (Panalpina)			-9		1		7	3	2	-3		r6 PAC Monaco Salvatore Referenced Value (value_4_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row change YoY (value_1 q_act)13User Value -00285 Mio		EBIT (adjusted PY)		109		-151		na		r6 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_act_jan)13User Value -150917 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_prior_jan)13User Value 109010 Mio

GPTEU			-2		-18		-17	-7	-5	8		r7 PAC Monaco Salvatore Referenced Value (value_4_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row change YoY (value_1 q_act)13User Value 00827 Mio							PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_act_jan)13User Value 4272121 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_prior_jan)13User Value 4437605 Mio		PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_act_jan)13User Value -150917 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_prior_jan)13User Value 109010 Mio	EBITGP ()	25	-35	r7 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row in of gross profit (value_1 q_act_jan)13User Value -00353 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row in of gross profit (value_1 q_prior_jan)13User Value 00246 Mio

Gross Profit			-10		-16		-11	-5	-3	5		m8		Volumes (TEUs 000)		14885		15205		2		r8 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_act_jan)13User Value 15204900 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_prior_jan)13User Value 14884510 Mio

	Q4

TEU		Q4 2016		Q1 2017		Q2 2017		Q3 2017		Q4 2017						TEU

	389		374		383		386		378			m3		r3 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_act)13User Value 3778850 Mio			Q4 2016		389		254

	254		282		285		282		275			m4		r4 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row GPTEU (CHF) (value_1 q_act)13User Value 2748072 Mio			Q1 2017		374		282

										Q2 2017		383		285

										Q3 2017		386		282

EBIT		-51		-32		06		-29		-96			m7		m10			Q4 2017		378		275

	-51		-30		05		-27		-92			m8		m8

								PAC Hamon Pierrick Invalid Reference (value_3_PQACT02) 1313Reference could not be handled13Underlying Formula			EBIT		EBIT		EBIT GP

	0					-00353				r11 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row in of gross profit (value_1 q_act)13User Value -00353 Mio			Q4 2016		-51		-51

EBIT YTD						-150917				r12 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT reported (value_1 q_act_jan)13User Value -150917 Mio		PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_act)13User Value 3778850 Mio		PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row GPTEU (CHF) (value_1 q_act)13User Value 2748072 Mio			Q1 2017		-32		-30

										Q2 2017		06		05

										Q3 2017		-29		-27

										Q4 2017		-96		-92

		2017		2016

	2016					2017					2016		2017

YoY Growth			Q3		Q4		Q1	Q2	Q3	Q4			Gross Profit EBIT		YTD		YTD

Volume (market estimated)			0		3		4	3	3	4		m5		Gross Profit		4438		4272		-4		r5 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_act_jan)13User Value 4272121 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_prior_jan)13User Value 4437605 Mio

Volume (Panalpina)			-9		1		7	3	2	-3		r6 PAC Monaco Salvatore Referenced Value (value_4_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row change YoY (value_1 q_act)13User Value -00285 Mio		EBIT (adjusted PY)		109		-151		na		r6 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_act_jan)13User Value -150917 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_prior_jan)13User Value 109010 Mio

GPTEU			-2		-18		-17	-7	-5	8		r7 PAC Monaco Salvatore Referenced Value (value_4_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row change YoY (value_1 q_act)13User Value 00827 Mio							PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_act_jan)13User Value 4272121 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_prior_jan)13User Value 4437605 Mio		PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_act_jan)13User Value -150917 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_prior_jan)13User Value 109010 Mio	EBITGP ()	25	-35	r7 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row in of gross profit (value_1 q_act_jan)13User Value -00353 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row in of gross profit (value_1 q_prior_jan)13User Value 00246 Mio

Gross Profit			-10		-16		-11	-5	-3	5		m8		Volumes (TEUs 000)		14885		15205		2		r8 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_act_jan)13User Value 15204900 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_prior_jan)13User Value 14884510 Mio

	Q4

TEU		Q4 2016		Q1 2017		Q2 2017		Q3 2017		Q4 2017						TEU

	389		374		383		386		378			m3		r3 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_act)13User Value 3778850 Mio			Q4 2016		389		254

	254		282		285		282		275			m4		r4 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row GPTEU (CHF) (value_1 q_act)13User Value 2748072 Mio			Q1 2017		374		282

										Q2 2017		383		285

										Q3 2017		386		282

EBIT		-51		-32		06		-29		-96			m7		m10			Q4 2017		378		275

	-51		-30		05		-27		-92			m8		m8

								PAC Hamon Pierrick Invalid Reference (value_3_PQACT02) 1313Reference could not be handled13Underlying Formula			EBIT		EBIT		EBIT GP

	0					-00353				r11 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row in of gross profit (value_1 q_act)13User Value -00353 Mio			Q4 2016		-51		-51

EBIT YTD						-150917				r12 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT reported (value_1 q_act_jan)13User Value -150917 Mio		PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_act)13User Value 3778850 Mio		PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row GPTEU (CHF) (value_1 q_act)13User Value 2748072 Mio			Q1 2017		-32		-30

										Q2 2017		06		05

										Q3 2017		-29		-27

										Q4 2017		-96		-92

		2017		2016

	2016					2017					2016		2017

YoY Growth			Q3		Q4		Q1	Q2	Q3	Q4			Gross Profit EBIT		YTD		YTD

Volume (market estimated)			0		3		4	3	3	4		m5		Gross Profit		4438		4272		-4		r5 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_act_jan)13User Value 4272121 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_prior_jan)13User Value 4437605 Mio

Volume (Panalpina)			-9		1		7	3	2	-3		r6 PAC Monaco Salvatore Referenced Value (value_4_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row change YoY (value_1 q_act)13User Value -00285 Mio		EBIT (adjusted PY)		109		-151		na		r6 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_act_jan)13User Value -150917 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_prior_jan)13User Value 109010 Mio

GPTEU			-2		-18		-17	-7	-5	8		r7 PAC Monaco Salvatore Referenced Value (value_4_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row change YoY (value_1 q_act)13User Value 00827 Mio							PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_act_jan)13User Value 4272121 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_prior_jan)13User Value 4437605 Mio		PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_act_jan)13User Value -150917 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_prior_jan)13User Value 109010 Mio	EBITGP ()	25	-35	r7 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row in of gross profit (value_1 q_act_jan)13User Value -00353 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row in of gross profit (value_1 q_prior_jan)13User Value 00246 Mio

Gross Profit			-10		-16		-11	-5	-3	5		m8		Volumes (TEUs 000)		14885		15205		2		r8 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_act_jan)13User Value 15204900 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_prior_jan)13User Value 14884510 Mio

	Q4

TEU		Q4 2016		Q1 2017		Q2 2017		Q3 2017		Q4 2017						TEU

	389		374		383		386		378			m3		r3 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_act)13User Value 3778850 Mio			Q4 2016		389		254

	254		282		285		282		275			m4		r4 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row GPTEU (CHF) (value_1 q_act)13User Value 2748072 Mio			Q1 2017		374		282

										Q2 2017		383		285

										Q3 2017		386		282

EBIT		-51		-32		06		-29		-96			m7		m10			Q4 2017		378		275

	-51		-30		05		-27		-92			m8		m8

								PAC Hamon Pierrick Invalid Reference (value_3_PQACT02) 1313Reference could not be handled13Underlying Formula			EBIT		EBIT		EBIT GP

	0					-00353				r11 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row in of gross profit (value_1 q_act)13User Value -00353 Mio			Q4 2016		-51		-51

EBIT YTD						-150917				r12 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT reported (value_1 q_act_jan)13User Value -150917 Mio		PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_act)13User Value 3778850 Mio		PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row GPTEU (CHF) (value_1 q_act)13User Value 2748072 Mio			Q1 2017		-32		-30

										Q2 2017		06		05

										Q3 2017		-29		-27

										Q4 2017		-96		-92

		2017		2016

	2016					2017					2016		2017

YoY Growth			Q3		Q4		Q1	Q2	Q3	Q4			Gross Profit EBIT		YTD		YTD

Volume (market estimated)			0		3		4	3	3	4		m5		Gross Profit		4438		4272		-4		r5 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_act_jan)13User Value 4272121 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_prior_jan)13User Value 4437605 Mio

Volume (Panalpina)			-9		1		7	3	2	-3		r6 PAC Monaco Salvatore Referenced Value (value_4_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row change YoY (value_1 q_act)13User Value -00285 Mio		EBIT (adjusted PY)		109		-151		na		r6 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_act_jan)13User Value -150917 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_prior_jan)13User Value 109010 Mio

GPTEU			-2		-18		-17	-7	-5	8		r7 PAC Monaco Salvatore Referenced Value (value_4_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row change YoY (value_1 q_act)13User Value 00827 Mio							PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_act_jan)13User Value 4272121 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_prior_jan)13User Value 4437605 Mio		PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_act_jan)13User Value -150917 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_prior_jan)13User Value 109010 Mio	EBITGP ()	25	-35	r7 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row in of gross profit (value_1 q_act_jan)13User Value -00353 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row in of gross profit (value_1 q_prior_jan)13User Value 00246 Mio

Gross Profit			-10		-16		-11	-5	-3	5		m8		Volumes (TEUs 000)		14885		15205		2		r8 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_act_jan)13User Value 15204900 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_prior_jan)13User Value 14884510 Mio

	Q4

TEU		Q4 2016		Q1 2017		Q2 2017		Q3 2017		Q4 2017		YTD CY					TEU

	252		233		2399		249		274		996		m4		m3			Q4 2016		252		562

	562		620		6251		648		670		642		m5		m4			Q1 2017		233		620

										Q2 2017		240		625

										Q3 2017		249		648

EBIT		208		171		220		303		410		1103		m6		m7			Q4 2017		274		670

	147		118		147		188		223		173		m7		m8


										EBIT

										Q4 2016		21		15

										Q1 2017		17		12

										Q2 2017		22		15

										Q3 2017		30		19

										Q4 2017		41		22

		2017		2016

	2016					2017					2016		2017

YoY Growth			Q3		Q4		Q1	Q2	Q3	Q4			Gross Profit EBIT		YTD		YTD

Volume (market estimated)			2		8		6	10	10	11		m5		Gross Profit		5952		6394	7		r5 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Gross profit (value_1 q_act_jan)13User Value 6394449 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Gross profit (value_1 q_prior_jan)13User Value 5951870 Mio

Volume (Panalpina)			10		14		8	7	9	8		m6		EBIT (adjusted PY)		935		1103	18		r6 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row EBIT reported (value_1 q_act_jan)13User Value 1103462 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row EBIT adjusted (value_1 q_prior_jan)13User Value 934506 Mio

GPton			-7		-14		-10	-10	-1	19		m7		EBITGP ()		157		173		r7 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row in of gross profit (value_1 q_act_jan)13User Value 01726 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row in of gross profit (value_1 q_prior_jan)13User Value 01570 Mio

Gross Profit			2		-2		-3	-4	8	29		m8		Volumes (tons 000)		9214		9959	8		r8 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Air Freight volumes (000 tons) (value_1 q_act_jan)13User Value 9959000 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Air Freight volumes (000 tons) (value_1 q_prior_jan)13User Value 9214480 Mio

	Q4

TEU		Q4 2016		Q1 2017		Q2 2017		Q3 2017		Q4 2017		YTD CY					TEU

	252		233		2399		249		274		996		m4		m3			Q4 2016		252		562

	562		620		6251		648		670		642		m5		m4			Q1 2017		233		620

										Q2 2017		240		625

										Q3 2017		249		648

EBIT		208		171		220		303		410		1103		m6		m7			Q4 2017		274		670

	147		118		147		188		223		173		m7		m8


										EBIT

										Q4 2016		21		15

										Q1 2017		17		12

										Q2 2017		22		15

										Q3 2017		30		19

										Q4 2017		41		22

		2017		2016

	2016					2017					2016		2017

YoY Growth			Q3		Q4		Q1	Q2	Q3	Q4			Gross Profit EBIT		YTD		YTD

Volume (market estimated)			2		8		6	10	10	11		m5		Gross Profit		5952		6394	7		r5 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Gross profit (value_1 q_act_jan)13User Value 6394449 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Gross profit (value_1 q_prior_jan)13User Value 5951870 Mio

Volume (Panalpina)			10		14		8	7	9	8		m6		EBIT (adjusted PY)		935		1103	18		r6 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row EBIT reported (value_1 q_act_jan)13User Value 1103462 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row EBIT adjusted (value_1 q_prior_jan)13User Value 934506 Mio

GPton			-7		-14		-10	-10	-1	19		m7		EBITGP ()		157		173		r7 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row in of gross profit (value_1 q_act_jan)13User Value 01726 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row in of gross profit (value_1 q_prior_jan)13User Value 01570 Mio

Gross Profit			2		-2		-3	-4	8	29		m8		Volumes (tons 000)		9214		9959	8		r8 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Air Freight volumes (000 tons) (value_1 q_act_jan)13User Value 9959000 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Air Freight volumes (000 tons) (value_1 q_prior_jan)13User Value 9214480 Mio

	Q4

TEU		Q4 2016		Q1 2017		Q2 2017		Q3 2017		Q4 2017		YTD CY					TEU

	252		233		2399		249		274		996		m4		m3			Q4 2016		252		562

	562		620		6251		648		670		642		m5		m4			Q1 2017		233		620

										Q2 2017		240		625

										Q3 2017		249		648

EBIT		208		171		220		303		410		1103		m6		m7			Q4 2017		274		670

	147		118		147		188		223		173		m7		m8


										EBIT

										Q4 2016		21		15

										Q1 2017		17		12

										Q2 2017		22		15

										Q3 2017		30		19

										Q4 2017		41		22

		2017		2016

	2016					2017					2016		2017

YoY Growth			Q3		Q4		Q1	Q2	Q3	Q4			Gross Profit EBIT		YTD		YTD

Volume (market estimated)			2		8		6	10	10	11		m5		Gross Profit		5952		6394	7		r5 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Gross profit (value_1 q_act_jan)13User Value 6394449 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Gross profit (value_1 q_prior_jan)13User Value 5951870 Mio

Volume (Panalpina)			10		14		8	7	9	8		m6		EBIT (adjusted PY)		935		1103	18		r6 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row EBIT reported (value_1 q_act_jan)13User Value 1103462 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row EBIT adjusted (value_1 q_prior_jan)13User Value 934506 Mio

GPton			-7		-14		-10	-10	-1	19		m7		EBITGP ()		157		173		r7 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row in of gross profit (value_1 q_act_jan)13User Value 01726 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row in of gross profit (value_1 q_prior_jan)13User Value 01570 Mio

Gross Profit			2		-2		-3	-4	8	29		m8		Volumes (tons 000)		9214		9959	8		r8 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Air Freight volumes (000 tons) (value_1 q_act_jan)13User Value 9959000 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Air Freight volumes (000 tons) (value_1 q_prior_jan)13User Value 9214480 Mio

	Q4

TEU		Q4 2016		Q1 2017		Q2 2017		Q3 2017		Q4 2017		YTD CY					TEU

	252		233		2399		249		274		996		m4		m3			Q4 2016		252		562

	562		620		6251		648		670		642		m5		m4			Q1 2017		233		620

										Q2 2017		240		625

										Q3 2017		249		648

EBIT		208		171		220		303		410		1103		m6		m7			Q4 2017		274		670

	147		118		147		188		223		173		m7		m8


										EBIT

										Q4 2016		21		15

										Q1 2017		17		12

										Q2 2017		22		15

										Q3 2017		30		19

										Q4 2017		41		22

		2017		2016

	2016					2017					2016		2017

YoY Growth			Q3		Q4		Q1	Q2	Q3	Q4			Gross Profit EBIT		YTD		YTD

Volume (market estimated)			2		8		6	10	10	11		m5		Gross Profit		5952		6394	7		r5 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Gross profit (value_1 q_act_jan)13User Value 6394449 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Gross profit (value_1 q_prior_jan)13User Value 5951870 Mio

Volume (Panalpina)			10		14		8	7	9	8		m6		EBIT (adjusted PY)		935		1103	18		r6 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row EBIT reported (value_1 q_act_jan)13User Value 1103462 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row EBIT adjusted (value_1 q_prior_jan)13User Value 934506 Mio

GPton			-7		-14		-10	-10	-1	19		m7		EBITGP ()		157		173		r7 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row in of gross profit (value_1 q_act_jan)13User Value 01726 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row in of gross profit (value_1 q_prior_jan)13User Value 01570 Mio

Gross Profit			2		-2		-3	-4	8	29		m8		Volumes (tons 000)		9214		9959	8		r8 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Air Freight volumes (000 tons) (value_1 q_act_jan)13User Value 9959000 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Air Freight volumes (000 tons) (value_1 q_prior_jan)13User Value 9214480 Mio

	2016					2017

YoY Growth		Q1		Q2	Q3		Q4	Q1

Volume (market)		-4		-2	2		8	6

Volume (Panalpina)		5		11	10		14	8

GPton		-5		-4	-7		-14	-10

GPton		0		7	2		-2	-3

	2016		2017

Gross Profit EBIT		Q1		Q1

Gross Profit		1486		1447

EBIT		178		171

EBITGP ()		120		118

Q4	2017	2016

			Data for Charts

Gross profit				Gross profit (YTDQ4 in CHFmillion)

Q4	13978	14246		r4 PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Gross profit gtgt (ltlt value_1 gtgt q_act_jan)13User Value 1397792936 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Gross profit gtgt (ltlt value_1 gtgt q_prior_jan)13User Value 1424631332 Tsd			2016 reported		10917		3329

Q4 alone	3730	3329		r5 PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Regions quater and year to date13Row ltlt Gross profit gtgt (ltlt value_7 gtgt q_act)13User Value 37303 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Regions quater and year to date13Row ltlt Gross profit gtgt (ltlt value_7 gtgt q_prior)13User Value 33294 Tsd			2017 reported		10248		3730		-19

Q3 YTD alone	10248	10917		s6			2017 FX normalized		10283		3663		-21

				13986

EBIT				EBIT

Q4	1033	1099		r8 PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act_jan)13User Value 103321128 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_4 gtgt q_prior_jan)13User Value 10991 Tsd			2016 adjusted		936		163

Q4 alone	313	163		r10 PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Regions quater and year to date13Row ltlt Operating result (Segment EBIT) gtgt (ltlt value_7 gtgt q_act)13User Value 3127 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Regions quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_7 gtgt q_prior)13User Value 1627 Tsd			2017 reported		721		313		-60

Q3 YTD alone	721	936		s11			2017 FX normalized		750		310		-36

				1033


Profit				Profit

Q4	575	523		r12 PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Profit gtgt (ltlt value_1 gtgt q_act_jan)13User Value 57459528 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Profit gtgt (ltlt value_4 gtgt q_prior_jan)13User Value 5229 Tsd			2016 reported		465		58

Q4 alone	91	58		s15 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Profit gtgt (ltlt 2017 gtgt q_act)13User Value 18461169 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement131324623919 Tsd - ltlt Profit gtgt (ltlt 2017 gtgt q_prior)130000000 Tsd - ltlt Restructuring expenses gtgt (ltlt 2017 gtgt q_prior)13---------------------1324623919 Tsd (Total)		PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Gross profit gtgt (ltlt value_1 gtgt q_act_jan)13User Value 1397792936 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Gross profit gtgt (ltlt value_1 gtgt q_prior_jan)13User Value 1424631332 Tsd		PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Regions quater and year to date13Row ltlt Gross profit gtgt (ltlt value_7 gtgt q_act)13User Value 37303 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Regions quater and year to date13Row ltlt Gross profit gtgt (ltlt value_7 gtgt q_prior)13User Value 33294 Tsd		PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act_jan)13User Value 103321128 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_4 gtgt q_prior_jan)13User Value 10991 Tsd		PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Regions quater and year to date13Row ltlt Operating result (Segment EBIT) gtgt (ltlt value_7 gtgt q_act)13User Value 3127 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Regions quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_7 gtgt q_prior)13User Value 1627 Tsd		2017 reported	484	91	99

Q3 YTD alone	484	465		m16			2017 FX normalized		505		95		147

				575


			FY 2017 FX adjusted		GP		13946

				EBIT		1060

				Profit		600

	2016					2017

YoY Growth		Q1		Q2	Q3		Q4	Q1

Volume (market)		-4		-2	2		8	6

Volume (Panalpina)		5		11	10		14	8

GPton		-5		-4	-7		-14	-10

GPton		0		7	2		-2	-3

	2016		2017

Gross Profit EBIT		Q1		Q1

Gross Profit		1486		1447

EBIT		178		171

EBITGP ()		120		118

Q4	2017	2016

			Data for Charts

Gross profit				Gross profit (YTDQ4 in CHFmillion)

Q4	13978	14246		r4 PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Gross profit gtgt (ltlt value_1 gtgt q_act_jan)13User Value 1397792936 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Gross profit gtgt (ltlt value_1 gtgt q_prior_jan)13User Value 1424631332 Tsd			2016 reported		10917		3329

Q4 alone	3730	3329		r5 PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Regions quater and year to date13Row ltlt Gross profit gtgt (ltlt value_7 gtgt q_act)13User Value 37303 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Regions quater and year to date13Row ltlt Gross profit gtgt (ltlt value_7 gtgt q_prior)13User Value 33294 Tsd			2017 reported		10248		3730		-19

Q3 YTD alone	10248	10917		s6			2017 FX normalized		10283		3663		-21

				13986

EBIT				EBIT

Q4	1033	1099		r8 PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act_jan)13User Value 103321128 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_4 gtgt q_prior_jan)13User Value 10991 Tsd			2016 adjusted		936		163

Q4 alone	313	163		r10 PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Regions quater and year to date13Row ltlt Operating result (Segment EBIT) gtgt (ltlt value_7 gtgt q_act)13User Value 3127 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Regions quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_7 gtgt q_prior)13User Value 1627 Tsd			2017 reported		721		313		-60

Q3 YTD alone	721	936		s11			2017 FX normalized		750		310		-36

				1033


Profit				Profit

Q4	575	523		r12 PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Profit gtgt (ltlt value_1 gtgt q_act_jan)13User Value 57459528 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Profit gtgt (ltlt value_4 gtgt q_prior_jan)13User Value 5229 Tsd			2016 reported		465		58

Q4 alone	91	58		s15 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Profit gtgt (ltlt 2017 gtgt q_act)13User Value 18461169 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement131324623919 Tsd - ltlt Profit gtgt (ltlt 2017 gtgt q_prior)130000000 Tsd - ltlt Restructuring expenses gtgt (ltlt 2017 gtgt q_prior)13---------------------1324623919 Tsd (Total)		PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Gross profit gtgt (ltlt value_1 gtgt q_act_jan)13User Value 1397792936 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Gross profit gtgt (ltlt value_1 gtgt q_prior_jan)13User Value 1424631332 Tsd		PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Regions quater and year to date13Row ltlt Gross profit gtgt (ltlt value_7 gtgt q_act)13User Value 37303 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Regions quater and year to date13Row ltlt Gross profit gtgt (ltlt value_7 gtgt q_prior)13User Value 33294 Tsd		PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act_jan)13User Value 103321128 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_4 gtgt q_prior_jan)13User Value 10991 Tsd		PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Regions quater and year to date13Row ltlt Operating result (Segment EBIT) gtgt (ltlt value_7 gtgt q_act)13User Value 3127 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Regions quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_7 gtgt q_prior)13User Value 1627 Tsd		2017 reported	484	91	99

Q3 YTD alone	484	465		m16			2017 FX normalized		505		95		147

				575


			FY 2017 FX adjusted		GP		13946

				EBIT		1060

				Profit		600

	2016					2017

YoY Growth		Q1		Q2	Q3		Q4	Q1

Volume (market)		-4		-2	2		8	6

Volume (Panalpina)		5		11	10		14	8

GPton		-5		-4	-7		-14	-10

GPton		0		7	2		-2	-3

	2016		2017

Gross Profit EBIT		Q1		Q1

Gross Profit		1486		1447

EBIT		178		171

EBITGP ()		120		118

Q4	2017	2016

			Data for Charts

Gross profit				Gross profit (YTDQ4 in CHFmillion)

Q4	13978	14246		r4 PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Gross profit gtgt (ltlt value_1 gtgt q_act_jan)13User Value 1397792936 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Gross profit gtgt (ltlt value_1 gtgt q_prior_jan)13User Value 1424631332 Tsd			2016 reported		10917		3329

Q4 alone	3730	3329		r5 PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Regions quater and year to date13Row ltlt Gross profit gtgt (ltlt value_7 gtgt q_act)13User Value 37303 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Regions quater and year to date13Row ltlt Gross profit gtgt (ltlt value_7 gtgt q_prior)13User Value 33294 Tsd			2017 reported		10248		3730		-19

Q3 YTD alone	10248	10917		s6			2017 FX normalized		10283		3663		-21

				13986

EBIT				EBIT

Q4	1033	1099		r8 PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act_jan)13User Value 103321128 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_4 gtgt q_prior_jan)13User Value 10991 Tsd			2016 adjusted		936		163

Q4 alone	313	163		r10 PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Regions quater and year to date13Row ltlt Operating result (Segment EBIT) gtgt (ltlt value_7 gtgt q_act)13User Value 3127 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Regions quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_7 gtgt q_prior)13User Value 1627 Tsd			2017 reported		721		313		-60

Q3 YTD alone	721	936		s11			2017 FX normalized		750		310		-36

				1033


Profit				Profit

Q4	575	523		r12 PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Profit gtgt (ltlt value_1 gtgt q_act_jan)13User Value 57459528 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Profit gtgt (ltlt value_4 gtgt q_prior_jan)13User Value 5229 Tsd			2016 reported		465		58

Q4 alone	91	58		s15 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Profit gtgt (ltlt 2017 gtgt q_act)13User Value 18461169 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement131324623919 Tsd - ltlt Profit gtgt (ltlt 2017 gtgt q_prior)130000000 Tsd - ltlt Restructuring expenses gtgt (ltlt 2017 gtgt q_prior)13---------------------1324623919 Tsd (Total)		PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Gross profit gtgt (ltlt value_1 gtgt q_act_jan)13User Value 1397792936 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Gross profit gtgt (ltlt value_1 gtgt q_prior_jan)13User Value 1424631332 Tsd		PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Regions quater and year to date13Row ltlt Gross profit gtgt (ltlt value_7 gtgt q_act)13User Value 37303 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Regions quater and year to date13Row ltlt Gross profit gtgt (ltlt value_7 gtgt q_prior)13User Value 33294 Tsd		PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act_jan)13User Value 103321128 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_4 gtgt q_prior_jan)13User Value 10991 Tsd		PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Regions quater and year to date13Row ltlt Operating result (Segment EBIT) gtgt (ltlt value_7 gtgt q_act)13User Value 3127 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Regions quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_7 gtgt q_prior)13User Value 1627 Tsd		2017 reported	484	91	99

Q3 YTD alone	484	465		m16			2017 FX normalized		505		95		147

				575


			FY 2017 FX adjusted		GP		13946

				EBIT		1060

				Profit		600

Page 4: Full-year results 2017 - panalpina.com · GP/ton -14% -10% -10% ... of an offer to purchase any shares andneither it nor any part of it shall form the basis ... % 24.2% 60.1% 35.9%

465

484

505

58

91

95

2016reported

2017reported

2017 FXnormalized

PROFIT

936

721

750

163

313

310

2016adjusted

2017reported

2017 FXnormalized

EBIT

10917

10248

10283

3329

3730

3663

2016reported

2017reported

2017 FXnormalized

GROSS PROFIT

in Q4

-60

+99

1rsquo3978

1rsquo4246

1033

1099

575

523

1rsquo3946-21

1060

600

+147

-36

Chart1

PROFIT

SNVeryHiddenParameterSheet

Charts

GROSS PROFIT

EBIT

PROFIT

NOT IN USE

Chart1

EBIT

SNVeryHiddenParameterSheet

Charts

GROSS PROFIT

EBIT

PROFIT

NOT IN USE

Chart1

GROSS PROFIT

SNVeryHiddenParameterSheet

Charts

GROSS PROFIT

EBIT

PROFIT

NOT IN USE

2016 2017

252

233 240249

274

562

620 625648 670

Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017

TONNAGE GPTON

21 17 22 30 41

147118

147

188

223

Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017

SNVeryHiddenParameterSheet

Table

Charts

TONNAGE GPTON

Tons (000)

562620625143000000000036483289999999999566974680000000001

EBIT (adjusted PY)

147118146499999999999991879000000000000322326599999999999

SNVeryHiddenParameterSheet

Table

Charts

TONNAGE GPTON

Tons (000)

562620625143000000000036483289999999999566974680000000001

EBIT (adjusted PY)

147118146499999999999991879000000000000322326599999999999

Chart1

TONNAGE GPTON

Tons (000)

562620625143000000000036483289999999999566974680000000001

SNVeryHiddenParameterSheet

Table

Charts

TONNAGE GPTON

Tons (000)

562620625143000000000036483289999999999566974680000000001

EBIT (adjusted PY)

147118146499999999999991879000000000000322326599999999999

Chart1

EBIT (adjusted PY)

147118146499999999999991879000000000000322326599999999999

SNVeryHiddenParameterSheet

Table

Charts

TONNAGE GPTON

Tons (000)

562620625143000000000036483289999999999566974680000000001

EBIT (adjusted PY)

147118146499999999999991879000000000000322326599999999999

2016 2017

389 374 383 386 378

254

282 285 282275

Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017

TEU GPTEU

-51 -32 06 -29 -96

-51

-30

05

-27

-92

Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017

SNVeryHiddenParameterSheet

Sheet1

charts

TEU GPTEU

TEU (in 000)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017254282284946000000000032820749999999999927480720000000002

EBIT (adjusted PY)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017-50999999999999996-29871099999999999053228355696699203-271-92169000000000008

SNVeryHiddenParameterSheet

Sheet1

charts

TEU GPTEU

TEU (in 000)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017254282284946000000000032820749999999999927480720000000002

EBIT (adjusted PY)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017-50999999999999996-29871099999999999053228355696699203-271-92169000000000008

Chart1

TEU GPTEU

TEU (in 000)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017254282284946000000000032820749999999999927480720000000002

SNVeryHiddenParameterSheet

Sheet1

charts

TEU GPTEU

TEU (in 000)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017254282284946000000000032820749999999999927480720000000002

EBIT (adjusted PY)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017-50999999999999996-29871099999999999053228355696699203-271-92169000000000008

Chart1

EBIT (adjusted PY)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017-50999999999999996-29871099999999999053228355696699203-271-92169000000000008

SNVeryHiddenParameterSheet

Sheet1

charts

TEU GPTEU

TEU (in 000)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017254282284946000000000032820749999999999927480720000000002

EBIT (adjusted PY)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017-50999999999999996-29871099999999999053228355696699203-271-92169000000000008

Gross Profit -11 -16 -19 -14 -7

201792

83 81 8186

Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017

GROSS PROFIT

05

24

3127

-01

Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017

EBIT (ADJUSTED PY)

SNVeryHiddenParameterSheet

Table

charts

GROSS PROFIT

Q4 2016Q1 2017Q2 2017Q3 2017Q4 201792825813481488576

EBIT (ADJUSTED PY)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017052430608271-008

SNVeryHiddenParameterSheet

Table

charts

GROSS PROFIT

Q4 2016Q1 2017Q2 2017Q3 2017Q4 201792825813481488576

EBIT (ADJUSTED PY)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017052430608271-008

Chart1

GROSS PROFIT

Q4 2016Q1 2017Q2 2017Q3 2017Q4 201792825813481488576

SNVeryHiddenParameterSheet

Table

charts

GROSS PROFIT

Q4 2016Q1 2017Q2 2017Q3 2017Q4 201792825813481488576

EBIT (ADJUSTED PY)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017052430608271-008

Chart1

EBIT (ADJUSTED PY)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017052430608271-008

SNVeryHiddenParameterSheet

Table

charts

GROSS PROFIT

Q4 2016Q1 2017Q2 2017Q3 2017Q4 201792825813481488576

EBIT (ADJUSTED PY)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017052430608271-008

IFRS CHANGES 2018

in CHF million

OUTLOOK Market

minus AirOcean 3-4

Panalpina

APRIL 19 2018

MAY 8 2018

NEXT EVENTS

DISCLAIMER

APPENDIX

SNVeryHiddenParameterSheet

PAN_ISpQ_Group

image1png

SNVeryHiddenParameterSheet

PAN_ISpQ_AirFreight

image1png

SNVeryHiddenParameterSheet

PAN_ISpQ_OceanFreight

image1png

EBIT reported 18 (15) 09 05 18 24 31 27 (01) 81

SNVeryHiddenParameterSheet

PAN_ISpQ_Logistics

image1png

BALANCE SHEET

SNVeryHiddenParameterSheet

PAN_BalanceSheet

image1png

CASH FLOW

SNVeryHiddenParameterSheet

Tabele PAN_Cashflow

Slide Number 2
IFRS changes 2018
Next EVENTs
Disclaimer
Appendix
Balance sheet
Cash flow

	31-Dec-16		31-Dec-17		Change in

Cash flow before changes in working capital		1313		1536				r2 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Subtotal cash flow from operations gtgt (ltlt 2017 gtgt q_act_jan)13User Value 15298 Tsd			PY IS MANUAL

Changes in working capital		188		(480)				r3 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows131313267 Tsd - ltlt Increase (decrease) payables and accruals incl accrued cost of service gtgt (ltlt 2017 gtgt q_act_jan)13-695 Tsd - ltlt (Decrease) increase non-current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13256 Tsd - ltlt (Decrease) increase current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13-17508 Tsd - ltlt (Increase) decrease receivables other current assets and unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-4680 Tsd (Total)

Cash from operations		1501		1056				r4 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash generated from operations gtgt (ltlt 2017 gtgt q_act_jan)13User Value 10618 Tsd


Interest and income taxes paid		(394)		(383)				r6 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows1313-3709 Tsd - ltlt Income taxes paid gtgt (ltlt 2017 gtgt q_act_jan)13-122 Tsd - ltlt Interest paid gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-3831 Tsd (Total)

Net cash from operating activities		1107		673		-39			r7 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash from operating activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 6787 Tsd


Net cash from investing activities		(241)		(681)		183			r9 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in investing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -6870 Tsd


Free cash flow		866		(08)		-101			r11 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Free cash flow gtgt (ltlt 2017 gtgt q_act_jan)13User Value -083 Tsd


Net cash used in financing activities		(887)		(882)		-1			r13 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in financing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8818 Tsd


Net increase (decrease) in cash and cash equivalents		(21)		(890)				r15 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net increase (decrease) in cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8901 Tsd

Cash and cash equivalents at beginning of period		3923		3888				r16 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the beginning of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 38878 Tsd

Effect of exchange rate changes		(14)		111				r17 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Effect of exchange rate changes on cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 1108 Tsd

Cash and cash equivalents at end of period		3888		3109				r18 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the end of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd


Reported cash and cash equivalents at 31122016			3888				r21 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the beginning of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 38878 Tsd			Reported cash and cash equivalents at 31122016			3888

Profit YTD 122017			5746				r19 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Profit gtgt (ltlt 2017 gtgt q_act_jan)13User Value 5746 Tsd			Profit YTD 122017		3888		575

Other non-cash items (eg DampA)			9613				r23 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13132129 Tsd - ltlt Depreciation of property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)132157 Tsd - ltlt Amortization of intangible assets gtgt (ltlt 2017 gtgt q_act_jan)13-224 Tsd - ltlt Interest income and dividend on available-for-sale financial assets gtgt (ltlt 2017 gtgt q_act_jan)13-062 Tsd - ltlt Exchange differences gtgt (ltlt 2017 gtgt q_act_jan)13-033 Tsd - ltlt Loss (gain) on sales of property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)13000 Tsd - ltlt Gain on sales of financial assets gtgt (ltlt 2017 gtgt q_act_jan)13612 Tsd - ltlt Expenses for share-based compensation plans gtgt (ltlt 2017 gtgt q_act_jan)13564 Tsd - ltlt Other non-cash (income) and expenses gtgt (ltlt 2017 gtgt q_act_jan)134408 Tsd - ltlt Income tax expenses gtgt (ltlt 2017 gtgt q_act_jan)13---------------------139552 Tsd (Total)			Other non-cash items (eg DampA)		4462		961

Changes in working capital			-4798				r24 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows131313267 Tsd - ltlt Increase (decrease) payables and accruals incl accrued cost of service gtgt (ltlt 2017 gtgt q_act_jan)13-695 Tsd - ltlt (Decrease) increase non-current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13256 Tsd - ltlt (Decrease) increase current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13-17508 Tsd - ltlt (Increase) decrease receivables other current assets and unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-4680 Tsd (Total)			Changes in working capital		4944		480	neg

Interest and income taxes paid			-3831				r25 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows1313-3709 Tsd - ltlt Income taxes paid gtgt (ltlt 2017 gtgt q_act_jan)13-122 Tsd - ltlt Interest paid gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-3831 Tsd (Total)			Interest and income taxes paid		4561		383	neg

Net cash from investing activities			-6813				r26 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in investing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -6870 Tsd			Net cash from investing activities		3879		681	neg

Financing activitiesdividend			-8818				r27 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in financing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8818 Tsd			Financing activitiesdividend		2998		882	neg

Effect of exchange rate changes			1108				r28 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Effect of exchange rate changes on cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 1108 Tsd			Effect of exchange rate changes		2998		111

Reported cash and cash equivalents at 31122017			31085				r29 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the end of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd		PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Subtotal cash flow from operations gtgt (ltlt 2017 gtgt q_act_jan)13User Value 15298 Tsd		PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows131313267 Tsd - ltlt Increase (decrease) payables and accruals incl accrued cost of service gtgt (ltlt 2017 gtgt q_act_jan)13-695 Tsd - ltlt (Decrease) increase non-current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13256 Tsd - ltlt (Decrease) increase current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13-17508 Tsd - ltlt (Increase) decrease receivables other current assets and unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-4680 Tsd (Total)	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash generated from operations gtgt (ltlt 2017 gtgt q_act_jan)13User Value 10618 Tsd		PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows1313-3709 Tsd - ltlt Income taxes paid gtgt (ltlt 2017 gtgt q_act_jan)13-122 Tsd - ltlt Interest paid gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-3831 Tsd (Total)	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash from operating activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 6787 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in investing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -6870 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Free cash flow gtgt (ltlt 2017 gtgt q_act_jan)13User Value -083 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in financing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8818 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net increase (decrease) in cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8901 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the beginning of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 38878 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Effect of exchange rate changes on cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 1108 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the end of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the beginning of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 38878 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Profit gtgt (ltlt 2017 gtgt q_act_jan)13User Value 5746 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13132129 Tsd - ltlt Depreciation of property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)132157 Tsd - ltlt Amortization of intangible assets gtgt (ltlt 2017 gtgt q_act_jan)13-224 Tsd - ltlt Interest income and dividend on available-for-sale financial assets gtgt (ltlt 2017 gtgt q_act_jan)13-062 Tsd - ltlt Exchange differences gtgt (ltlt 2017 gtgt q_act_jan)13-033 Tsd - ltlt Loss (gain) on sales of property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)13000 Tsd - ltlt Gain on sales of financial assets gtgt (ltlt 2017 gtgt q_act_jan)13612 Tsd - ltlt Expenses for share-based compensation plans gtgt (ltlt 2017 gtgt q_act_jan)13564 Tsd - ltlt Other non-cash (income) and expenses gtgt (ltlt 2017 gtgt q_act_jan)134408 Tsd - ltlt Income tax expenses gtgt (ltlt 2017 gtgt q_act_jan)13---------------------139552 Tsd (Total)	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows131313267 Tsd - ltlt Increase (decrease) payables and accruals incl accrued cost of service gtgt (ltlt 2017 gtgt q_act_jan)13-695 Tsd - ltlt (Decrease) increase non-current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13256 Tsd - ltlt (Decrease) increase current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13-17508 Tsd - ltlt (Increase) decrease receivables other current assets and unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-4680 Tsd (Total)	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows1313-3709 Tsd - ltlt Income taxes paid gtgt (ltlt 2017 gtgt q_act_jan)13-122 Tsd - ltlt Interest paid gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-3831 Tsd (Total)	Reported cash and cash equivalents at 31122017	3109	3888

													484

													591

													(479)

													(331)

													(406)

													(882)

													93

													2946

	31-Dec-16		31-Dec-17		Change in

				CHF

Cash and cash equivalents		3888		3109		(779)		-20			r3 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd		3888	3999		111		3

Trade receivables unbilled forwarding services		9087		10970		1883		21			r4 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Trade receivables unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13User Value 109701 Tsd		9087	8693		-394		-4

Other current assets		1025		1322		297		29			r5 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other current assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 13217 Tsd		1025	1335		31		30

Property plant and equipment		635		967		332		52			r6 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)13User Value 9673 Tsd		635	651		16		3

Intangible assets		979		885		(95)		-10			r7 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Intangible assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 8845 Tsd		979	926		-53		-5

Other non-current assets		990		1138		148		15			r8 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other non-current assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 11382 Tsd		99	1073		83		8

Total assets		16606		18390		1784		11			r9 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 183903 Tsd		166060	166780		72		0

											0

Short-term borrowings		23		26		03		15			r11 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Short-term borrowings gtgt (ltlt 2017 gtgt q_act_jan)13User Value 262 Tsd		23	05		-18		-78

Trade payables accured cost of services		6524		7967		1443		22			r12 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Trade payables accured cost of services gtgt (ltlt 2017 gtgt q_act_jan)13User Value 79665 Tsd		6524	620		-324		-5

Other current liabilities		2439		2676		237		10			r13 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other current liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 26763 Tsd		2439	2592		153		6

Long-Term borrowings		00		32		32		na			r20 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Long-term borrowings gtgt (ltlt 2017 gtgt q_act_jan)13User Value 324 Tsd		0	12		12		na

Other long-term liabilities		1449		1546		97		7			r21 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other long-term liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 15459 Tsd		1449	1479		3		2

Total liabilities		10436		12247		1811		17			r14 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 122473 Tsd		104360	102880		-148		-1

Share capital		24		24		(00)		-1			r15 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Share capital gtgt (ltlt 2017 gtgt q_act_jan)13User Value 238 Tsd		24	24		0		0

Reserves treasury shares		6057		6056		(01)		-0			r16 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Reserves treasury shares gtgt (ltlt 2017 gtgt q_act_jan)13User Value 60534 Tsd		6057	6285		228		4

Non-controlling interests		89		63		(26)		-29			r17 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Non-controlling interests gtgt (ltlt 2017 gtgt q_act_jan)13User Value 659 Tsd		89	81		-08		-9

Total equity		6170		6143		(27)		-0			r18 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total equity gtgt (ltlt 2017 gtgt q_act_jan)13User Value 61430 Tsd		617	639		22		4

Total equity and liabilities		16606		18390		1784		11			r19 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total equity and liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 183903 Tsd		166060	166780		72		0

KPIs		31-Dec-16		31-Dec-17


Equity Ratio		372		334					s20 PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document Q2_2017_Quarter_Report13Chapter Consolidated Statement of Financial Position13Row ltlt Total equity and liabilities gtgt (ltlt June 30 2017 gtgt q_act_jan)13User Value 153472 Tsd

							PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Trade receivables unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13User Value 109701 Tsd		PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other current assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 13217 Tsd		PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)13User Value 9673 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Intangible assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 8845 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other non-current assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 11382 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 183903 Tsd		PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Short-term borrowings gtgt (ltlt 2017 gtgt q_act_jan)13User Value 262 Tsd		PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Trade payables accured cost of services gtgt (ltlt 2017 gtgt q_act_jan)13User Value 79665 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other current liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 26763 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Long-term borrowings gtgt (ltlt 2017 gtgt q_act_jan)13User Value 324 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other long-term liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 15459 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 122473 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Share capital gtgt (ltlt 2017 gtgt q_act_jan)13User Value 238 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Reserves treasury shares gtgt (ltlt 2017 gtgt q_act_jan)13User Value 60534 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Non-controlling interests gtgt (ltlt 2017 gtgt q_act_jan)13User Value 659 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total equity gtgt (ltlt 2017 gtgt q_act_jan)13User Value 61430 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total equity and liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 183903 Tsd	NWC-Intensity	18	15	mf24	Enterred by HPI on 14012018

DSO 3-m-rolling YTD		455		474					m22		Enterred by HPI on 14012018

DPO 3-m-rolling YTD		407		412					m23		Enterred by HPI on 14012018

2017	2016

																						Check

Logistics	Q1 2016	Q2 2016	HY 2016		Q3 2016		Q3YTD 2016		Q4 2016		FY 2016		Q1 2017		Q2 2017			HY 2017		Q3 2017			Q3YTD 2017		Q4 2017		FY 2017								CY

Net forwarding revenue	1402	1613	3015		1374		4389		1321		5709		1286		1377			2663		1394			4057		1330		5387			m4		m4		s4 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_3 gtgt q_act)13User Value 14141 Tsd	r4 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_3 gtgt q_act_jan)13User Value 53871 Tsd	00

Forwarding expenses	(420)	(607)	(1027)		(429)		(1456)		(397)		(1853)		(460)		(564)			(1024)		(580)			(1604)		(472)		(2076)			m5		m5		s5 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_3 gtgt q_act)13User Value -5564 Tsd	r5 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_3 gtgt q_act_jan)13User Value -20758 Tsd	00

Gross profit	982	1006	1989		944		2933		924		3857		825		813			1639		815			2454		858		3311			m6		m6		s6 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_3 gtgt q_act)13User Value 8576 Tsd	r6 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_3 gtgt q_act_jan)13User Value 33114 Tsd	00

Personnel expenses	(574)	(591)	(1166)		(528)		(1694)		(519)		(2213)		(479)		(461)			(940)		(469)			(1409)		(507)		(1916)			m7		m7		s7 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_3 gtgt q_act)13User Value -4045 Tsd	r7 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_3 gtgt q_act_jan)13User Value -19163 Tsd	00

Other operating expenses	(360)	(363)	(723)		(378)		(1102)		(367)		(1469)		(298)		(298)			(596)		(298)			(894)		(329)		(1223)			m8		m8		s8 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_3 gtgt q_act)13User Value -4415 Tsd	r8 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_3 gtgt q_act_jan)13User Value -12227 Tsd	00

EBITDA adjusted	48	52	100		38		138		37		175		48		54			103		48			151		22		172			m9		m9		s9 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_3 gtgt q_act)13User Value -479 Tsd	r9 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_3 gtgt q_act_jan)13User Value 1724 Tsd	00

Depreciation and amortization	(29)	(29)	(58)		(29)		(88)		(32)		(119)		(25)		(24)			(48)		(21)			(69)		(23)		(92)			m10		m10		s10 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_3 gtgt q_act)13User Value -125 Tsd	r10 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_3 gtgt q_act_jan)13User Value -918 Tsd	00

EBIT adjusted	18	23	41		09		50		05		56		24		31			54		27			81		(01)		81			m11		m11		s11 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act)13User Value -008 Tsd	r11 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act_jan)13User Value 807 Tsd	00

Non-recurring items

Restructuring expenses	00	(38)	(38)		00		(38)		00		(38)		00		00			00		00			00		00		00			m13		m13		s13	m13	00


EBIT reported	18	(15)	03		09		12		05		18		24		31			54		27			81		(01)		81			m15		m15		s15 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act)13User Value -008 Tsd	r15 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act_jan)13User Value 807 Tsd


GP Change YoY										-19		-18		-14		-16		-7		-14					s16	s16


															453

						10										15

GP control	000	000		000				000		(012)		(000)		000				000			000			000		s30		s30		s30		s30

EBITDA control	000	000		(000)				010		(002)		000		(000)				000			(000)			000		s31		s31		s31		s31

EBIT control	010	000		000				000		005		000		(000)			ERRORREF		000			000			000		s32		s32		s32		s32

2017	2016


Ocean Freight	Q1 2016	Q2 2016	HY 2016		Q3 2016	Q3YTD 2016			Q4 2016			FY 2016			Q1 2017			Q2 2017			HY 2017		Q3 2017			Q3YTD 2017		Q4 2017			FY 2017

Net forwarding revenue	5338	4921	10259		4955	15214			4770			19984			4915			5172			10087		5551			15637		5105			20743			m4		m4		s4 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_2 gtgt q_act)13User Value 55506 Tsd	r4 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_2 gtgt q_act_jan)13User Value 207428 Tsd	00	00	00	00

Forwarding expenses	(4157)	(3773)	(7930)		(3834)	(11764)			(3783)			(15547)			(3860)			(4081)			(7941)		(4463)			(12404)		(4067)			(16471)			m5		m5		s5 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_2 gtgt q_act)13User Value -44629 Tsd	r5 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_2 gtgt q_act_jan)13User Value -164707 Tsd	-00	00	00	00

Gross profit	1181	1148	2329		1121	3450			987			4438			1055			1091			2146		1088			3234		1038			4272			m6		m6		s6 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_2 gtgt q_act)13User Value 10877 Tsd	r6 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_2 gtgt q_act_jan)13User Value 42721 Tsd	00	00	00	00

Personnel expenses	(791)	(752)	(1543)		(755)	(2298)			(721)			(3019)			(779)			(784)			(1564)		(788)			(2352)		(837)			(3189)			m7		m7		s7 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_2 gtgt q_act)13User Value -7884 Tsd	r7 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_2 gtgt q_act_jan)13User Value -31889 Tsd	00	00	(00)	00

Other operating expenses	(305)	(288)	(594)		(274)	(868)			(275)			(1144)			(271)			(265)			(536)		(290)			(827)		(257)			(1083)			m8		m8		s8 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_2 gtgt q_act)13User Value -2905 Tsd	r8 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_2 gtgt q_act_jan)13User Value -10833 Tsd	00	(01)	(01)	00

EBITDA adjusted	84	108	192		92	284			(09)			275			05			41			46		09			55		(55)			(00)			m9		m9		s9 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_2 gtgt q_act)13User Value 089 Tsd	r9 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_2 gtgt q_act_jan)13User Value -001 Tsd	00	00	00	00

Depreciation and amortization	(41)	(42)	(83)		(41)	(124)			(42)			(166)			(36)			(36)			(72)		(38)			(110)		(41)			(151)			m10		m10		s10 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_2 gtgt q_act)13User Value -384 Tsd	r10 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_2 gtgt q_act_jan)13User Value -1508 Tsd	-00	00	00	00

EBIT adjusted	43	66	109		51	160			(51)			109			(32)			06			(26)		(29)			(55)		(96)			(151)			m11		m11		s11 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_2 gtgt q_act)13User Value -295 Tsd	r11 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_2 gtgt q_act_jan)13User Value -1509 Tsd	-00	00	00	00

in of gross profit	37	58	47		45	46			-51			25			-30			05			-12		-27			-17		-92			-35			m12		m12		s12	s12

Non-recurring items																									00		00		00			00

Restructuring expenses	00	(97)	(97)		0	(97)			(19)			(115)			00			00			00		00			00		00			00			m14		m14		s14	m14	00	00	01	00


EBIT reported	43	(30)	13		51	63			(69)			(06)			(32)			06			(26)		(29)			(55)		(96)			(151)			m16		m16		s16 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_2 gtgt q_act)13User Value -295 Tsd	r16 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_2 gtgt q_act_jan)13User Value -1509 Tsd	-00	00	(00)	00

in of gross profit	37	-26	05		45	18			-70			-01			-30			05			-12		-27			-17		-92			-35			m17		m17		s17	s17


Ocean Freight volumes (000 TEUs)	3482	3726	7208		3787	10995			3890			14885			3742			3828			7570		3856			11426		3779			15205			m19		m19		m19	m19	00	00	(00)	00

change YoY	-100	-82	-91		-88	-90			08			-66			75			27			50		18			39		-28			22			m20		m20		s20	s20

GPTEU (CHF)	339	308	323		296	314			254			298			282			285			283		282			283		275			281			m21		m21		m21	s21

change YoY	102	59	80		-16	47			-176			-11			-169			-75			-122		-47			-98		83			-58			m22		m22		s22	s22


GP change YoY								-11			-5			-8			-3			-6		519		-373					s23		s23


							-00298711145			00053228356					-00271124048				-00921686544

GP control	000	000		(000)			000			000			000			000					000			(000)			000			s30		s30		s30		s30

EBITDA control	010	000		000			000			(000)			(000)			(000)					000			000			(000)			s31		s31		s31		s31

EBIT control	000	000		000			000			(000)			(000)			000				000		000			000			(000)			s32		s32		s32		s32

2017	2016

																													Check

Air Freight	Q1 2016	Q2 2016	HY 2016		Q3 2016	Q3YTD 2016			Q4 2016			FY 2016			Q1 2017			Q2 2017		HY 2017			Q3 2017			Q3 YTD 2017			Q4 2017			FY 2017										CY

Net forwarding revenue	6332	6359	12691		6341	19032			7234			26267			6571			7000		13571			7389			20960			8238			29198			m4		m4		s4 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_1 gtgt q_act)13User Value 91229 Tsd		r4 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_1 gtgt q_act_jan)13User Value 291978 Tsd	00	00	(003)	00

Forwarding expenses	(4846)	(4800)	(9646)		(4853)	(14499)			(5816)			(20315)			(5125)			(5500)		(10625)			(5775)			(16400)			(6403)			(22803)			m5		m5		s5 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_1 gtgt q_act)13User Value -72887 Tsd		r5 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_1 gtgt q_act_jan)13User Value -228034 Tsd	00	00	00	00

Gross profit	1486	1559	3045		1489	4534			1418			5952			1447			1500		2946			1614			4560			1834			6394			m6		m6		s6 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_1 gtgt q_act)13User Value 18342 Tsd		r6 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_1 gtgt q_act_jan)13User Value 63944 Tsd	-00	00	00	00

Personnel expenses	(885)	(869)	(1754)		(847)	(2600)			(873)			(3473)			(905)			(916)		(1822)			(928)			(2750)			(1044)			(3793)			m7		m7		s7 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_1 gtgt q_act)13User Value -10893 Tsd		r7 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_1 gtgt q_act_jan)13User Value -37932 Tsd	-00	00	00	00

Other operating expenses	(371)	(359)	(730)		(318)	(1048)			(284)			(1333)			(324)			(317)		(641)			(337)			(978)			(334)			(1312)			m8		m8		s8 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_1 gtgt q_act)13User Value -2799 Tsd		r8 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_1 gtgt q_act_jan)13User Value -13116 Tsd	00	00	(00)	00

EBITDA adjusted	230	331	561		324	885			261			1146			218			266		484			349			833			457			1290			m9		m9		s9 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_1 gtgt q_act)13User Value 4650 Tsd		r9 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_1 gtgt q_act_jan)13User Value 12896 Tsd	00	00	(00)	00

Depreciation and amortization	(52)	(52)	(103)		(55)	(158)			(53)			(211)			(46)			(47)		(93)			(46)			(139)			(47)			(186)			m10		m10		s10 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_1 gtgt q_act)13User Value -558 Tsd		r10 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_1 gtgt q_act_jan)13User Value -1861 Tsd	00	01	01	00

EBIT adjusted	178	279	457		269	726			208			935			171			220		391			303			694			409			1103			m11		m11		s11 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act)13User Value 4092 Tsd		r11 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act_jan)13User Value 11035 Tsd	-00	00	00	00

in of gross profit	120	179	150		181	160			147			157			118			146		133			188			152			223			173			m12		m12		s12 PAC Hamon Pierrick Invalid Reference (value_1_PQACT02) 1313Reference could not be handled13Underlying Formula		s12

Non-recurring items																										00		00		00			00

Restructuring expenses	00	(127)	(127)		00	(127)			00			(127)			00			00		00			00			00			00			00			m14		m14		s14		m14	00	00	00	00


EBIT reported	178	153	331		269	600			208			808			171			220		391			303			694			409			1103			m16		m16		s16 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act)13User Value 4092 Tsd		r16 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act_jan)13User Value 11035 Tsd	-00	00	(00)	00

in of gross profit	120	98	109		181	132			147			136			118			146		133			188			152			223			173			m17		m17		s17		s17


Air Freight volumes (000 tons)	2161	2251	4412		2278	6690			2524			9214			2332			2399		4731			2489			7220			2739			9959			m19		m19		s19		m19	00	00	00	00

change YoY	54	111	82		99	88			141			102			79			66		72			93			79			85			81			m20		m20		s20		s20

GPton (CHF)	688	693	690		653	678			562			646			620			625		623			648			632			670			642			m21		m21		s21		s21

change YoY	-47	-36	-41		-73	-52			-140			-75			-98			-97		-98			-08			-68			192			-06			m22		m22		s22		s22


GP change YoY								-3			-4			-3			8		1			29			7					s23		s23

GP control	000	000		000			000			000			(000)			000				(000)				000		000		000		000			s30		s30		s30		s30

EBITDA control	000	000		000			(000)			000			000			(000)				000				000		(000)		000		000			s31		s31		s31		s31

EBIT control	000	000		000			000			(000)			000			(000)			000		000				000		000		000		(000)			s32		s32		s32		s32

2017		2016

																													Check CY

Group		Q1 2016		Q2 2016			HY 2016		Q3 2016		Q3YTD 2016		Q4 2016		FY 2016		Q1 2017		Q2 2017			HY 2017			Q3 2017			Q3YTD 2017		Q4 2017			FY 2017

Net forwarding revenue		13072		12894			25965		12670		38635		13325		51960		12772		13549			26321			14334			40655		14673			55328		s4 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Net forwarding revenue gtgt (ltlt 2017 gtgt q_act)13User Value 1433411124 Tsd		r4 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Net forwarding revenue gtgt (ltlt value_1 gtgt q_act_jan)13User Value 5532778504 Tsd		m4		m4		00		-01	-01	00

Forwarding expenses		(9423)		(9180)			(18602)		(9116)		(27718)		(9996)		(37714)		(9445)		(10145)			(19590)			(10818)			(30407)		(10942)			(41350)		s5 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Forwarding services from third parties gtgt (ltlt 2017 gtgt q_act)13User Value -1081765298 Tsd		r5 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Forwarding services from third parties gtgt (ltlt value_1 gtgt q_act_jan)13User Value -4134985568 Tsd		m5		m5		00		01	01	00

Gross profit		3649		3714			7363		3554		10917		3329		14246		3327		3404			6731			3516			10248		3730			13978		s6 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Gross profit gtgt (ltlt 2017 gtgt q_act)13User Value 351645826 Tsd		r6 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Gross profit gtgt (ltlt value_1 gtgt q_act_jan)13User Value 1397792936 Tsd		m6		m6		00		00	00	00

Personnel expenses		(2250)		(2213)			(4463)		(2129)		(6592)		(2113)		(8705)		(2164)		(2162)			(4326)			(2186)			(6511)		(2388)			(8898)		s7 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Personnel expenses gtgt (ltlt 2017 gtgt q_act)13User Value -218561825 Tsd		r7 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Personnel expenses gtgt (ltlt value_1 gtgt q_act_jan)13User Value -889847082 Tsd		m7		m7		00		00	00	00

Other operating expenses		(1037)		(1011)			(2047)		(971)		(3018)		(927)		(3945)		(893)		(880)			(1773)			(925)			(2698)		(919)			(3618)		s8 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Other operating expenses gtgt (ltlt 2017 gtgt q_act)13User Value -92494218 Tsd		r8 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Other operating expenses gtgt (ltlt value_1 gtgt q_act_jan)13User Value -361760468 Tsd		m8		m8		00		01	01	00

EBITDA adjusted		362		491			853		454		1307		289		1596		271		362			633			406			1039		423			1462		s9 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt EBITDA gtgt (ltlt 2017 gtgt q_act)13User Value 40589783 Tsd		r9 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt EBITDA gtgt (ltlt value_1 gtgt q_act_jan)13User Value 146185385 Tsd		m9		m9		00		00	00	00

Depreciation of property plant and equip		(62)		(62)			(125)		(62)		(187)		(71)		(258)		(53)		(54)			(107)			(50)			(156)		(56)			(213)		s10 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Depreciation of property plant and equipment gtgt (ltlt 2017 gtgt q_act)13User Value -4981553 Tsd		r10 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Depreciation of property plant and equipment gtgt (ltlt value_1 gtgt q_act_jan)13User Value -21293764 Tsd		m10		m10		-00		-01	-01	00

Amortization of intangible assets		(60)		(60)			(120)		(63)		(183)		(56)		(239)		(54)		(52)			(106)			(55)			(162)		(54)			(216)		s11 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Amortization of intangible assets gtgt (ltlt 2017 gtgt q_act)13User Value -5514918 Tsd		r11 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Amortization of intangible assets gtgt (ltlt value_1 gtgt q_act_jan)13User Value -21570493 Tsd		m11		m11		00		00	00	00

EBIT adjusted		240		368			608		329		936		163		1099		164		256			420			301			721		313			1033		s12 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Operating result (EBIT) gtgt (ltlt 2017 gtgt q_act)13User Value 30093312 Tsd		r12 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act_jan)13User Value 103321128 Tsd		m12		m12		00		00	-01	00

in of gross profit		66		99			83		92		86		49		77		49		75			62			86			70		84			74		s13		s13		m13		m13

Non-recurring items																											00		00		00		00

Restructuring expenses		00		(261)			(261)		00		(261)		(19)		(280)		00		00			00			00			00		00			00		s15 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Restructuring expenses gtgt (ltlt 2017 gtgt q_act)13User Value 0000000 Tsd		r15 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Restructuring expenses gtgt (ltlt value_1 gtgt q_act_jan)13User Value 0000000 Tsd		m15		m15		00		00	00	00


EBIT reported		240		107			347		329		675		144		820		164		256			420			301			721		313			1033		s17		s17		m17		m17		00		00	00	00

in of gross profit		66		29			47		92		62		43		58		49		75			62			86			70		84			74		s18		s18		m18		m18		-01		-00	-02

Financial result		(09)		07			(02)		(04)		(06)		02		(04)		02		01			03			(04)			(02)		(16)			(18)		s19 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13130939883 Tsd - ltlt Finance income gtgt (ltlt 2017 gtgt q_act)13-1343957 Tsd - ltlt Finance costs gtgt (ltlt 2017 gtgt q_act)13---------------------13-0404074 Tsd (Total)		r19 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13132749657 Tsd - ltlt Finance income gtgt (ltlt value_1 gtgt q_act_jan)13-4529105 Tsd - ltlt Finance costs gtgt (ltlt value_1 gtgt q_act_jan)13---------------------13-1779448 Tsd (Total)		m19		m19		00		00	00	00

Earnings before taxes (EBT)		231		114			345		325		670		146		816		165		257			422			297			719		296			1015		s20 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Profit before income tax (EBT) gtgt (ltlt 2017 gtgt q_act)13User Value 29689237 Tsd		r20 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Profit before income tax (EBT) gtgt (ltlt value_1 gtgt q_act_jan)13User Value 101541680 Tsd		m20		m20		00		00	00	00

Income tax expenses		(58)		(69)			(126)		(79)		(205)		(88)		(293)		(42)		(81)			(123)			(112)			(235)		(206)			(441)		s21 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Income tax expenses gtgt (ltlt 2017 gtgt q_act)13User Value -11228068 Tsd		r21 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Income tax expenses gtgt (ltlt value_1 gtgt q_act_jan)13User Value -44082152 Tsd		m21		m21		00		01	01	00

of EBT		250		602			367		242		306		601		359		252		316			291			378			327		694			434		s22		s22		m22		m22

Profit		173		45			218		246		465		58		523		124		176			299			185			484		91			575		s23 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Profit gtgt (ltlt 2017 gtgt q_act)13User Value 18461169 Tsd		r23 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Profit gtgt (ltlt value_1 gtgt q_act_jan)13User Value 57459528 Tsd		m23		m23		00		00	01	00

Earnings per share		075		021			096		106		201		027		229		054		075			129			079			208		040			248		s24 PAC Serova Elena (External) Referenced Value (value_1_PQACTJAN02)1313Document Q2_2017_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Basic gtgt (ltlt 2017 gtgt q_act_jan)13User Value 0000540 Tsd		s24 PAC Serova Elena (External) Referenced Value (value_1_PQACTJAN02)1313Document Q2_2017_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Basic gtgt (ltlt 2017 gtgt q_act_jan)13User Value 0000540 Tsd		m24		m24		00		00	00	00

			0		0				46460419259						0		0		0			0		0			0			m25		m25		l1	l1			00		00

Earnings per share 1000																0000788		0002078		0000788			0002478			rf28 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Basic gtgt (ltlt 2017 gtgt q_act)13User Value 0000788 Tsd		rf28 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Basic gtgt (ltlt value_1 gtgt q_act_jan)13User Value 0002478 Tsd		l2		l2

Total Operating Expenses																(3111)		(9209)		(3307)			(12516)			s25		s25		l3		l3

OOE YoY

	042


GP control		00		00		00		00		00	00	00		00		00		00			00		00		00			00		00		00		(00)		00			s30		s30	s30		s30

EBITDA control		00		(01)		00		00		00	00	00		(00)		00		(00)			00		00		(01)			00		00		(00)		00		(00)			s31		s31	s31		s31

EBIT control		00		01		00		00		00	00	00		(01)		00		00			(00)		00		(00)			00		00		00		00		00			s32		s32	s32		s32

Earnings before taxes (EBT)		00		00		00		00		00	00	00		00		00		00			00		00		01			00		00		(00)		(00)		00			s33		s33	s33		s33

Profit		00		00		00		01		00	00	00		00		00		00			00		00		(00)			(00)		00		00		(00)		00			s34		s34	s34		s34

Air GP																				6394449			l4		r40 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Gross profit (value_1 q_act_jan)13User Value 6394449 Mio		l4		l4

Ocean GP																				4272121			l5		r41 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_act_jan)13User Value 4272121 Mio		l5		l5

Logistics GP																				331136			l6		r42 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row Gross profit (value_1 q_act_jan)13User Value 3311360 Mio		l6		l6

Check																				00			l7		s43		l7		l7

Air EBIT																				1103462			l8		r44 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row EBIT adjusted (value_1 q_act_jan)13User Value 1103462 Mio		l8		l8

Ocean EBIT																				-150917			l9		r45 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_act_jan)13User Value -150917 Mio		l9		l9

Logistics EBIT																				80666			l10		r46 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row EBIT adjusted (value_1 q_act_jan)13User Value 80666 Mio		l10		l10

Check																				00			l11		s47		l11		l11

APAC GP																				34878			l12		r51 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 313 - AC Key figures APAC13Row Gross profit (value_1 q_act_jan)13User Value 34878 Mio		l12		l12

EUROPE GP																				53038			l13		r52 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 314 - AC Key figures Europe13Row Gross profit (value_1 q_act_jan)13User Value 53038 Mio		l13		l13

MEAC GP																				897489			l14		r53 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 315 - AC Key figures MEAC13Row Gross profit (value_1 q_act_jan)13User Value 8974886 Mio		l14		l14

AME GP																				4288802			l15		r54 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 316 - AC Key figures Americas13Row Gross profit (value_1 q_act_jan)13User Value 4288802 Mio		l15		l15

Check																				(00)			l16		s55		l16		l16

APAC EBIT																				7061			l17		r56 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 313 - AC Key figures APAC13Row EBIT (value_1 q_act_jan)13User Value 7061 Mio		l17		l17

EUROPE EBIT																				-122			l18		r57 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 314 - AC Key figures Europe13Row EBIT (value_1 q_act_jan)13User Value -122 Mio		l18		l18

MEAC EBIT																				20871			l19		r58 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 315 - AC Key figures MEAC13Row EBIT reported (value_1 q_act_jan)13User Value 208709 Mio		l19		l19

AME EBIT																				31847			l20		r59 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 316 - AC Key figures Americas13Row EBIT reported (value_1 q_act_jan)13User Value 3184697 Mio		l20		l20

Check																				00			l21		s60		l21		l21

Air NFR																				2919782			l31		r70 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Net forwarding revenue (value_1 q_act_jan)13User Value 29197820 Mio		l31		l31

Ocean NFR																				2074282			l22		r71 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Net forwarding revenue (value_1 q_act_jan)13User Value 20742820 Mio		l22		l22

Logistics NFR																				5387147			l23		r72 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row Net forwarding revenue (value_1 q_act_jan)13User Value 5387147 Mio		l23		l23

Check																				00			l24		s73		l24		l24

APAC NFR																				127363			l25		r75 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 313 - AC Key figures APAC13Row Net forwarding revenue (value_1 q_act_jan)13User Value 127363 Mio		l25		l25

EUROPE NFR																				231796			l26		r76 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 314 - AC Key figures Europe13Row Net forwarding revenue (value_1 q_act_jan)13User Value 231796 Mio		l26		l26

MEAC NFR																				271595			l27		r77 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 315 - AC Key figures MEAC13Row Net forwarding revenue (value_1 q_act_jan)13User Value 27159502 Mio		l27		l27

AME NFR																				16695948			l28		r78 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 316 - AC Key figures Americas13Row Net forwarding revenue (value_1 q_act_jan)13User Value 166959483 Mio		l28		l28

Check																				00			l29		s79		l29		l29

	Q4

GP		Q4 2016		Q1 2017		Q2 2017		Q3 2017		Q4 2017				Gross profit

	92		825		81		81		86			m3		Q4 2016		92

									Q1 2017		83

									Q2 2017		81

									Q3 2017		81

EBIT		05		24		31		27		-01			m7		Q4 2017		86


									EBIT

									Q4 2016		05

									Q1 2017		24

									Q2 2017		31

									Q3 2017		27

									Q4 2017		-01

	2017		2016


				2017						2016		2017

YoY Growth		Q3		Q4	Q1	Q2	Q3		Q4				Gross Profit EBIT		YTD		YTD

Gross Profit		-6		-11	-16	-19	-14		-7		m5			Gross Profit		3857		33114	-14	r5 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_3 gtgt q_act_jan)13User Value 33114 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row Gross profit (value_1 q_prior_jan)13User Value 3857000 Mio

								EBIT (adjusted PY)		56		81		45		rf7 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act_jan)13User Value 807 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_3 gtgt q_prior_jan)13User Value 556 Tsd

								EBIT in of NFR		10		15			s9

								NFR		57094638		53871466			rf8 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_3 gtgt q_act_jan)13User Value 53871 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_3 gtgt q_prior_jan)13User Value 57095 Tsd
PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_3 gtgt q_act_jan)13User Value 33114 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row Gross profit (value_1 q_prior_jan)13User Value 3857000 Mio	PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act_jan)13User Value 807 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_3 gtgt q_prior_jan)13User Value 556 Tsd

	Q4

GP		Q4 2016		Q1 2017		Q2 2017		Q3 2017		Q4 2017				Gross profit

	92		825		81		81		86			m3		Q4 2016		92

									Q1 2017		83

									Q2 2017		81

									Q3 2017		81

EBIT		05		24		31		27		-01			m7		Q4 2017		86


									EBIT

									Q4 2016		05

									Q1 2017		24

									Q2 2017		31

									Q3 2017		27

									Q4 2017		-01

	2017		2016


				2017						2016		2017

YoY Growth		Q3		Q4	Q1	Q2	Q3		Q4				Gross Profit EBIT		YTD		YTD

Gross Profit		-6		-11	-16	-19	-14		-7		m5			Gross Profit		3857		33114	-14	r5 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_3 gtgt q_act_jan)13User Value 33114 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row Gross profit (value_1 q_prior_jan)13User Value 3857000 Mio

								EBIT (adjusted PY)		56		81		45		rf7 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act_jan)13User Value 807 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_3 gtgt q_prior_jan)13User Value 556 Tsd

								EBIT in of NFR		10		15			s9

								NFR		57094638		53871466			rf8 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_3 gtgt q_act_jan)13User Value 53871 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_3 gtgt q_prior_jan)13User Value 57095 Tsd
PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_3 gtgt q_act_jan)13User Value 33114 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row Gross profit (value_1 q_prior_jan)13User Value 3857000 Mio	PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act_jan)13User Value 807 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_3 gtgt q_prior_jan)13User Value 556 Tsd

	Q4

GP		Q4 2016		Q1 2017		Q2 2017		Q3 2017		Q4 2017				Gross profit

	92		825		81		81		86			m3		Q4 2016		92

									Q1 2017		83

									Q2 2017		81

									Q3 2017		81

EBIT		05		24		31		27		-01			m7		Q4 2017		86


									EBIT

									Q4 2016		05

									Q1 2017		24

									Q2 2017		31

									Q3 2017		27

									Q4 2017		-01

	2017		2016


				2017						2016		2017

YoY Growth		Q3		Q4	Q1	Q2	Q3		Q4				Gross Profit EBIT		YTD		YTD

Gross Profit		-6		-11	-16	-19	-14		-7		m5			Gross Profit		3857		33114	-14	r5 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_3 gtgt q_act_jan)13User Value 33114 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row Gross profit (value_1 q_prior_jan)13User Value 3857000 Mio

								EBIT (adjusted PY)		56		81		45		rf7 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act_jan)13User Value 807 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_3 gtgt q_prior_jan)13User Value 556 Tsd

								EBIT in of NFR		10		15			s9

								NFR		57094638		53871466			rf8 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_3 gtgt q_act_jan)13User Value 53871 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_3 gtgt q_prior_jan)13User Value 57095 Tsd
PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_3 gtgt q_act_jan)13User Value 33114 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row Gross profit (value_1 q_prior_jan)13User Value 3857000 Mio	PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act_jan)13User Value 807 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_3 gtgt q_prior_jan)13User Value 556 Tsd

	Q4

GP		Q4 2016		Q1 2017		Q2 2017		Q3 2017		Q4 2017				Gross profit

	92		825		81		81		86			m3		Q4 2016		92

									Q1 2017		83

									Q2 2017		81

									Q3 2017		81

EBIT		05		24		31		27		-01			m7		Q4 2017		86


									EBIT

									Q4 2016		05

									Q1 2017		24

									Q2 2017		31

									Q3 2017		27

									Q4 2017		-01

	2017		2016


				2017						2016		2017

YoY Growth		Q3		Q4	Q1	Q2	Q3		Q4				Gross Profit EBIT		YTD		YTD

Gross Profit		-6		-11	-16	-19	-14		-7		m5			Gross Profit		3857		33114	-14	r5 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_3 gtgt q_act_jan)13User Value 33114 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row Gross profit (value_1 q_prior_jan)13User Value 3857000 Mio

								EBIT (adjusted PY)		56		81		45		rf7 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act_jan)13User Value 807 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_3 gtgt q_prior_jan)13User Value 556 Tsd

								EBIT in of NFR		10		15			s9

								NFR		57094638		53871466			rf8 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_3 gtgt q_act_jan)13User Value 53871 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_3 gtgt q_prior_jan)13User Value 57095 Tsd
PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_3 gtgt q_act_jan)13User Value 33114 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row Gross profit (value_1 q_prior_jan)13User Value 3857000 Mio	PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act_jan)13User Value 807 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_3 gtgt q_prior_jan)13User Value 556 Tsd

	Q4

TEU		Q4 2016		Q1 2017		Q2 2017		Q3 2017		Q4 2017						TEU

	389		374		383		386		378			m3		r3 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_act)13User Value 3778850 Mio			Q4 2016		389		254

	254		282		285		282		275			m4		r4 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row GPTEU (CHF) (value_1 q_act)13User Value 2748072 Mio			Q1 2017		374		282

										Q2 2017		383		285

										Q3 2017		386		282

EBIT		-51		-32		06		-29		-96			m7		m10			Q4 2017		378		275

	-51		-30		05		-27		-92			m8		m8

								PAC Hamon Pierrick Invalid Reference (value_3_PQACT02) 1313Reference could not be handled13Underlying Formula			EBIT		EBIT		EBIT GP

	0					-00353				r11 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row in of gross profit (value_1 q_act)13User Value -00353 Mio			Q4 2016		-51		-51

EBIT YTD						-150917				r12 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT reported (value_1 q_act_jan)13User Value -150917 Mio		PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_act)13User Value 3778850 Mio		PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row GPTEU (CHF) (value_1 q_act)13User Value 2748072 Mio			Q1 2017		-32		-30

										Q2 2017		06		05

										Q3 2017		-29		-27

										Q4 2017		-96		-92

		2017		2016

	2016					2017					2016		2017

YoY Growth			Q3		Q4		Q1	Q2	Q3	Q4			Gross Profit EBIT		YTD		YTD

Volume (market estimated)			0		3		4	3	3	4		m5		Gross Profit		4438		4272		-4		r5 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_act_jan)13User Value 4272121 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_prior_jan)13User Value 4437605 Mio

Volume (Panalpina)			-9		1		7	3	2	-3		r6 PAC Monaco Salvatore Referenced Value (value_4_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row change YoY (value_1 q_act)13User Value -00285 Mio		EBIT (adjusted PY)		109		-151		na		r6 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_act_jan)13User Value -150917 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_prior_jan)13User Value 109010 Mio

GPTEU			-2		-18		-17	-7	-5	8		r7 PAC Monaco Salvatore Referenced Value (value_4_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row change YoY (value_1 q_act)13User Value 00827 Mio							PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_act_jan)13User Value 4272121 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_prior_jan)13User Value 4437605 Mio		PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_act_jan)13User Value -150917 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_prior_jan)13User Value 109010 Mio	EBITGP ()	25	-35	r7 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row in of gross profit (value_1 q_act_jan)13User Value -00353 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row in of gross profit (value_1 q_prior_jan)13User Value 00246 Mio

Gross Profit			-10		-16		-11	-5	-3	5		m8		Volumes (TEUs 000)		14885		15205		2		r8 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_act_jan)13User Value 15204900 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_prior_jan)13User Value 14884510 Mio

	Q4

TEU		Q4 2016		Q1 2017		Q2 2017		Q3 2017		Q4 2017						TEU

	389		374		383		386		378			m3		r3 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_act)13User Value 3778850 Mio			Q4 2016		389		254

	254		282		285		282		275			m4		r4 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row GPTEU (CHF) (value_1 q_act)13User Value 2748072 Mio			Q1 2017		374		282

										Q2 2017		383		285

										Q3 2017		386		282

EBIT		-51		-32		06		-29		-96			m7		m10			Q4 2017		378		275

	-51		-30		05		-27		-92			m8		m8

								PAC Hamon Pierrick Invalid Reference (value_3_PQACT02) 1313Reference could not be handled13Underlying Formula			EBIT		EBIT		EBIT GP

	0					-00353				r11 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row in of gross profit (value_1 q_act)13User Value -00353 Mio			Q4 2016		-51		-51

EBIT YTD						-150917				r12 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT reported (value_1 q_act_jan)13User Value -150917 Mio		PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_act)13User Value 3778850 Mio		PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row GPTEU (CHF) (value_1 q_act)13User Value 2748072 Mio			Q1 2017		-32		-30

										Q2 2017		06		05

										Q3 2017		-29		-27

										Q4 2017		-96		-92

		2017		2016

	2016					2017					2016		2017

YoY Growth			Q3		Q4		Q1	Q2	Q3	Q4			Gross Profit EBIT		YTD		YTD

Volume (market estimated)			0		3		4	3	3	4		m5		Gross Profit		4438		4272		-4		r5 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_act_jan)13User Value 4272121 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_prior_jan)13User Value 4437605 Mio

Volume (Panalpina)			-9		1		7	3	2	-3		r6 PAC Monaco Salvatore Referenced Value (value_4_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row change YoY (value_1 q_act)13User Value -00285 Mio		EBIT (adjusted PY)		109		-151		na		r6 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_act_jan)13User Value -150917 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_prior_jan)13User Value 109010 Mio

GPTEU			-2		-18		-17	-7	-5	8		r7 PAC Monaco Salvatore Referenced Value (value_4_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row change YoY (value_1 q_act)13User Value 00827 Mio							PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_act_jan)13User Value 4272121 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_prior_jan)13User Value 4437605 Mio		PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_act_jan)13User Value -150917 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_prior_jan)13User Value 109010 Mio	EBITGP ()	25	-35	r7 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row in of gross profit (value_1 q_act_jan)13User Value -00353 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row in of gross profit (value_1 q_prior_jan)13User Value 00246 Mio

Gross Profit			-10		-16		-11	-5	-3	5		m8		Volumes (TEUs 000)		14885		15205		2		r8 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_act_jan)13User Value 15204900 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_prior_jan)13User Value 14884510 Mio

	Q4

TEU		Q4 2016		Q1 2017		Q2 2017		Q3 2017		Q4 2017						TEU

	389		374		383		386		378			m3		r3 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_act)13User Value 3778850 Mio			Q4 2016		389		254

	254		282		285		282		275			m4		r4 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row GPTEU (CHF) (value_1 q_act)13User Value 2748072 Mio			Q1 2017		374		282

										Q2 2017		383		285

										Q3 2017		386		282

EBIT		-51		-32		06		-29		-96			m7		m10			Q4 2017		378		275

	-51		-30		05		-27		-92			m8		m8

								PAC Hamon Pierrick Invalid Reference (value_3_PQACT02) 1313Reference could not be handled13Underlying Formula			EBIT		EBIT		EBIT GP

	0					-00353				r11 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row in of gross profit (value_1 q_act)13User Value -00353 Mio			Q4 2016		-51		-51

EBIT YTD						-150917				r12 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT reported (value_1 q_act_jan)13User Value -150917 Mio		PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_act)13User Value 3778850 Mio		PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row GPTEU (CHF) (value_1 q_act)13User Value 2748072 Mio			Q1 2017		-32		-30

										Q2 2017		06		05

										Q3 2017		-29		-27

										Q4 2017		-96		-92

		2017		2016

	2016					2017					2016		2017

YoY Growth			Q3		Q4		Q1	Q2	Q3	Q4			Gross Profit EBIT		YTD		YTD

Volume (market estimated)			0		3		4	3	3	4		m5		Gross Profit		4438		4272		-4		r5 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_act_jan)13User Value 4272121 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_prior_jan)13User Value 4437605 Mio

Volume (Panalpina)			-9		1		7	3	2	-3		r6 PAC Monaco Salvatore Referenced Value (value_4_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row change YoY (value_1 q_act)13User Value -00285 Mio		EBIT (adjusted PY)		109		-151		na		r6 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_act_jan)13User Value -150917 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_prior_jan)13User Value 109010 Mio

GPTEU			-2		-18		-17	-7	-5	8		r7 PAC Monaco Salvatore Referenced Value (value_4_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row change YoY (value_1 q_act)13User Value 00827 Mio							PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_act_jan)13User Value 4272121 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_prior_jan)13User Value 4437605 Mio		PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_act_jan)13User Value -150917 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_prior_jan)13User Value 109010 Mio	EBITGP ()	25	-35	r7 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row in of gross profit (value_1 q_act_jan)13User Value -00353 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row in of gross profit (value_1 q_prior_jan)13User Value 00246 Mio

Gross Profit			-10		-16		-11	-5	-3	5		m8		Volumes (TEUs 000)		14885		15205		2		r8 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_act_jan)13User Value 15204900 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_prior_jan)13User Value 14884510 Mio

	Q4

TEU		Q4 2016		Q1 2017		Q2 2017		Q3 2017		Q4 2017						TEU

	389		374		383		386		378			m3		r3 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_act)13User Value 3778850 Mio			Q4 2016		389		254

	254		282		285		282		275			m4		r4 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row GPTEU (CHF) (value_1 q_act)13User Value 2748072 Mio			Q1 2017		374		282

										Q2 2017		383		285

										Q3 2017		386		282

EBIT		-51		-32		06		-29		-96			m7		m10			Q4 2017		378		275

	-51		-30		05		-27		-92			m8		m8

								PAC Hamon Pierrick Invalid Reference (value_3_PQACT02) 1313Reference could not be handled13Underlying Formula			EBIT		EBIT		EBIT GP

	0					-00353				r11 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row in of gross profit (value_1 q_act)13User Value -00353 Mio			Q4 2016		-51		-51

EBIT YTD						-150917				r12 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT reported (value_1 q_act_jan)13User Value -150917 Mio		PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_act)13User Value 3778850 Mio		PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row GPTEU (CHF) (value_1 q_act)13User Value 2748072 Mio			Q1 2017		-32		-30

										Q2 2017		06		05

										Q3 2017		-29		-27

										Q4 2017		-96		-92

		2017		2016

	2016					2017					2016		2017

YoY Growth			Q3		Q4		Q1	Q2	Q3	Q4			Gross Profit EBIT		YTD		YTD

Volume (market estimated)			0		3		4	3	3	4		m5		Gross Profit		4438		4272		-4		r5 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_act_jan)13User Value 4272121 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_prior_jan)13User Value 4437605 Mio

Volume (Panalpina)			-9		1		7	3	2	-3		r6 PAC Monaco Salvatore Referenced Value (value_4_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row change YoY (value_1 q_act)13User Value -00285 Mio		EBIT (adjusted PY)		109		-151		na		r6 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_act_jan)13User Value -150917 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_prior_jan)13User Value 109010 Mio

GPTEU			-2		-18		-17	-7	-5	8		r7 PAC Monaco Salvatore Referenced Value (value_4_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row change YoY (value_1 q_act)13User Value 00827 Mio							PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_act_jan)13User Value 4272121 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_prior_jan)13User Value 4437605 Mio		PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_act_jan)13User Value -150917 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_prior_jan)13User Value 109010 Mio	EBITGP ()	25	-35	r7 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row in of gross profit (value_1 q_act_jan)13User Value -00353 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row in of gross profit (value_1 q_prior_jan)13User Value 00246 Mio

Gross Profit			-10		-16		-11	-5	-3	5		m8		Volumes (TEUs 000)		14885		15205		2		r8 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_act_jan)13User Value 15204900 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_prior_jan)13User Value 14884510 Mio

	Q4

TEU		Q4 2016		Q1 2017		Q2 2017		Q3 2017		Q4 2017		YTD CY					TEU

	252		233		2399		249		274		996		m4		m3			Q4 2016		252		562

	562		620		6251		648		670		642		m5		m4			Q1 2017		233		620

										Q2 2017		240		625

										Q3 2017		249		648

EBIT		208		171		220		303		410		1103		m6		m7			Q4 2017		274		670

	147		118		147		188		223		173		m7		m8


										EBIT

										Q4 2016		21		15

										Q1 2017		17		12

										Q2 2017		22		15

										Q3 2017		30		19

										Q4 2017		41		22

		2017		2016

	2016					2017					2016		2017

YoY Growth			Q3		Q4		Q1	Q2	Q3	Q4			Gross Profit EBIT		YTD		YTD

Volume (market estimated)			2		8		6	10	10	11		m5		Gross Profit		5952		6394	7		r5 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Gross profit (value_1 q_act_jan)13User Value 6394449 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Gross profit (value_1 q_prior_jan)13User Value 5951870 Mio

Volume (Panalpina)			10		14		8	7	9	8		m6		EBIT (adjusted PY)		935		1103	18		r6 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row EBIT reported (value_1 q_act_jan)13User Value 1103462 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row EBIT adjusted (value_1 q_prior_jan)13User Value 934506 Mio

GPton			-7		-14		-10	-10	-1	19		m7		EBITGP ()		157		173		r7 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row in of gross profit (value_1 q_act_jan)13User Value 01726 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row in of gross profit (value_1 q_prior_jan)13User Value 01570 Mio

Gross Profit			2		-2		-3	-4	8	29		m8		Volumes (tons 000)		9214		9959	8		r8 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Air Freight volumes (000 tons) (value_1 q_act_jan)13User Value 9959000 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Air Freight volumes (000 tons) (value_1 q_prior_jan)13User Value 9214480 Mio

	Q4

TEU		Q4 2016		Q1 2017		Q2 2017		Q3 2017		Q4 2017		YTD CY					TEU

	252		233		2399		249		274		996		m4		m3			Q4 2016		252		562

	562		620		6251		648		670		642		m5		m4			Q1 2017		233		620

										Q2 2017		240		625

										Q3 2017		249		648

EBIT		208		171		220		303		410		1103		m6		m7			Q4 2017		274		670

	147		118		147		188		223		173		m7		m8


										EBIT

										Q4 2016		21		15

										Q1 2017		17		12

										Q2 2017		22		15

										Q3 2017		30		19

										Q4 2017		41		22

		2017		2016

	2016					2017					2016		2017

YoY Growth			Q3		Q4		Q1	Q2	Q3	Q4			Gross Profit EBIT		YTD		YTD

Volume (market estimated)			2		8		6	10	10	11		m5		Gross Profit		5952		6394	7		r5 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Gross profit (value_1 q_act_jan)13User Value 6394449 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Gross profit (value_1 q_prior_jan)13User Value 5951870 Mio

Volume (Panalpina)			10		14		8	7	9	8		m6		EBIT (adjusted PY)		935		1103	18		r6 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row EBIT reported (value_1 q_act_jan)13User Value 1103462 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row EBIT adjusted (value_1 q_prior_jan)13User Value 934506 Mio

GPton			-7		-14		-10	-10	-1	19		m7		EBITGP ()		157		173		r7 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row in of gross profit (value_1 q_act_jan)13User Value 01726 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row in of gross profit (value_1 q_prior_jan)13User Value 01570 Mio

Gross Profit			2		-2		-3	-4	8	29		m8		Volumes (tons 000)		9214		9959	8		r8 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Air Freight volumes (000 tons) (value_1 q_act_jan)13User Value 9959000 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Air Freight volumes (000 tons) (value_1 q_prior_jan)13User Value 9214480 Mio

	Q4

TEU		Q4 2016		Q1 2017		Q2 2017		Q3 2017		Q4 2017		YTD CY					TEU

	252		233		2399		249		274		996		m4		m3			Q4 2016		252		562

	562		620		6251		648		670		642		m5		m4			Q1 2017		233		620

										Q2 2017		240		625

										Q3 2017		249		648

EBIT		208		171		220		303		410		1103		m6		m7			Q4 2017		274		670

	147		118		147		188		223		173		m7		m8


										EBIT

										Q4 2016		21		15

										Q1 2017		17		12

										Q2 2017		22		15

										Q3 2017		30		19

										Q4 2017		41		22

		2017		2016

	2016					2017					2016		2017

YoY Growth			Q3		Q4		Q1	Q2	Q3	Q4			Gross Profit EBIT		YTD		YTD

Volume (market estimated)			2		8		6	10	10	11		m5		Gross Profit		5952		6394	7		r5 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Gross profit (value_1 q_act_jan)13User Value 6394449 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Gross profit (value_1 q_prior_jan)13User Value 5951870 Mio

Volume (Panalpina)			10		14		8	7	9	8		m6		EBIT (adjusted PY)		935		1103	18		r6 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row EBIT reported (value_1 q_act_jan)13User Value 1103462 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row EBIT adjusted (value_1 q_prior_jan)13User Value 934506 Mio

GPton			-7		-14		-10	-10	-1	19		m7		EBITGP ()		157		173		r7 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row in of gross profit (value_1 q_act_jan)13User Value 01726 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row in of gross profit (value_1 q_prior_jan)13User Value 01570 Mio

Gross Profit			2		-2		-3	-4	8	29		m8		Volumes (tons 000)		9214		9959	8		r8 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Air Freight volumes (000 tons) (value_1 q_act_jan)13User Value 9959000 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Air Freight volumes (000 tons) (value_1 q_prior_jan)13User Value 9214480 Mio

	Q4

TEU		Q4 2016		Q1 2017		Q2 2017		Q3 2017		Q4 2017		YTD CY					TEU

	252		233		2399		249		274		996		m4		m3			Q4 2016		252		562

	562		620		6251		648		670		642		m5		m4			Q1 2017		233		620

										Q2 2017		240		625

										Q3 2017		249		648

EBIT		208		171		220		303		410		1103		m6		m7			Q4 2017		274		670

	147		118		147		188		223		173		m7		m8


										EBIT

										Q4 2016		21		15

										Q1 2017		17		12

										Q2 2017		22		15

										Q3 2017		30		19

										Q4 2017		41		22

		2017		2016

	2016					2017					2016		2017

YoY Growth			Q3		Q4		Q1	Q2	Q3	Q4			Gross Profit EBIT		YTD		YTD

Volume (market estimated)			2		8		6	10	10	11		m5		Gross Profit		5952		6394	7		r5 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Gross profit (value_1 q_act_jan)13User Value 6394449 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Gross profit (value_1 q_prior_jan)13User Value 5951870 Mio

Volume (Panalpina)			10		14		8	7	9	8		m6		EBIT (adjusted PY)		935		1103	18		r6 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row EBIT reported (value_1 q_act_jan)13User Value 1103462 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row EBIT adjusted (value_1 q_prior_jan)13User Value 934506 Mio

GPton			-7		-14		-10	-10	-1	19		m7		EBITGP ()		157		173		r7 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row in of gross profit (value_1 q_act_jan)13User Value 01726 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row in of gross profit (value_1 q_prior_jan)13User Value 01570 Mio

Gross Profit			2		-2		-3	-4	8	29		m8		Volumes (tons 000)		9214		9959	8		r8 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Air Freight volumes (000 tons) (value_1 q_act_jan)13User Value 9959000 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Air Freight volumes (000 tons) (value_1 q_prior_jan)13User Value 9214480 Mio

	2016					2017

YoY Growth		Q1		Q2	Q3		Q4	Q1

Volume (market)		-4		-2	2		8	6

Volume (Panalpina)		5		11	10		14	8

GPton		-5		-4	-7		-14	-10

GPton		0		7	2		-2	-3

	2016		2017

Gross Profit EBIT		Q1		Q1

Gross Profit		1486		1447

EBIT		178		171

EBITGP ()		120		118

Q4	2017	2016

			Data for Charts

Gross profit				Gross profit (YTDQ4 in CHFmillion)

Q4	13978	14246		r4 PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Gross profit gtgt (ltlt value_1 gtgt q_act_jan)13User Value 1397792936 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Gross profit gtgt (ltlt value_1 gtgt q_prior_jan)13User Value 1424631332 Tsd			2016 reported		10917		3329

Q4 alone	3730	3329		r5 PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Regions quater and year to date13Row ltlt Gross profit gtgt (ltlt value_7 gtgt q_act)13User Value 37303 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Regions quater and year to date13Row ltlt Gross profit gtgt (ltlt value_7 gtgt q_prior)13User Value 33294 Tsd			2017 reported		10248		3730		-19

Q3 YTD alone	10248	10917		s6			2017 FX normalized		10283		3663		-21

				13986

EBIT				EBIT

Q4	1033	1099		r8 PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act_jan)13User Value 103321128 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_4 gtgt q_prior_jan)13User Value 10991 Tsd			2016 adjusted		936		163

Q4 alone	313	163		r10 PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Regions quater and year to date13Row ltlt Operating result (Segment EBIT) gtgt (ltlt value_7 gtgt q_act)13User Value 3127 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Regions quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_7 gtgt q_prior)13User Value 1627 Tsd			2017 reported		721		313		-60

Q3 YTD alone	721	936		s11			2017 FX normalized		750		310		-36

				1033


Profit				Profit

Q4	575	523		r12 PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Profit gtgt (ltlt value_1 gtgt q_act_jan)13User Value 57459528 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Profit gtgt (ltlt value_4 gtgt q_prior_jan)13User Value 5229 Tsd			2016 reported		465		58

Q4 alone	91	58		s15 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Profit gtgt (ltlt 2017 gtgt q_act)13User Value 18461169 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement131324623919 Tsd - ltlt Profit gtgt (ltlt 2017 gtgt q_prior)130000000 Tsd - ltlt Restructuring expenses gtgt (ltlt 2017 gtgt q_prior)13---------------------1324623919 Tsd (Total)		PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Gross profit gtgt (ltlt value_1 gtgt q_act_jan)13User Value 1397792936 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Gross profit gtgt (ltlt value_1 gtgt q_prior_jan)13User Value 1424631332 Tsd		PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Regions quater and year to date13Row ltlt Gross profit gtgt (ltlt value_7 gtgt q_act)13User Value 37303 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Regions quater and year to date13Row ltlt Gross profit gtgt (ltlt value_7 gtgt q_prior)13User Value 33294 Tsd		PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act_jan)13User Value 103321128 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_4 gtgt q_prior_jan)13User Value 10991 Tsd		PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Regions quater and year to date13Row ltlt Operating result (Segment EBIT) gtgt (ltlt value_7 gtgt q_act)13User Value 3127 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Regions quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_7 gtgt q_prior)13User Value 1627 Tsd		2017 reported	484	91	99

Q3 YTD alone	484	465		m16			2017 FX normalized		505		95		147

				575


			FY 2017 FX adjusted		GP		13946

				EBIT		1060

				Profit		600

	2016					2017

YoY Growth		Q1		Q2	Q3		Q4	Q1

Volume (market)		-4		-2	2		8	6

Volume (Panalpina)		5		11	10		14	8

GPton		-5		-4	-7		-14	-10

GPton		0		7	2		-2	-3

	2016		2017

Gross Profit EBIT		Q1		Q1

Gross Profit		1486		1447

EBIT		178		171

EBITGP ()		120		118

Q4	2017	2016

			Data for Charts

Gross profit				Gross profit (YTDQ4 in CHFmillion)

Q4	13978	14246		r4 PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Gross profit gtgt (ltlt value_1 gtgt q_act_jan)13User Value 1397792936 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Gross profit gtgt (ltlt value_1 gtgt q_prior_jan)13User Value 1424631332 Tsd			2016 reported		10917		3329

Q4 alone	3730	3329		r5 PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Regions quater and year to date13Row ltlt Gross profit gtgt (ltlt value_7 gtgt q_act)13User Value 37303 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Regions quater and year to date13Row ltlt Gross profit gtgt (ltlt value_7 gtgt q_prior)13User Value 33294 Tsd			2017 reported		10248		3730		-19

Q3 YTD alone	10248	10917		s6			2017 FX normalized		10283		3663		-21

				13986

EBIT				EBIT

Q4	1033	1099		r8 PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act_jan)13User Value 103321128 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_4 gtgt q_prior_jan)13User Value 10991 Tsd			2016 adjusted		936		163

Q4 alone	313	163		r10 PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Regions quater and year to date13Row ltlt Operating result (Segment EBIT) gtgt (ltlt value_7 gtgt q_act)13User Value 3127 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Regions quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_7 gtgt q_prior)13User Value 1627 Tsd			2017 reported		721		313		-60

Q3 YTD alone	721	936		s11			2017 FX normalized		750		310		-36

				1033


Profit				Profit

Q4	575	523		r12 PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Profit gtgt (ltlt value_1 gtgt q_act_jan)13User Value 57459528 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Profit gtgt (ltlt value_4 gtgt q_prior_jan)13User Value 5229 Tsd			2016 reported		465		58

Q4 alone	91	58		s15 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Profit gtgt (ltlt 2017 gtgt q_act)13User Value 18461169 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement131324623919 Tsd - ltlt Profit gtgt (ltlt 2017 gtgt q_prior)130000000 Tsd - ltlt Restructuring expenses gtgt (ltlt 2017 gtgt q_prior)13---------------------1324623919 Tsd (Total)		PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Gross profit gtgt (ltlt value_1 gtgt q_act_jan)13User Value 1397792936 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Gross profit gtgt (ltlt value_1 gtgt q_prior_jan)13User Value 1424631332 Tsd		PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Regions quater and year to date13Row ltlt Gross profit gtgt (ltlt value_7 gtgt q_act)13User Value 37303 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Regions quater and year to date13Row ltlt Gross profit gtgt (ltlt value_7 gtgt q_prior)13User Value 33294 Tsd		PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act_jan)13User Value 103321128 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_4 gtgt q_prior_jan)13User Value 10991 Tsd		PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Regions quater and year to date13Row ltlt Operating result (Segment EBIT) gtgt (ltlt value_7 gtgt q_act)13User Value 3127 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Regions quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_7 gtgt q_prior)13User Value 1627 Tsd		2017 reported	484	91	99

Q3 YTD alone	484	465		m16			2017 FX normalized		505		95		147

				575


			FY 2017 FX adjusted		GP		13946

				EBIT		1060

				Profit		600

	2016					2017

YoY Growth		Q1		Q2	Q3		Q4	Q1

Volume (market)		-4		-2	2		8	6

Volume (Panalpina)		5		11	10		14	8

GPton		-5		-4	-7		-14	-10

GPton		0		7	2		-2	-3

	2016		2017

Gross Profit EBIT		Q1		Q1

Gross Profit		1486		1447

EBIT		178		171

EBITGP ()		120		118

Q4	2017	2016

			Data for Charts

Gross profit				Gross profit (YTDQ4 in CHFmillion)

Q4	13978	14246		r4 PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Gross profit gtgt (ltlt value_1 gtgt q_act_jan)13User Value 1397792936 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Gross profit gtgt (ltlt value_1 gtgt q_prior_jan)13User Value 1424631332 Tsd			2016 reported		10917		3329

Q4 alone	3730	3329		r5 PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Regions quater and year to date13Row ltlt Gross profit gtgt (ltlt value_7 gtgt q_act)13User Value 37303 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Regions quater and year to date13Row ltlt Gross profit gtgt (ltlt value_7 gtgt q_prior)13User Value 33294 Tsd			2017 reported		10248		3730		-19

Q3 YTD alone	10248	10917		s6			2017 FX normalized		10283		3663		-21

				13986

EBIT				EBIT

Q4	1033	1099		r8 PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act_jan)13User Value 103321128 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_4 gtgt q_prior_jan)13User Value 10991 Tsd			2016 adjusted		936		163

Q4 alone	313	163		r10 PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Regions quater and year to date13Row ltlt Operating result (Segment EBIT) gtgt (ltlt value_7 gtgt q_act)13User Value 3127 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Regions quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_7 gtgt q_prior)13User Value 1627 Tsd			2017 reported		721		313		-60

Q3 YTD alone	721	936		s11			2017 FX normalized		750		310		-36

				1033


Profit				Profit

Q4	575	523		r12 PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Profit gtgt (ltlt value_1 gtgt q_act_jan)13User Value 57459528 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Profit gtgt (ltlt value_4 gtgt q_prior_jan)13User Value 5229 Tsd			2016 reported		465		58

Q4 alone	91	58		s15 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Profit gtgt (ltlt 2017 gtgt q_act)13User Value 18461169 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement131324623919 Tsd - ltlt Profit gtgt (ltlt 2017 gtgt q_prior)130000000 Tsd - ltlt Restructuring expenses gtgt (ltlt 2017 gtgt q_prior)13---------------------1324623919 Tsd (Total)		PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Gross profit gtgt (ltlt value_1 gtgt q_act_jan)13User Value 1397792936 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Gross profit gtgt (ltlt value_1 gtgt q_prior_jan)13User Value 1424631332 Tsd		PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Regions quater and year to date13Row ltlt Gross profit gtgt (ltlt value_7 gtgt q_act)13User Value 37303 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Regions quater and year to date13Row ltlt Gross profit gtgt (ltlt value_7 gtgt q_prior)13User Value 33294 Tsd		PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act_jan)13User Value 103321128 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_4 gtgt q_prior_jan)13User Value 10991 Tsd		PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Regions quater and year to date13Row ltlt Operating result (Segment EBIT) gtgt (ltlt value_7 gtgt q_act)13User Value 3127 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_1_PQPRIORJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Regions quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_7 gtgt q_prior)13User Value 1627 Tsd		2017 reported	484	91	99

Q3 YTD alone	484	465		m16			2017 FX normalized		505		95		147

				575


			FY 2017 FX adjusted		GP		13946

				EBIT		1060

				Profit		600

Page 5: Full-year results 2017 - panalpina.com · GP/ton -14% -10% -10% ... of an offer to purchase any shares andneither it nor any part of it shall form the basis ... % 24.2% 60.1% 35.9%

2016 2017

252

233 240249

274

562

620 625648 670

Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017

TONNAGE GPTON

21 17 22 30 41

147118

147

188

223

Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017

SNVeryHiddenParameterSheet

Table

Charts

TONNAGE GPTON

Tons (000)

562620625143000000000036483289999999999566974680000000001

EBIT (adjusted PY)

147118146499999999999991879000000000000322326599999999999

SNVeryHiddenParameterSheet

Table

Charts

TONNAGE GPTON

Tons (000)

562620625143000000000036483289999999999566974680000000001

EBIT (adjusted PY)

147118146499999999999991879000000000000322326599999999999

Chart1

TONNAGE GPTON

Tons (000)

562620625143000000000036483289999999999566974680000000001

SNVeryHiddenParameterSheet

Table

Charts

TONNAGE GPTON

Tons (000)

562620625143000000000036483289999999999566974680000000001

EBIT (adjusted PY)

147118146499999999999991879000000000000322326599999999999

Chart1

EBIT (adjusted PY)

147118146499999999999991879000000000000322326599999999999

SNVeryHiddenParameterSheet

Table

Charts

TONNAGE GPTON

Tons (000)

562620625143000000000036483289999999999566974680000000001

EBIT (adjusted PY)

147118146499999999999991879000000000000322326599999999999

2016 2017

389 374 383 386 378

254

282 285 282275

Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017

TEU GPTEU

-51 -32 06 -29 -96

-51

-30

05

-27

-92

Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017

SNVeryHiddenParameterSheet

Sheet1

charts

TEU GPTEU

TEU (in 000)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017254282284946000000000032820749999999999927480720000000002

EBIT (adjusted PY)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017-50999999999999996-29871099999999999053228355696699203-271-92169000000000008

SNVeryHiddenParameterSheet

Sheet1

charts

TEU GPTEU

TEU (in 000)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017254282284946000000000032820749999999999927480720000000002

EBIT (adjusted PY)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017-50999999999999996-29871099999999999053228355696699203-271-92169000000000008

Chart1

TEU GPTEU

TEU (in 000)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017254282284946000000000032820749999999999927480720000000002

SNVeryHiddenParameterSheet

Sheet1

charts

TEU GPTEU

TEU (in 000)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017254282284946000000000032820749999999999927480720000000002

EBIT (adjusted PY)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017-50999999999999996-29871099999999999053228355696699203-271-92169000000000008

Chart1

EBIT (adjusted PY)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017-50999999999999996-29871099999999999053228355696699203-271-92169000000000008

SNVeryHiddenParameterSheet

Sheet1

charts

TEU GPTEU

TEU (in 000)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017254282284946000000000032820749999999999927480720000000002

EBIT (adjusted PY)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017-50999999999999996-29871099999999999053228355696699203-271-92169000000000008

Gross Profit -11 -16 -19 -14 -7

201792

83 81 8186

Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017

GROSS PROFIT

05

24

3127

-01

Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017

EBIT (ADJUSTED PY)

SNVeryHiddenParameterSheet

Table

charts

GROSS PROFIT

Q4 2016Q1 2017Q2 2017Q3 2017Q4 201792825813481488576

EBIT (ADJUSTED PY)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017052430608271-008

SNVeryHiddenParameterSheet

Table

charts

GROSS PROFIT

Q4 2016Q1 2017Q2 2017Q3 2017Q4 201792825813481488576

EBIT (ADJUSTED PY)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017052430608271-008

Chart1

GROSS PROFIT

Q4 2016Q1 2017Q2 2017Q3 2017Q4 201792825813481488576

SNVeryHiddenParameterSheet

Table

charts

GROSS PROFIT

Q4 2016Q1 2017Q2 2017Q3 2017Q4 201792825813481488576

EBIT (ADJUSTED PY)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017052430608271-008

Chart1

EBIT (ADJUSTED PY)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017052430608271-008

SNVeryHiddenParameterSheet

Table

charts

GROSS PROFIT

Q4 2016Q1 2017Q2 2017Q3 2017Q4 201792825813481488576

EBIT (ADJUSTED PY)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017052430608271-008

IFRS CHANGES 2018

in CHF million

OUTLOOK Market

minus AirOcean 3-4

Panalpina

APRIL 19 2018

MAY 8 2018

NEXT EVENTS

DISCLAIMER

APPENDIX

SNVeryHiddenParameterSheet

PAN_ISpQ_Group

image1png

SNVeryHiddenParameterSheet

PAN_ISpQ_AirFreight

image1png

SNVeryHiddenParameterSheet

PAN_ISpQ_OceanFreight

image1png

EBIT reported 18 (15) 09 05 18 24 31 27 (01) 81

SNVeryHiddenParameterSheet

PAN_ISpQ_Logistics

image1png

BALANCE SHEET

SNVeryHiddenParameterSheet

PAN_BalanceSheet

image1png

CASH FLOW

SNVeryHiddenParameterSheet

Tabele PAN_Cashflow

Slide Number 2
IFRS changes 2018
Next EVENTs
Disclaimer
Appendix
Balance sheet
Cash flow

	31-Dec-16		31-Dec-17		Change in

Cash flow before changes in working capital		1313		1536				r2 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Subtotal cash flow from operations gtgt (ltlt 2017 gtgt q_act_jan)13User Value 15298 Tsd			PY IS MANUAL

Changes in working capital		188		(480)				r3 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows131313267 Tsd - ltlt Increase (decrease) payables and accruals incl accrued cost of service gtgt (ltlt 2017 gtgt q_act_jan)13-695 Tsd - ltlt (Decrease) increase non-current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13256 Tsd - ltlt (Decrease) increase current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13-17508 Tsd - ltlt (Increase) decrease receivables other current assets and unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-4680 Tsd (Total)

Cash from operations		1501		1056				r4 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash generated from operations gtgt (ltlt 2017 gtgt q_act_jan)13User Value 10618 Tsd


Interest and income taxes paid		(394)		(383)				r6 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows1313-3709 Tsd - ltlt Income taxes paid gtgt (ltlt 2017 gtgt q_act_jan)13-122 Tsd - ltlt Interest paid gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-3831 Tsd (Total)

Net cash from operating activities		1107		673		-39			r7 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash from operating activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 6787 Tsd


Net cash from investing activities		(241)		(681)		183			r9 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in investing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -6870 Tsd


Free cash flow		866		(08)		-101			r11 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Free cash flow gtgt (ltlt 2017 gtgt q_act_jan)13User Value -083 Tsd


Net cash used in financing activities		(887)		(882)		-1			r13 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in financing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8818 Tsd


Net increase (decrease) in cash and cash equivalents		(21)		(890)				r15 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net increase (decrease) in cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8901 Tsd

Cash and cash equivalents at beginning of period		3923		3888				r16 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the beginning of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 38878 Tsd

Effect of exchange rate changes		(14)		111				r17 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Effect of exchange rate changes on cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 1108 Tsd

Cash and cash equivalents at end of period		3888		3109				r18 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the end of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd


Reported cash and cash equivalents at 31122016			3888				r21 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the beginning of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 38878 Tsd			Reported cash and cash equivalents at 31122016			3888

Profit YTD 122017			5746				r19 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Profit gtgt (ltlt 2017 gtgt q_act_jan)13User Value 5746 Tsd			Profit YTD 122017		3888		575

Other non-cash items (eg DampA)			9613				r23 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13132129 Tsd - ltlt Depreciation of property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)132157 Tsd - ltlt Amortization of intangible assets gtgt (ltlt 2017 gtgt q_act_jan)13-224 Tsd - ltlt Interest income and dividend on available-for-sale financial assets gtgt (ltlt 2017 gtgt q_act_jan)13-062 Tsd - ltlt Exchange differences gtgt (ltlt 2017 gtgt q_act_jan)13-033 Tsd - ltlt Loss (gain) on sales of property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)13000 Tsd - ltlt Gain on sales of financial assets gtgt (ltlt 2017 gtgt q_act_jan)13612 Tsd - ltlt Expenses for share-based compensation plans gtgt (ltlt 2017 gtgt q_act_jan)13564 Tsd - ltlt Other non-cash (income) and expenses gtgt (ltlt 2017 gtgt q_act_jan)134408 Tsd - ltlt Income tax expenses gtgt (ltlt 2017 gtgt q_act_jan)13---------------------139552 Tsd (Total)			Other non-cash items (eg DampA)		4462		961

Changes in working capital			-4798				r24 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows131313267 Tsd - ltlt Increase (decrease) payables and accruals incl accrued cost of service gtgt (ltlt 2017 gtgt q_act_jan)13-695 Tsd - ltlt (Decrease) increase non-current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13256 Tsd - ltlt (Decrease) increase current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13-17508 Tsd - ltlt (Increase) decrease receivables other current assets and unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-4680 Tsd (Total)			Changes in working capital		4944		480	neg

Interest and income taxes paid			-3831				r25 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows1313-3709 Tsd - ltlt Income taxes paid gtgt (ltlt 2017 gtgt q_act_jan)13-122 Tsd - ltlt Interest paid gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-3831 Tsd (Total)			Interest and income taxes paid		4561		383	neg

Net cash from investing activities			-6813				r26 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in investing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -6870 Tsd			Net cash from investing activities		3879		681	neg

Financing activitiesdividend			-8818				r27 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in financing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8818 Tsd			Financing activitiesdividend		2998		882	neg

Effect of exchange rate changes			1108				r28 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Effect of exchange rate changes on cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 1108 Tsd			Effect of exchange rate changes		2998		111

Reported cash and cash equivalents at 31122017			31085				r29 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the end of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd		PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Subtotal cash flow from operations gtgt (ltlt 2017 gtgt q_act_jan)13User Value 15298 Tsd		PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows131313267 Tsd - ltlt Increase (decrease) payables and accruals incl accrued cost of service gtgt (ltlt 2017 gtgt q_act_jan)13-695 Tsd - ltlt (Decrease) increase non-current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13256 Tsd - ltlt (Decrease) increase current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13-17508 Tsd - ltlt (Increase) decrease receivables other current assets and unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-4680 Tsd (Total)	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash generated from operations gtgt (ltlt 2017 gtgt q_act_jan)13User Value 10618 Tsd		PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows1313-3709 Tsd - ltlt Income taxes paid gtgt (ltlt 2017 gtgt q_act_jan)13-122 Tsd - ltlt Interest paid gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-3831 Tsd (Total)	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash from operating activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 6787 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in investing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -6870 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Free cash flow gtgt (ltlt 2017 gtgt q_act_jan)13User Value -083 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in financing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8818 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net increase (decrease) in cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8901 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the beginning of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 38878 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Effect of exchange rate changes on cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 1108 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the end of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the beginning of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 38878 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Profit gtgt (ltlt 2017 gtgt q_act_jan)13User Value 5746 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13132129 Tsd - ltlt Depreciation of property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)132157 Tsd - ltlt Amortization of intangible assets gtgt (ltlt 2017 gtgt q_act_jan)13-224 Tsd - ltlt Interest income and dividend on available-for-sale financial assets gtgt (ltlt 2017 gtgt q_act_jan)13-062 Tsd - ltlt Exchange differences gtgt (ltlt 2017 gtgt q_act_jan)13-033 Tsd - ltlt Loss (gain) on sales of property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)13000 Tsd - ltlt Gain on sales of financial assets gtgt (ltlt 2017 gtgt q_act_jan)13612 Tsd - ltlt Expenses for share-based compensation plans gtgt (ltlt 2017 gtgt q_act_jan)13564 Tsd - ltlt Other non-cash (income) and expenses gtgt (ltlt 2017 gtgt q_act_jan)134408 Tsd - ltlt Income tax expenses gtgt (ltlt 2017 gtgt q_act_jan)13---------------------139552 Tsd (Total)	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows131313267 Tsd - ltlt Increase (decrease) payables and accruals incl accrued cost of service gtgt (ltlt 2017 gtgt q_act_jan)13-695 Tsd - ltlt (Decrease) increase non-current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13256 Tsd - ltlt (Decrease) increase current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13-17508 Tsd - ltlt (Increase) decrease receivables other current assets and unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-4680 Tsd (Total)	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows1313-3709 Tsd - ltlt Income taxes paid gtgt (ltlt 2017 gtgt q_act_jan)13-122 Tsd - ltlt Interest paid gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-3831 Tsd (Total)	Reported cash and cash equivalents at 31122017	3109	3888

													484

													591

													(479)

													(331)

													(406)

													(882)

													93

													2946

	31-Dec-16		31-Dec-17		Change in

				CHF

Cash and cash equivalents		3888		3109		(779)		-20			r3 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd		3888	3999		111		3

Trade receivables unbilled forwarding services		9087		10970		1883		21			r4 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Trade receivables unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13User Value 109701 Tsd		9087	8693		-394		-4

Other current assets		1025		1322		297		29			r5 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other current assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 13217 Tsd		1025	1335		31		30

Property plant and equipment		635		967		332		52			r6 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)13User Value 9673 Tsd		635	651		16		3

Intangible assets		979		885		(95)		-10			r7 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Intangible assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 8845 Tsd		979	926		-53		-5

Other non-current assets		990		1138		148		15			r8 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other non-current assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 11382 Tsd		99	1073		83		8

Total assets		16606		18390		1784		11			r9 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 183903 Tsd		166060	166780		72		0

											0

Short-term borrowings		23		26		03		15			r11 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Short-term borrowings gtgt (ltlt 2017 gtgt q_act_jan)13User Value 262 Tsd		23	05		-18		-78

Trade payables accured cost of services		6524		7967		1443		22			r12 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Trade payables accured cost of services gtgt (ltlt 2017 gtgt q_act_jan)13User Value 79665 Tsd		6524	620		-324		-5

Other current liabilities		2439		2676		237		10			r13 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other current liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 26763 Tsd		2439	2592		153		6

Long-Term borrowings		00		32		32		na			r20 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Long-term borrowings gtgt (ltlt 2017 gtgt q_act_jan)13User Value 324 Tsd		0	12		12		na

Other long-term liabilities		1449		1546		97		7			r21 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other long-term liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 15459 Tsd		1449	1479		3		2

Total liabilities		10436		12247		1811		17			r14 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 122473 Tsd		104360	102880		-148		-1

Share capital		24		24		(00)		-1			r15 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Share capital gtgt (ltlt 2017 gtgt q_act_jan)13User Value 238 Tsd		24	24		0		0

Reserves treasury shares		6057		6056		(01)		-0			r16 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Reserves treasury shares gtgt (ltlt 2017 gtgt q_act_jan)13User Value 60534 Tsd		6057	6285		228		4

Non-controlling interests		89		63		(26)		-29			r17 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Non-controlling interests gtgt (ltlt 2017 gtgt q_act_jan)13User Value 659 Tsd		89	81		-08		-9

Total equity		6170		6143		(27)		-0			r18 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total equity gtgt (ltlt 2017 gtgt q_act_jan)13User Value 61430 Tsd		617	639		22		4

Total equity and liabilities		16606		18390		1784		11			r19 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total equity and liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 183903 Tsd		166060	166780		72		0

KPIs		31-Dec-16		31-Dec-17


Equity Ratio		372		334					s20 PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document Q2_2017_Quarter_Report13Chapter Consolidated Statement of Financial Position13Row ltlt Total equity and liabilities gtgt (ltlt June 30 2017 gtgt q_act_jan)13User Value 153472 Tsd

							PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Trade receivables unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13User Value 109701 Tsd		PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other current assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 13217 Tsd		PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)13User Value 9673 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Intangible assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 8845 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other non-current assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 11382 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 183903 Tsd		PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Short-term borrowings gtgt (ltlt 2017 gtgt q_act_jan)13User Value 262 Tsd		PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Trade payables accured cost of services gtgt (ltlt 2017 gtgt q_act_jan)13User Value 79665 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other current liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 26763 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Long-term borrowings gtgt (ltlt 2017 gtgt q_act_jan)13User Value 324 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other long-term liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 15459 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 122473 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Share capital gtgt (ltlt 2017 gtgt q_act_jan)13User Value 238 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Reserves treasury shares gtgt (ltlt 2017 gtgt q_act_jan)13User Value 60534 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Non-controlling interests gtgt (ltlt 2017 gtgt q_act_jan)13User Value 659 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total equity gtgt (ltlt 2017 gtgt q_act_jan)13User Value 61430 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total equity and liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 183903 Tsd	NWC-Intensity	18	15	mf24	Enterred by HPI on 14012018

DSO 3-m-rolling YTD		455		474					m22		Enterred by HPI on 14012018

DPO 3-m-rolling YTD		407		412					m23		Enterred by HPI on 14012018

2017	2016

																						Check

Logistics	Q1 2016	Q2 2016	HY 2016		Q3 2016		Q3YTD 2016		Q4 2016		FY 2016		Q1 2017		Q2 2017			HY 2017		Q3 2017			Q3YTD 2017		Q4 2017		FY 2017								CY

Net forwarding revenue	1402	1613	3015		1374		4389		1321		5709		1286		1377			2663		1394			4057		1330		5387			m4		m4		s4 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_3 gtgt q_act)13User Value 14141 Tsd	r4 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_3 gtgt q_act_jan)13User Value 53871 Tsd	00

Forwarding expenses	(420)	(607)	(1027)		(429)		(1456)		(397)		(1853)		(460)		(564)			(1024)		(580)			(1604)		(472)		(2076)			m5		m5		s5 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_3 gtgt q_act)13User Value -5564 Tsd	r5 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_3 gtgt q_act_jan)13User Value -20758 Tsd	00

Gross profit	982	1006	1989		944		2933		924		3857		825		813			1639		815			2454		858		3311			m6		m6		s6 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_3 gtgt q_act)13User Value 8576 Tsd	r6 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_3 gtgt q_act_jan)13User Value 33114 Tsd	00

Personnel expenses	(574)	(591)	(1166)		(528)		(1694)		(519)		(2213)		(479)		(461)			(940)		(469)			(1409)		(507)		(1916)			m7		m7		s7 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_3 gtgt q_act)13User Value -4045 Tsd	r7 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_3 gtgt q_act_jan)13User Value -19163 Tsd	00

Other operating expenses	(360)	(363)	(723)		(378)		(1102)		(367)		(1469)		(298)		(298)			(596)		(298)			(894)		(329)		(1223)			m8		m8		s8 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_3 gtgt q_act)13User Value -4415 Tsd	r8 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_3 gtgt q_act_jan)13User Value -12227 Tsd	00

EBITDA adjusted	48	52	100		38		138		37		175		48		54			103		48			151		22		172			m9		m9		s9 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_3 gtgt q_act)13User Value -479 Tsd	r9 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_3 gtgt q_act_jan)13User Value 1724 Tsd	00

Depreciation and amortization	(29)	(29)	(58)		(29)		(88)		(32)		(119)		(25)		(24)			(48)		(21)			(69)		(23)		(92)			m10		m10		s10 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_3 gtgt q_act)13User Value -125 Tsd	r10 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_3 gtgt q_act_jan)13User Value -918 Tsd	00

EBIT adjusted	18	23	41		09		50		05		56		24		31			54		27			81		(01)		81			m11		m11		s11 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act)13User Value -008 Tsd	r11 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act_jan)13User Value 807 Tsd	00

Non-recurring items

Restructuring expenses	00	(38)	(38)		00		(38)		00		(38)		00		00			00		00			00		00		00			m13		m13		s13	m13	00


EBIT reported	18	(15)	03		09		12		05		18		24		31			54		27			81		(01)		81			m15		m15		s15 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act)13User Value -008 Tsd	r15 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act_jan)13User Value 807 Tsd


GP Change YoY										-19		-18		-14		-16		-7		-14					s16	s16


															453

						10										15

GP control	000	000		000				000		(012)		(000)		000				000			000			000		s30		s30		s30		s30

EBITDA control	000	000		(000)				010		(002)		000		(000)				000			(000)			000		s31		s31		s31		s31

EBIT control	010	000		000				000		005		000		(000)			ERRORREF		000			000			000		s32		s32		s32		s32

2017	2016


Ocean Freight	Q1 2016	Q2 2016	HY 2016		Q3 2016	Q3YTD 2016			Q4 2016			FY 2016			Q1 2017			Q2 2017			HY 2017		Q3 2017			Q3YTD 2017		Q4 2017			FY 2017

Net forwarding revenue	5338	4921	10259		4955	15214			4770			19984			4915			5172			10087		5551			15637		5105			20743			m4		m4		s4 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_2 gtgt q_act)13User Value 55506 Tsd	r4 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_2 gtgt q_act_jan)13User Value 207428 Tsd	00	00	00	00

Forwarding expenses	(4157)	(3773)	(7930)		(3834)	(11764)			(3783)			(15547)			(3860)			(4081)			(7941)		(4463)			(12404)		(4067)			(16471)			m5		m5		s5 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_2 gtgt q_act)13User Value -44629 Tsd	r5 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_2 gtgt q_act_jan)13User Value -164707 Tsd	-00	00	00	00

Gross profit	1181	1148	2329		1121	3450			987			4438			1055			1091			2146		1088			3234		1038			4272			m6		m6		s6 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_2 gtgt q_act)13User Value 10877 Tsd	r6 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_2 gtgt q_act_jan)13User Value 42721 Tsd	00	00	00	00

Personnel expenses	(791)	(752)	(1543)		(755)	(2298)			(721)			(3019)			(779)			(784)			(1564)		(788)			(2352)		(837)			(3189)			m7		m7		s7 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_2 gtgt q_act)13User Value -7884 Tsd	r7 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_2 gtgt q_act_jan)13User Value -31889 Tsd	00	00	(00)	00

Other operating expenses	(305)	(288)	(594)		(274)	(868)			(275)			(1144)			(271)			(265)			(536)		(290)			(827)		(257)			(1083)			m8		m8		s8 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_2 gtgt q_act)13User Value -2905 Tsd	r8 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_2 gtgt q_act_jan)13User Value -10833 Tsd	00	(01)	(01)	00

EBITDA adjusted	84	108	192		92	284			(09)			275			05			41			46		09			55		(55)			(00)			m9		m9		s9 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_2 gtgt q_act)13User Value 089 Tsd	r9 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_2 gtgt q_act_jan)13User Value -001 Tsd	00	00	00	00

Depreciation and amortization	(41)	(42)	(83)		(41)	(124)			(42)			(166)			(36)			(36)			(72)		(38)			(110)		(41)			(151)			m10		m10		s10 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_2 gtgt q_act)13User Value -384 Tsd	r10 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_2 gtgt q_act_jan)13User Value -1508 Tsd	-00	00	00	00

EBIT adjusted	43	66	109		51	160			(51)			109			(32)			06			(26)		(29)			(55)		(96)			(151)			m11		m11		s11 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_2 gtgt q_act)13User Value -295 Tsd	r11 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_2 gtgt q_act_jan)13User Value -1509 Tsd	-00	00	00	00

in of gross profit	37	58	47		45	46			-51			25			-30			05			-12		-27			-17		-92			-35			m12		m12		s12	s12

Non-recurring items																									00		00		00			00

Restructuring expenses	00	(97)	(97)		0	(97)			(19)			(115)			00			00			00		00			00		00			00			m14		m14		s14	m14	00	00	01	00


EBIT reported	43	(30)	13		51	63			(69)			(06)			(32)			06			(26)		(29)			(55)		(96)			(151)			m16		m16		s16 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_2 gtgt q_act)13User Value -295 Tsd	r16 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_2 gtgt q_act_jan)13User Value -1509 Tsd	-00	00	(00)	00

in of gross profit	37	-26	05		45	18			-70			-01			-30			05			-12		-27			-17		-92			-35			m17		m17		s17	s17


Ocean Freight volumes (000 TEUs)	3482	3726	7208		3787	10995			3890			14885			3742			3828			7570		3856			11426		3779			15205			m19		m19		m19	m19	00	00	(00)	00

change YoY	-100	-82	-91		-88	-90			08			-66			75			27			50		18			39		-28			22			m20		m20		s20	s20

GPTEU (CHF)	339	308	323		296	314			254			298			282			285			283		282			283		275			281			m21		m21		m21	s21

change YoY	102	59	80		-16	47			-176			-11			-169			-75			-122		-47			-98		83			-58			m22		m22		s22	s22


GP change YoY								-11			-5			-8			-3			-6		519		-373					s23		s23


							-00298711145			00053228356					-00271124048				-00921686544

GP control	000	000		(000)			000			000			000			000					000			(000)			000			s30		s30		s30		s30

EBITDA control	010	000		000			000			(000)			(000)			(000)					000			000			(000)			s31		s31		s31		s31

EBIT control	000	000		000			000			(000)			(000)			000				000		000			000			(000)			s32		s32		s32		s32

2017	2016

																													Check

Air Freight	Q1 2016	Q2 2016	HY 2016		Q3 2016	Q3YTD 2016			Q4 2016			FY 2016			Q1 2017			Q2 2017		HY 2017			Q3 2017			Q3 YTD 2017			Q4 2017			FY 2017										CY

Net forwarding revenue	6332	6359	12691		6341	19032			7234			26267			6571			7000		13571			7389			20960			8238			29198			m4		m4		s4 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_1 gtgt q_act)13User Value 91229 Tsd		r4 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_1 gtgt q_act_jan)13User Value 291978 Tsd	00	00	(003)	00

Forwarding expenses	(4846)	(4800)	(9646)		(4853)	(14499)			(5816)			(20315)			(5125)			(5500)		(10625)			(5775)			(16400)			(6403)			(22803)			m5		m5		s5 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_1 gtgt q_act)13User Value -72887 Tsd		r5 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_1 gtgt q_act_jan)13User Value -228034 Tsd	00	00	00	00

Gross profit	1486	1559	3045		1489	4534			1418			5952			1447			1500		2946			1614			4560			1834			6394			m6		m6		s6 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_1 gtgt q_act)13User Value 18342 Tsd		r6 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_1 gtgt q_act_jan)13User Value 63944 Tsd	-00	00	00	00

Personnel expenses	(885)	(869)	(1754)		(847)	(2600)			(873)			(3473)			(905)			(916)		(1822)			(928)			(2750)			(1044)			(3793)			m7		m7		s7 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_1 gtgt q_act)13User Value -10893 Tsd		r7 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_1 gtgt q_act_jan)13User Value -37932 Tsd	-00	00	00	00

Other operating expenses	(371)	(359)	(730)		(318)	(1048)			(284)			(1333)			(324)			(317)		(641)			(337)			(978)			(334)			(1312)			m8		m8		s8 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_1 gtgt q_act)13User Value -2799 Tsd		r8 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_1 gtgt q_act_jan)13User Value -13116 Tsd	00	00	(00)	00

EBITDA adjusted	230	331	561		324	885			261			1146			218			266		484			349			833			457			1290			m9		m9		s9 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_1 gtgt q_act)13User Value 4650 Tsd		r9 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_1 gtgt q_act_jan)13User Value 12896 Tsd	00	00	(00)	00

Depreciation and amortization	(52)	(52)	(103)		(55)	(158)			(53)			(211)			(46)			(47)		(93)			(46)			(139)			(47)			(186)			m10		m10		s10 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_1 gtgt q_act)13User Value -558 Tsd		r10 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_1 gtgt q_act_jan)13User Value -1861 Tsd	00	01	01	00

EBIT adjusted	178	279	457		269	726			208			935			171			220		391			303			694			409			1103			m11		m11		s11 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act)13User Value 4092 Tsd		r11 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act_jan)13User Value 11035 Tsd	-00	00	00	00

in of gross profit	120	179	150		181	160			147			157			118			146		133			188			152			223			173			m12		m12		s12 PAC Hamon Pierrick Invalid Reference (value_1_PQACT02) 1313Reference could not be handled13Underlying Formula		s12

Non-recurring items																										00		00		00			00

Restructuring expenses	00	(127)	(127)		00	(127)			00			(127)			00			00		00			00			00			00			00			m14		m14		s14		m14	00	00	00	00


EBIT reported	178	153	331		269	600			208			808			171			220		391			303			694			409			1103			m16		m16		s16 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act)13User Value 4092 Tsd		r16 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act_jan)13User Value 11035 Tsd	-00	00	(00)	00

in of gross profit	120	98	109		181	132			147			136			118			146		133			188			152			223			173			m17		m17		s17		s17


Air Freight volumes (000 tons)	2161	2251	4412		2278	6690			2524			9214			2332			2399		4731			2489			7220			2739			9959			m19		m19		s19		m19	00	00	00	00

change YoY	54	111	82		99	88			141			102			79			66		72			93			79			85			81			m20		m20		s20		s20

GPton (CHF)	688	693	690		653	678			562			646			620			625		623			648			632			670			642			m21		m21		s21		s21

change YoY	-47	-36	-41		-73	-52			-140			-75			-98			-97		-98			-08			-68			192			-06			m22		m22		s22		s22


GP change YoY								-3			-4			-3			8		1			29			7					s23		s23

GP control	000	000		000			000			000			(000)			000				(000)				000		000		000		000			s30		s30		s30		s30

EBITDA control	000	000		000			(000)			000			000			(000)				000				000		(000)		000		000			s31		s31		s31		s31

EBIT control	000	000		000			000			(000)			000			(000)			000		000				000		000		000		(000)			s32		s32		s32		s32

2017		2016

																													Check CY

Group		Q1 2016		Q2 2016			HY 2016		Q3 2016		Q3YTD 2016		Q4 2016		FY 2016		Q1 2017		Q2 2017			HY 2017			Q3 2017			Q3YTD 2017		Q4 2017			FY 2017

Net forwarding revenue		13072		12894			25965		12670		38635		13325		51960		12772		13549			26321			14334			40655		14673			55328		s4 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Net forwarding revenue gtgt (ltlt 2017 gtgt q_act)13User Value 1433411124 Tsd		r4 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Net forwarding revenue gtgt (ltlt value_1 gtgt q_act_jan)13User Value 5532778504 Tsd		m4		m4		00		-01	-01	00

Forwarding expenses		(9423)		(9180)			(18602)		(9116)		(27718)		(9996)		(37714)		(9445)		(10145)			(19590)			(10818)			(30407)		(10942)			(41350)		s5 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Forwarding services from third parties gtgt (ltlt 2017 gtgt q_act)13User Value -1081765298 Tsd		r5 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Forwarding services from third parties gtgt (ltlt value_1 gtgt q_act_jan)13User Value -4134985568 Tsd		m5		m5		00		01	01	00

Gross profit		3649		3714			7363		3554		10917		3329		14246		3327		3404			6731			3516			10248		3730			13978		s6 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Gross profit gtgt (ltlt 2017 gtgt q_act)13User Value 351645826 Tsd		r6 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Gross profit gtgt (ltlt value_1 gtgt q_act_jan)13User Value 1397792936 Tsd		m6		m6		00		00	00	00

Personnel expenses		(2250)		(2213)			(4463)		(2129)		(6592)		(2113)		(8705)		(2164)		(2162)			(4326)			(2186)			(6511)		(2388)			(8898)		s7 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Personnel expenses gtgt (ltlt 2017 gtgt q_act)13User Value -218561825 Tsd		r7 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Personnel expenses gtgt (ltlt value_1 gtgt q_act_jan)13User Value -889847082 Tsd		m7		m7		00		00	00	00

Other operating expenses		(1037)		(1011)			(2047)		(971)		(3018)		(927)		(3945)		(893)		(880)			(1773)			(925)			(2698)		(919)			(3618)		s8 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Other operating expenses gtgt (ltlt 2017 gtgt q_act)13User Value -92494218 Tsd		r8 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Other operating expenses gtgt (ltlt value_1 gtgt q_act_jan)13User Value -361760468 Tsd		m8		m8		00		01	01	00

EBITDA adjusted		362		491			853		454		1307		289		1596		271		362			633			406			1039		423			1462		s9 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt EBITDA gtgt (ltlt 2017 gtgt q_act)13User Value 40589783 Tsd		r9 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt EBITDA gtgt (ltlt value_1 gtgt q_act_jan)13User Value 146185385 Tsd		m9		m9		00		00	00	00

Depreciation of property plant and equip		(62)		(62)			(125)		(62)		(187)		(71)		(258)		(53)		(54)			(107)			(50)			(156)		(56)			(213)		s10 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Depreciation of property plant and equipment gtgt (ltlt 2017 gtgt q_act)13User Value -4981553 Tsd		r10 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Depreciation of property plant and equipment gtgt (ltlt value_1 gtgt q_act_jan)13User Value -21293764 Tsd		m10		m10		-00		-01	-01	00

Amortization of intangible assets		(60)		(60)			(120)		(63)		(183)		(56)		(239)		(54)		(52)			(106)			(55)			(162)		(54)			(216)		s11 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Amortization of intangible assets gtgt (ltlt 2017 gtgt q_act)13User Value -5514918 Tsd		r11 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Amortization of intangible assets gtgt (ltlt value_1 gtgt q_act_jan)13User Value -21570493 Tsd		m11		m11		00		00	00	00

EBIT adjusted		240		368			608		329		936		163		1099		164		256			420			301			721		313			1033		s12 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Operating result (EBIT) gtgt (ltlt 2017 gtgt q_act)13User Value 30093312 Tsd		r12 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act_jan)13User Value 103321128 Tsd		m12		m12		00		00	-01	00

in of gross profit		66		99			83		92		86		49		77		49		75			62			86			70		84			74		s13		s13		m13		m13

Non-recurring items																											00		00		00		00

Restructuring expenses		00		(261)			(261)		00		(261)		(19)		(280)		00		00			00			00			00		00			00		s15 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Restructuring expenses gtgt (ltlt 2017 gtgt q_act)13User Value 0000000 Tsd		r15 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Restructuring expenses gtgt (ltlt value_1 gtgt q_act_jan)13User Value 0000000 Tsd		m15		m15		00		00	00	00


EBIT reported		240		107			347		329		675		144		820		164		256			420			301			721		313			1033		s17		s17		m17		m17		00		00	00	00

in of gross profit		66		29			47		92		62		43		58		49		75			62			86			70		84			74		s18		s18		m18		m18		-01		-00	-02

Financial result		(09)		07			(02)		(04)		(06)		02		(04)		02		01			03			(04)			(02)		(16)			(18)		s19 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13130939883 Tsd - ltlt Finance income gtgt (ltlt 2017 gtgt q_act)13-1343957 Tsd - ltlt Finance costs gtgt (ltlt 2017 gtgt q_act)13---------------------13-0404074 Tsd (Total)		r19 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13132749657 Tsd - ltlt Finance income gtgt (ltlt value_1 gtgt q_act_jan)13-4529105 Tsd - ltlt Finance costs gtgt (ltlt value_1 gtgt q_act_jan)13---------------------13-1779448 Tsd (Total)		m19		m19		00		00	00	00

Earnings before taxes (EBT)		231		114			345		325		670		146		816		165		257			422			297			719		296			1015		s20 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Profit before income tax (EBT) gtgt (ltlt 2017 gtgt q_act)13User Value 29689237 Tsd		r20 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Profit before income tax (EBT) gtgt (ltlt value_1 gtgt q_act_jan)13User Value 101541680 Tsd		m20		m20		00		00	00	00

Income tax expenses		(58)		(69)			(126)		(79)		(205)		(88)		(293)		(42)		(81)			(123)			(112)			(235)		(206)			(441)		s21 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Income tax expenses gtgt (ltlt 2017 gtgt q_act)13User Value -11228068 Tsd		r21 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Income tax expenses gtgt (ltlt value_1 gtgt q_act_jan)13User Value -44082152 Tsd		m21		m21		00		01	01	00

of EBT		250		602			367		242		306		601		359		252		316			291			378			327		694			434		s22		s22		m22		m22

Profit		173		45			218		246		465		58		523		124		176			299			185			484		91			575		s23 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Profit gtgt (ltlt 2017 gtgt q_act)13User Value 18461169 Tsd		r23 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Profit gtgt (ltlt value_1 gtgt q_act_jan)13User Value 57459528 Tsd		m23		m23		00		00	01	00

Earnings per share		075		021			096		106		201		027		229		054		075			129			079			208		040			248		s24 PAC Serova Elena (External) Referenced Value (value_1_PQACTJAN02)1313Document Q2_2017_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Basic gtgt (ltlt 2017 gtgt q_act_jan)13User Value 0000540 Tsd		s24 PAC Serova Elena (External) Referenced Value (value_1_PQACTJAN02)1313Document Q2_2017_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Basic gtgt (ltlt 2017 gtgt q_act_jan)13User Value 0000540 Tsd		m24		m24		00		00	00	00

			0		0				46460419259						0		0		0			0		0			0			m25		m25		l1	l1			00		00

Earnings per share 1000																0000788		0002078		0000788			0002478			rf28 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Basic gtgt (ltlt 2017 gtgt q_act)13User Value 0000788 Tsd		rf28 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Basic gtgt (ltlt value_1 gtgt q_act_jan)13User Value 0002478 Tsd		l2		l2

Total Operating Expenses																(3111)		(9209)		(3307)			(12516)			s25		s25		l3		l3

OOE YoY

	042


GP control		00		00		00		00		00	00	00		00		00		00			00		00		00			00		00		00		(00)		00			s30		s30	s30		s30

EBITDA control		00		(01)		00		00		00	00	00		(00)		00		(00)			00		00		(01)			00		00		(00)		00		(00)			s31		s31	s31		s31

EBIT control		00		01		00		00		00	00	00		(01)		00		00			(00)		00		(00)			00		00		00		00		00			s32		s32	s32		s32

Earnings before taxes (EBT)		00		00		00		00		00	00	00		00		00		00			00		00		01			00		00		(00)		(00)		00			s33		s33	s33		s33

Profit		00		00		00		01		00	00	00		00		00		00			00		00		(00)			(00)		00		00		(00)		00			s34		s34	s34		s34

Air GP																				6394449			l4		r40 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Gross profit (value_1 q_act_jan)13User Value 6394449 Mio		l4		l4

Ocean GP																				4272121			l5		r41 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_act_jan)13User Value 4272121 Mio		l5		l5

Logistics GP																				331136			l6		r42 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row Gross profit (value_1 q_act_jan)13User Value 3311360 Mio		l6		l6

Check																				00			l7		s43		l7		l7

Air EBIT																				1103462			l8		r44 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row EBIT adjusted (value_1 q_act_jan)13User Value 1103462 Mio		l8		l8

Ocean EBIT																				-150917			l9		r45 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_act_jan)13User Value -150917 Mio		l9		l9

Logistics EBIT																				80666			l10		r46 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row EBIT adjusted (value_1 q_act_jan)13User Value 80666 Mio		l10		l10

Check																				00			l11		s47		l11		l11

APAC GP																				34878			l12		r51 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 313 - AC Key figures APAC13Row Gross profit (value_1 q_act_jan)13User Value 34878 Mio		l12		l12

EUROPE GP																				53038			l13		r52 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 314 - AC Key figures Europe13Row Gross profit (value_1 q_act_jan)13User Value 53038 Mio		l13		l13

MEAC GP																				897489			l14		r53 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 315 - AC Key figures MEAC13Row Gross profit (value_1 q_act_jan)13User Value 8974886 Mio		l14		l14

AME GP																				4288802			l15		r54 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 316 - AC Key figures Americas13Row Gross profit (value_1 q_act_jan)13User Value 4288802 Mio		l15		l15

Check																				(00)			l16		s55		l16		l16

APAC EBIT																				7061			l17		r56 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 313 - AC Key figures APAC13Row EBIT (value_1 q_act_jan)13User Value 7061 Mio		l17		l17

EUROPE EBIT																				-122			l18		r57 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 314 - AC Key figures Europe13Row EBIT (value_1 q_act_jan)13User Value -122 Mio		l18		l18

MEAC EBIT																				20871			l19		r58 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 315 - AC Key figures MEAC13Row EBIT reported (value_1 q_act_jan)13User Value 208709 Mio		l19		l19

AME EBIT																				31847			l20		r59 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 316 - AC Key figures Americas13Row EBIT reported (value_1 q_act_jan)13User Value 3184697 Mio		l20		l20

Check																				00			l21		s60		l21		l21

Air NFR																				2919782			l31		r70 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Net forwarding revenue (value_1 q_act_jan)13User Value 29197820 Mio		l31		l31

Ocean NFR																				2074282			l22		r71 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Net forwarding revenue (value_1 q_act_jan)13User Value 20742820 Mio		l22		l22

Logistics NFR																				5387147			l23		r72 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row Net forwarding revenue (value_1 q_act_jan)13User Value 5387147 Mio		l23		l23

Check																				00			l24		s73		l24		l24

APAC NFR																				127363			l25		r75 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 313 - AC Key figures APAC13Row Net forwarding revenue (value_1 q_act_jan)13User Value 127363 Mio		l25		l25

EUROPE NFR																				231796			l26		r76 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 314 - AC Key figures Europe13Row Net forwarding revenue (value_1 q_act_jan)13User Value 231796 Mio		l26		l26

MEAC NFR																				271595			l27		r77 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 315 - AC Key figures MEAC13Row Net forwarding revenue (value_1 q_act_jan)13User Value 27159502 Mio		l27		l27

AME NFR																				16695948			l28		r78 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 316 - AC Key figures Americas13Row Net forwarding revenue (value_1 q_act_jan)13User Value 166959483 Mio		l28		l28

Check																				00			l29		s79		l29		l29

	Q4

GP		Q4 2016		Q1 2017		Q2 2017		Q3 2017		Q4 2017				Gross profit

	92		825		81		81		86			m3		Q4 2016		92

									Q1 2017		83

									Q2 2017		81

									Q3 2017		81

EBIT		05		24		31		27		-01			m7		Q4 2017		86


									EBIT

									Q4 2016		05

									Q1 2017		24

									Q2 2017		31

									Q3 2017		27

									Q4 2017		-01

	2017		2016


				2017						2016		2017

YoY Growth		Q3		Q4	Q1	Q2	Q3		Q4				Gross Profit EBIT		YTD		YTD

Gross Profit		-6		-11	-16	-19	-14		-7		m5			Gross Profit		3857		33114	-14	r5 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_3 gtgt q_act_jan)13User Value 33114 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row Gross profit (value_1 q_prior_jan)13User Value 3857000 Mio

								EBIT (adjusted PY)		56		81		45		rf7 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act_jan)13User Value 807 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_3 gtgt q_prior_jan)13User Value 556 Tsd

								EBIT in of NFR		10		15			s9

								NFR		57094638		53871466			rf8 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_3 gtgt q_act_jan)13User Value 53871 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_3 gtgt q_prior_jan)13User Value 57095 Tsd
PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_3 gtgt q_act_jan)13User Value 33114 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row Gross profit (value_1 q_prior_jan)13User Value 3857000 Mio	PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act_jan)13User Value 807 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_3 gtgt q_prior_jan)13User Value 556 Tsd

	Q4

GP		Q4 2016		Q1 2017		Q2 2017		Q3 2017		Q4 2017				Gross profit

	92		825		81		81		86			m3		Q4 2016		92

									Q1 2017		83

									Q2 2017		81

									Q3 2017		81

EBIT		05		24		31		27		-01			m7		Q4 2017		86


									EBIT

									Q4 2016		05

									Q1 2017		24

									Q2 2017		31

									Q3 2017		27

									Q4 2017		-01

	2017		2016


				2017						2016		2017

YoY Growth		Q3		Q4	Q1	Q2	Q3		Q4				Gross Profit EBIT		YTD		YTD

Gross Profit		-6		-11	-16	-19	-14		-7		m5			Gross Profit		3857		33114	-14	r5 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_3 gtgt q_act_jan)13User Value 33114 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row Gross profit (value_1 q_prior_jan)13User Value 3857000 Mio

								EBIT (adjusted PY)		56		81		45		rf7 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act_jan)13User Value 807 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_3 gtgt q_prior_jan)13User Value 556 Tsd

								EBIT in of NFR		10		15			s9

								NFR		57094638		53871466			rf8 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_3 gtgt q_act_jan)13User Value 53871 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_3 gtgt q_prior_jan)13User Value 57095 Tsd
PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_3 gtgt q_act_jan)13User Value 33114 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row Gross profit (value_1 q_prior_jan)13User Value 3857000 Mio	PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act_jan)13User Value 807 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_3 gtgt q_prior_jan)13User Value 556 Tsd

	Q4

GP		Q4 2016		Q1 2017		Q2 2017		Q3 2017		Q4 2017				Gross profit

	92		825		81		81		86			m3		Q4 2016		92

									Q1 2017		83

									Q2 2017		81

									Q3 2017		81

EBIT		05		24		31		27		-01			m7		Q4 2017		86


									EBIT

									Q4 2016		05

									Q1 2017		24

									Q2 2017		31

									Q3 2017		27

									Q4 2017		-01

	2017		2016


				2017						2016		2017

YoY Growth		Q3		Q4	Q1	Q2	Q3		Q4				Gross Profit EBIT		YTD		YTD

Gross Profit		-6		-11	-16	-19	-14		-7		m5			Gross Profit		3857		33114	-14	r5 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_3 gtgt q_act_jan)13User Value 33114 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row Gross profit (value_1 q_prior_jan)13User Value 3857000 Mio

								EBIT (adjusted PY)		56		81		45		rf7 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act_jan)13User Value 807 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_3 gtgt q_prior_jan)13User Value 556 Tsd

								EBIT in of NFR		10		15			s9

								NFR		57094638		53871466			rf8 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_3 gtgt q_act_jan)13User Value 53871 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_3 gtgt q_prior_jan)13User Value 57095 Tsd
PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_3 gtgt q_act_jan)13User Value 33114 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row Gross profit (value_1 q_prior_jan)13User Value 3857000 Mio	PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act_jan)13User Value 807 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_3 gtgt q_prior_jan)13User Value 556 Tsd

	Q4

GP		Q4 2016		Q1 2017		Q2 2017		Q3 2017		Q4 2017				Gross profit

	92		825		81		81		86			m3		Q4 2016		92

									Q1 2017		83

									Q2 2017		81

									Q3 2017		81

EBIT		05		24		31		27		-01			m7		Q4 2017		86


									EBIT

									Q4 2016		05

									Q1 2017		24

									Q2 2017		31

									Q3 2017		27

									Q4 2017		-01

	2017		2016


				2017						2016		2017

YoY Growth		Q3		Q4	Q1	Q2	Q3		Q4				Gross Profit EBIT		YTD		YTD

Gross Profit		-6		-11	-16	-19	-14		-7		m5			Gross Profit		3857		33114	-14	r5 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_3 gtgt q_act_jan)13User Value 33114 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row Gross profit (value_1 q_prior_jan)13User Value 3857000 Mio

								EBIT (adjusted PY)		56		81		45		rf7 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act_jan)13User Value 807 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_3 gtgt q_prior_jan)13User Value 556 Tsd

								EBIT in of NFR		10		15			s9

								NFR		57094638		53871466			rf8 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_3 gtgt q_act_jan)13User Value 53871 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_3 gtgt q_prior_jan)13User Value 57095 Tsd
PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_3 gtgt q_act_jan)13User Value 33114 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row Gross profit (value_1 q_prior_jan)13User Value 3857000 Mio	PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act_jan)13User Value 807 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_3 gtgt q_prior_jan)13User Value 556 Tsd

	Q4

TEU		Q4 2016		Q1 2017		Q2 2017		Q3 2017		Q4 2017						TEU

	389		374		383		386		378			m3		r3 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_act)13User Value 3778850 Mio			Q4 2016		389		254

	254		282		285		282		275			m4		r4 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row GPTEU (CHF) (value_1 q_act)13User Value 2748072 Mio			Q1 2017		374		282

										Q2 2017		383		285

										Q3 2017		386		282

EBIT		-51		-32		06		-29		-96			m7		m10			Q4 2017		378		275

	-51		-30		05		-27		-92			m8		m8

								PAC Hamon Pierrick Invalid Reference (value_3_PQACT02) 1313Reference could not be handled13Underlying Formula			EBIT		EBIT		EBIT GP

	0					-00353				r11 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row in of gross profit (value_1 q_act)13User Value -00353 Mio			Q4 2016		-51		-51

EBIT YTD						-150917				r12 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT reported (value_1 q_act_jan)13User Value -150917 Mio		PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_act)13User Value 3778850 Mio		PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row GPTEU (CHF) (value_1 q_act)13User Value 2748072 Mio			Q1 2017		-32		-30

										Q2 2017		06		05

										Q3 2017		-29		-27

										Q4 2017		-96		-92

		2017		2016

	2016					2017					2016		2017

YoY Growth			Q3		Q4		Q1	Q2	Q3	Q4			Gross Profit EBIT		YTD		YTD

Volume (market estimated)			0		3		4	3	3	4		m5		Gross Profit		4438		4272		-4		r5 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_act_jan)13User Value 4272121 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_prior_jan)13User Value 4437605 Mio

Volume (Panalpina)			-9		1		7	3	2	-3		r6 PAC Monaco Salvatore Referenced Value (value_4_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row change YoY (value_1 q_act)13User Value -00285 Mio		EBIT (adjusted PY)		109		-151		na		r6 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_act_jan)13User Value -150917 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_prior_jan)13User Value 109010 Mio

GPTEU			-2		-18		-17	-7	-5	8		r7 PAC Monaco Salvatore Referenced Value (value_4_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row change YoY (value_1 q_act)13User Value 00827 Mio							PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_act_jan)13User Value 4272121 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_prior_jan)13User Value 4437605 Mio		PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_act_jan)13User Value -150917 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_prior_jan)13User Value 109010 Mio	EBITGP ()	25	-35	r7 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row in of gross profit (value_1 q_act_jan)13User Value -00353 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row in of gross profit (value_1 q_prior_jan)13User Value 00246 Mio

Gross Profit			-10		-16		-11	-5	-3	5		m8		Volumes (TEUs 000)		14885		15205		2		r8 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_act_jan)13User Value 15204900 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_prior_jan)13User Value 14884510 Mio

	Q4

TEU		Q4 2016		Q1 2017		Q2 2017		Q3 2017		Q4 2017						TEU

	389		374		383		386		378			m3		r3 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_act)13User Value 3778850 Mio			Q4 2016		389		254

	254		282		285		282		275			m4		r4 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row GPTEU (CHF) (value_1 q_act)13User Value 2748072 Mio			Q1 2017		374		282

										Q2 2017		383		285

										Q3 2017		386		282

EBIT		-51		-32		06		-29		-96			m7		m10			Q4 2017		378		275

	-51		-30		05		-27		-92			m8		m8

								PAC Hamon Pierrick Invalid Reference (value_3_PQACT02) 1313Reference could not be handled13Underlying Formula			EBIT		EBIT		EBIT GP

	0					-00353				r11 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row in of gross profit (value_1 q_act)13User Value -00353 Mio			Q4 2016		-51		-51

EBIT YTD						-150917				r12 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT reported (value_1 q_act_jan)13User Value -150917 Mio		PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_act)13User Value 3778850 Mio		PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row GPTEU (CHF) (value_1 q_act)13User Value 2748072 Mio			Q1 2017		-32		-30

										Q2 2017		06		05

										Q3 2017		-29		-27

										Q4 2017		-96		-92

		2017		2016

	2016					2017					2016		2017

YoY Growth			Q3		Q4		Q1	Q2	Q3	Q4			Gross Profit EBIT		YTD		YTD

Volume (market estimated)			0		3		4	3	3	4		m5		Gross Profit		4438		4272		-4		r5 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_act_jan)13User Value 4272121 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_prior_jan)13User Value 4437605 Mio

Volume (Panalpina)			-9		1		7	3	2	-3		r6 PAC Monaco Salvatore Referenced Value (value_4_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row change YoY (value_1 q_act)13User Value -00285 Mio		EBIT (adjusted PY)		109		-151		na		r6 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_act_jan)13User Value -150917 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_prior_jan)13User Value 109010 Mio

GPTEU			-2		-18		-17	-7	-5	8		r7 PAC Monaco Salvatore Referenced Value (value_4_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row change YoY (value_1 q_act)13User Value 00827 Mio							PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_act_jan)13User Value 4272121 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_prior_jan)13User Value 4437605 Mio		PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_act_jan)13User Value -150917 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_prior_jan)13User Value 109010 Mio	EBITGP ()	25	-35	r7 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row in of gross profit (value_1 q_act_jan)13User Value -00353 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row in of gross profit (value_1 q_prior_jan)13User Value 00246 Mio

Gross Profit			-10		-16		-11	-5	-3	5		m8		Volumes (TEUs 000)		14885		15205		2		r8 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_act_jan)13User Value 15204900 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_prior_jan)13User Value 14884510 Mio

	Q4

TEU		Q4 2016		Q1 2017		Q2 2017		Q3 2017		Q4 2017						TEU

	389		374		383		386		378			m3		r3 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_act)13User Value 3778850 Mio			Q4 2016		389		254

	254		282		285		282		275			m4		r4 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row GPTEU (CHF) (value_1 q_act)13User Value 2748072 Mio			Q1 2017		374		282

										Q2 2017		383		285

										Q3 2017		386		282

EBIT		-51		-32		06		-29		-96			m7		m10			Q4 2017		378		275

	-51		-30		05		-27		-92			m8		m8

								PAC Hamon Pierrick Invalid Reference (value_3_PQACT02) 1313Reference could not be handled13Underlying Formula			EBIT		EBIT		EBIT GP

	0					-00353				r11 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row in of gross profit (value_1 q_act)13User Value -00353 Mio			Q4 2016		-51		-51

EBIT YTD						-150917				r12 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT reported (value_1 q_act_jan)13User Value -150917 Mio		PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_act)13User Value 3778850 Mio		PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row GPTEU (CHF) (value_1 q_act)13User Value 2748072 Mio			Q1 2017		-32		-30

										Q2 2017		06		05

										Q3 2017		-29		-27

										Q4 2017		-96		-92

		2017		2016

	2016					2017					2016		2017

YoY Growth			Q3		Q4		Q1	Q2	Q3	Q4			Gross Profit EBIT		YTD		YTD

Volume (market estimated)			0		3		4	3	3	4		m5		Gross Profit		4438		4272		-4		r5 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_act_jan)13User Value 4272121 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_prior_jan)13User Value 4437605 Mio

Volume (Panalpina)			-9		1		7	3	2	-3		r6 PAC Monaco Salvatore Referenced Value (value_4_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row change YoY (value_1 q_act)13User Value -00285 Mio		EBIT (adjusted PY)		109		-151		na		r6 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_act_jan)13User Value -150917 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_prior_jan)13User Value 109010 Mio

GPTEU			-2		-18		-17	-7	-5	8		r7 PAC Monaco Salvatore Referenced Value (value_4_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row change YoY (value_1 q_act)13User Value 00827 Mio							PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_act_jan)13User Value 4272121 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_prior_jan)13User Value 4437605 Mio		PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_act_jan)13User Value -150917 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_prior_jan)13User Value 109010 Mio	EBITGP ()	25	-35	r7 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row in of gross profit (value_1 q_act_jan)13User Value -00353 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row in of gross profit (value_1 q_prior_jan)13User Value 00246 Mio

Gross Profit			-10		-16		-11	-5	-3	5		m8		Volumes (TEUs 000)		14885		15205		2		r8 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_act_jan)13User Value 15204900 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_prior_jan)13User Value 14884510 Mio

	Q4

TEU		Q4 2016		Q1 2017		Q2 2017		Q3 2017		Q4 2017						TEU

	389		374		383		386		378			m3		r3 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_act)13User Value 3778850 Mio			Q4 2016		389		254

	254		282		285		282		275			m4		r4 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row GPTEU (CHF) (value_1 q_act)13User Value 2748072 Mio			Q1 2017		374		282

										Q2 2017		383		285

										Q3 2017		386		282

EBIT		-51		-32		06		-29		-96			m7		m10			Q4 2017		378		275

	-51		-30		05		-27		-92			m8		m8

								PAC Hamon Pierrick Invalid Reference (value_3_PQACT02) 1313Reference could not be handled13Underlying Formula			EBIT		EBIT		EBIT GP

	0					-00353				r11 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row in of gross profit (value_1 q_act)13User Value -00353 Mio			Q4 2016		-51		-51

EBIT YTD						-150917				r12 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT reported (value_1 q_act_jan)13User Value -150917 Mio		PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_act)13User Value 3778850 Mio		PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row GPTEU (CHF) (value_1 q_act)13User Value 2748072 Mio			Q1 2017		-32		-30

										Q2 2017		06		05

										Q3 2017		-29		-27

										Q4 2017		-96		-92

		2017		2016

	2016					2017					2016		2017

YoY Growth			Q3		Q4		Q1	Q2	Q3	Q4			Gross Profit EBIT		YTD		YTD

Volume (market estimated)			0		3		4	3	3	4		m5		Gross Profit		4438		4272		-4		r5 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_act_jan)13User Value 4272121 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_prior_jan)13User Value 4437605 Mio

Volume (Panalpina)			-9		1		7	3	2	-3		r6 PAC Monaco Salvatore Referenced Value (value_4_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row change YoY (value_1 q_act)13User Value -00285 Mio		EBIT (adjusted PY)		109		-151		na		r6 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_act_jan)13User Value -150917 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_prior_jan)13User Value 109010 Mio

GPTEU			-2		-18		-17	-7	-5	8		r7 PAC Monaco Salvatore Referenced Value (value_4_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row change YoY (value_1 q_act)13User Value 00827 Mio							PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_act_jan)13User Value 4272121 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_prior_jan)13User Value 4437605 Mio		PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_act_jan)13User Value -150917 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_prior_jan)13User Value 109010 Mio	EBITGP ()	25	-35	r7 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row in of gross profit (value_1 q_act_jan)13User Value -00353 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row in of gross profit (value_1 q_prior_jan)13User Value 00246 Mio

Gross Profit			-10		-16		-11	-5	-3	5		m8		Volumes (TEUs 000)		14885		15205		2		r8 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_act_jan)13User Value 15204900 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_prior_jan)13User Value 14884510 Mio

	Q4

TEU		Q4 2016		Q1 2017		Q2 2017		Q3 2017		Q4 2017		YTD CY					TEU

	252		233		2399		249		274		996		m4		m3			Q4 2016		252		562

	562		620		6251		648		670		642		m5		m4			Q1 2017		233		620

										Q2 2017		240		625

										Q3 2017		249		648

EBIT		208		171		220		303		410		1103		m6		m7			Q4 2017		274		670

	147		118		147		188		223		173		m7		m8


										EBIT

										Q4 2016		21		15

										Q1 2017		17		12

										Q2 2017		22		15

										Q3 2017		30		19

										Q4 2017		41		22

		2017		2016

	2016					2017					2016		2017

YoY Growth			Q3		Q4		Q1	Q2	Q3	Q4			Gross Profit EBIT		YTD		YTD

Volume (market estimated)			2		8		6	10	10	11		m5		Gross Profit		5952		6394	7		r5 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Gross profit (value_1 q_act_jan)13User Value 6394449 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Gross profit (value_1 q_prior_jan)13User Value 5951870 Mio

Volume (Panalpina)			10		14		8	7	9	8		m6		EBIT (adjusted PY)		935		1103	18		r6 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row EBIT reported (value_1 q_act_jan)13User Value 1103462 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row EBIT adjusted (value_1 q_prior_jan)13User Value 934506 Mio

GPton			-7		-14		-10	-10	-1	19		m7		EBITGP ()		157		173		r7 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row in of gross profit (value_1 q_act_jan)13User Value 01726 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row in of gross profit (value_1 q_prior_jan)13User Value 01570 Mio

Gross Profit			2		-2		-3	-4	8	29		m8		Volumes (tons 000)		9214		9959	8		r8 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Air Freight volumes (000 tons) (value_1 q_act_jan)13User Value 9959000 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Air Freight volumes (000 tons) (value_1 q_prior_jan)13User Value 9214480 Mio

	Q4

TEU		Q4 2016		Q1 2017		Q2 2017		Q3 2017		Q4 2017		YTD CY					TEU

	252		233		2399		249		274		996		m4		m3			Q4 2016		252		562

	562		620		6251		648		670		642		m5		m4			Q1 2017		233		620

										Q2 2017		240		625

										Q3 2017		249		648

EBIT		208		171		220		303		410		1103		m6		m7			Q4 2017		274		670

	147		118		147		188		223		173		m7		m8


										EBIT

										Q4 2016		21		15

										Q1 2017		17		12

										Q2 2017		22		15

										Q3 2017		30		19

										Q4 2017		41		22

		2017		2016

	2016					2017					2016		2017

YoY Growth			Q3		Q4		Q1	Q2	Q3	Q4			Gross Profit EBIT		YTD		YTD

Volume (market estimated)			2		8		6	10	10	11		m5		Gross Profit		5952		6394	7		r5 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Gross profit (value_1 q_act_jan)13User Value 6394449 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Gross profit (value_1 q_prior_jan)13User Value 5951870 Mio

Volume (Panalpina)			10		14		8	7	9	8		m6		EBIT (adjusted PY)		935		1103	18		r6 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row EBIT reported (value_1 q_act_jan)13User Value 1103462 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row EBIT adjusted (value_1 q_prior_jan)13User Value 934506 Mio

GPton			-7		-14		-10	-10	-1	19		m7		EBITGP ()		157		173		r7 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row in of gross profit (value_1 q_act_jan)13User Value 01726 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row in of gross profit (value_1 q_prior_jan)13User Value 01570 Mio

Gross Profit			2		-2		-3	-4	8	29		m8		Volumes (tons 000)		9214		9959	8		r8 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Air Freight volumes (000 tons) (value_1 q_act_jan)13User Value 9959000 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Air Freight volumes (000 tons) (value_1 q_prior_jan)13User Value 9214480 Mio

	Q4

TEU		Q4 2016		Q1 2017		Q2 2017		Q3 2017		Q4 2017		YTD CY					TEU

	252		233		2399		249		274		996		m4		m3			Q4 2016		252		562

	562		620		6251		648		670		642		m5		m4			Q1 2017		233		620

										Q2 2017		240		625

										Q3 2017		249		648

EBIT		208		171		220		303		410		1103		m6		m7			Q4 2017		274		670

	147		118		147		188		223		173		m7		m8


										EBIT

										Q4 2016		21		15

										Q1 2017		17		12

										Q2 2017		22		15

										Q3 2017		30		19

										Q4 2017		41		22

		2017		2016

	2016					2017					2016		2017

YoY Growth			Q3		Q4		Q1	Q2	Q3	Q4			Gross Profit EBIT		YTD		YTD

Volume (market estimated)			2		8		6	10	10	11		m5		Gross Profit		5952		6394	7		r5 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Gross profit (value_1 q_act_jan)13User Value 6394449 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Gross profit (value_1 q_prior_jan)13User Value 5951870 Mio

Volume (Panalpina)			10		14		8	7	9	8		m6		EBIT (adjusted PY)		935		1103	18		r6 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row EBIT reported (value_1 q_act_jan)13User Value 1103462 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row EBIT adjusted (value_1 q_prior_jan)13User Value 934506 Mio

GPton			-7		-14		-10	-10	-1	19		m7		EBITGP ()		157		173		r7 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row in of gross profit (value_1 q_act_jan)13User Value 01726 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row in of gross profit (value_1 q_prior_jan)13User Value 01570 Mio

Gross Profit			2		-2		-3	-4	8	29		m8		Volumes (tons 000)		9214		9959	8		r8 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Air Freight volumes (000 tons) (value_1 q_act_jan)13User Value 9959000 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Air Freight volumes (000 tons) (value_1 q_prior_jan)13User Value 9214480 Mio

	Q4

TEU		Q4 2016		Q1 2017		Q2 2017		Q3 2017		Q4 2017		YTD CY					TEU

	252		233		2399		249		274		996		m4		m3			Q4 2016		252		562

	562		620		6251		648		670		642		m5		m4			Q1 2017		233		620

										Q2 2017		240		625

										Q3 2017		249		648

EBIT		208		171		220		303		410		1103		m6		m7			Q4 2017		274		670

	147		118		147		188		223		173		m7		m8


										EBIT

										Q4 2016		21		15

										Q1 2017		17		12

										Q2 2017		22		15

										Q3 2017		30		19

										Q4 2017		41		22

		2017		2016

	2016					2017					2016		2017

YoY Growth			Q3		Q4		Q1	Q2	Q3	Q4			Gross Profit EBIT		YTD		YTD

Volume (market estimated)			2		8		6	10	10	11		m5		Gross Profit		5952		6394	7		r5 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Gross profit (value_1 q_act_jan)13User Value 6394449 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Gross profit (value_1 q_prior_jan)13User Value 5951870 Mio

Volume (Panalpina)			10		14		8	7	9	8		m6		EBIT (adjusted PY)		935		1103	18		r6 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row EBIT reported (value_1 q_act_jan)13User Value 1103462 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row EBIT adjusted (value_1 q_prior_jan)13User Value 934506 Mio

GPton			-7		-14		-10	-10	-1	19		m7		EBITGP ()		157		173		r7 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row in of gross profit (value_1 q_act_jan)13User Value 01726 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row in of gross profit (value_1 q_prior_jan)13User Value 01570 Mio

Gross Profit			2		-2		-3	-4	8	29		m8		Volumes (tons 000)		9214		9959	8		r8 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Air Freight volumes (000 tons) (value_1 q_act_jan)13User Value 9959000 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Air Freight volumes (000 tons) (value_1 q_prior_jan)13User Value 9214480 Mio

Page 6: Full-year results 2017 - panalpina.com · GP/ton -14% -10% -10% ... of an offer to purchase any shares andneither it nor any part of it shall form the basis ... % 24.2% 60.1% 35.9%

2016 2017

252

233 240249

274

562

620 625648 670

Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017

TONNAGE GPTON

21 17 22 30 41

147118

147

188

223

Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017

SNVeryHiddenParameterSheet

Table

Charts

TONNAGE GPTON

Tons (000)

562620625143000000000036483289999999999566974680000000001

EBIT (adjusted PY)

147118146499999999999991879000000000000322326599999999999

SNVeryHiddenParameterSheet

Table

Charts

TONNAGE GPTON

Tons (000)

562620625143000000000036483289999999999566974680000000001

EBIT (adjusted PY)

147118146499999999999991879000000000000322326599999999999

Chart1

TONNAGE GPTON

Tons (000)

562620625143000000000036483289999999999566974680000000001

SNVeryHiddenParameterSheet

Table

Charts

TONNAGE GPTON

Tons (000)

562620625143000000000036483289999999999566974680000000001

EBIT (adjusted PY)

147118146499999999999991879000000000000322326599999999999

Chart1

EBIT (adjusted PY)

147118146499999999999991879000000000000322326599999999999

SNVeryHiddenParameterSheet

Table

Charts

TONNAGE GPTON

Tons (000)

562620625143000000000036483289999999999566974680000000001

EBIT (adjusted PY)

147118146499999999999991879000000000000322326599999999999

2016 2017

389 374 383 386 378

254

282 285 282275

Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017

TEU GPTEU

-51 -32 06 -29 -96

-51

-30

05

-27

-92

Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017

SNVeryHiddenParameterSheet

Sheet1

charts

TEU GPTEU

TEU (in 000)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017254282284946000000000032820749999999999927480720000000002

EBIT (adjusted PY)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017-50999999999999996-29871099999999999053228355696699203-271-92169000000000008

SNVeryHiddenParameterSheet

Sheet1

charts

TEU GPTEU

TEU (in 000)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017254282284946000000000032820749999999999927480720000000002

EBIT (adjusted PY)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017-50999999999999996-29871099999999999053228355696699203-271-92169000000000008

Chart1

TEU GPTEU

TEU (in 000)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017254282284946000000000032820749999999999927480720000000002

SNVeryHiddenParameterSheet

Sheet1

charts

TEU GPTEU

TEU (in 000)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017254282284946000000000032820749999999999927480720000000002

EBIT (adjusted PY)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017-50999999999999996-29871099999999999053228355696699203-271-92169000000000008

Chart1

EBIT (adjusted PY)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017-50999999999999996-29871099999999999053228355696699203-271-92169000000000008

SNVeryHiddenParameterSheet

Sheet1

charts

TEU GPTEU

TEU (in 000)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017254282284946000000000032820749999999999927480720000000002

EBIT (adjusted PY)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017-50999999999999996-29871099999999999053228355696699203-271-92169000000000008

Gross Profit -11 -16 -19 -14 -7

201792

83 81 8186

Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017

GROSS PROFIT

05

24

3127

-01

Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017

EBIT (ADJUSTED PY)

SNVeryHiddenParameterSheet

Table

charts

GROSS PROFIT

Q4 2016Q1 2017Q2 2017Q3 2017Q4 201792825813481488576

EBIT (ADJUSTED PY)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017052430608271-008

SNVeryHiddenParameterSheet

Table

charts

GROSS PROFIT

Q4 2016Q1 2017Q2 2017Q3 2017Q4 201792825813481488576

EBIT (ADJUSTED PY)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017052430608271-008

Chart1

GROSS PROFIT

Q4 2016Q1 2017Q2 2017Q3 2017Q4 201792825813481488576

SNVeryHiddenParameterSheet

Table

charts

GROSS PROFIT

Q4 2016Q1 2017Q2 2017Q3 2017Q4 201792825813481488576

EBIT (ADJUSTED PY)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017052430608271-008

Chart1

EBIT (ADJUSTED PY)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017052430608271-008

SNVeryHiddenParameterSheet

Table

charts

GROSS PROFIT

Q4 2016Q1 2017Q2 2017Q3 2017Q4 201792825813481488576

EBIT (ADJUSTED PY)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017052430608271-008

IFRS CHANGES 2018

in CHF million

OUTLOOK Market

minus AirOcean 3-4

Panalpina

APRIL 19 2018

MAY 8 2018

NEXT EVENTS

DISCLAIMER

APPENDIX

SNVeryHiddenParameterSheet

PAN_ISpQ_Group

image1png

SNVeryHiddenParameterSheet

PAN_ISpQ_AirFreight

image1png

SNVeryHiddenParameterSheet

PAN_ISpQ_OceanFreight

image1png

EBIT reported 18 (15) 09 05 18 24 31 27 (01) 81

SNVeryHiddenParameterSheet

PAN_ISpQ_Logistics

image1png

BALANCE SHEET

SNVeryHiddenParameterSheet

PAN_BalanceSheet

image1png

CASH FLOW

SNVeryHiddenParameterSheet

Tabele PAN_Cashflow

Slide Number 2
IFRS changes 2018
Next EVENTs
Disclaimer
Appendix
Balance sheet
Cash flow

	31-Dec-16		31-Dec-17		Change in

Cash flow before changes in working capital		1313		1536				r2 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Subtotal cash flow from operations gtgt (ltlt 2017 gtgt q_act_jan)13User Value 15298 Tsd			PY IS MANUAL

Changes in working capital		188		(480)				r3 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows131313267 Tsd - ltlt Increase (decrease) payables and accruals incl accrued cost of service gtgt (ltlt 2017 gtgt q_act_jan)13-695 Tsd - ltlt (Decrease) increase non-current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13256 Tsd - ltlt (Decrease) increase current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13-17508 Tsd - ltlt (Increase) decrease receivables other current assets and unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-4680 Tsd (Total)

Cash from operations		1501		1056				r4 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash generated from operations gtgt (ltlt 2017 gtgt q_act_jan)13User Value 10618 Tsd


Interest and income taxes paid		(394)		(383)				r6 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows1313-3709 Tsd - ltlt Income taxes paid gtgt (ltlt 2017 gtgt q_act_jan)13-122 Tsd - ltlt Interest paid gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-3831 Tsd (Total)

Net cash from operating activities		1107		673		-39			r7 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash from operating activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 6787 Tsd


Net cash from investing activities		(241)		(681)		183			r9 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in investing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -6870 Tsd


Free cash flow		866		(08)		-101			r11 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Free cash flow gtgt (ltlt 2017 gtgt q_act_jan)13User Value -083 Tsd


Net cash used in financing activities		(887)		(882)		-1			r13 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in financing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8818 Tsd


Net increase (decrease) in cash and cash equivalents		(21)		(890)				r15 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net increase (decrease) in cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8901 Tsd

Cash and cash equivalents at beginning of period		3923		3888				r16 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the beginning of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 38878 Tsd

Effect of exchange rate changes		(14)		111				r17 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Effect of exchange rate changes on cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 1108 Tsd

Cash and cash equivalents at end of period		3888		3109				r18 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the end of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd


Reported cash and cash equivalents at 31122016			3888				r21 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the beginning of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 38878 Tsd			Reported cash and cash equivalents at 31122016			3888

Profit YTD 122017			5746				r19 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Profit gtgt (ltlt 2017 gtgt q_act_jan)13User Value 5746 Tsd			Profit YTD 122017		3888		575

Other non-cash items (eg DampA)			9613				r23 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13132129 Tsd - ltlt Depreciation of property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)132157 Tsd - ltlt Amortization of intangible assets gtgt (ltlt 2017 gtgt q_act_jan)13-224 Tsd - ltlt Interest income and dividend on available-for-sale financial assets gtgt (ltlt 2017 gtgt q_act_jan)13-062 Tsd - ltlt Exchange differences gtgt (ltlt 2017 gtgt q_act_jan)13-033 Tsd - ltlt Loss (gain) on sales of property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)13000 Tsd - ltlt Gain on sales of financial assets gtgt (ltlt 2017 gtgt q_act_jan)13612 Tsd - ltlt Expenses for share-based compensation plans gtgt (ltlt 2017 gtgt q_act_jan)13564 Tsd - ltlt Other non-cash (income) and expenses gtgt (ltlt 2017 gtgt q_act_jan)134408 Tsd - ltlt Income tax expenses gtgt (ltlt 2017 gtgt q_act_jan)13---------------------139552 Tsd (Total)			Other non-cash items (eg DampA)		4462		961

Changes in working capital			-4798				r24 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows131313267 Tsd - ltlt Increase (decrease) payables and accruals incl accrued cost of service gtgt (ltlt 2017 gtgt q_act_jan)13-695 Tsd - ltlt (Decrease) increase non-current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13256 Tsd - ltlt (Decrease) increase current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13-17508 Tsd - ltlt (Increase) decrease receivables other current assets and unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-4680 Tsd (Total)			Changes in working capital		4944		480	neg

Interest and income taxes paid			-3831				r25 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows1313-3709 Tsd - ltlt Income taxes paid gtgt (ltlt 2017 gtgt q_act_jan)13-122 Tsd - ltlt Interest paid gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-3831 Tsd (Total)			Interest and income taxes paid		4561		383	neg

Net cash from investing activities			-6813				r26 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in investing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -6870 Tsd			Net cash from investing activities		3879		681	neg

Financing activitiesdividend			-8818				r27 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in financing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8818 Tsd			Financing activitiesdividend		2998		882	neg

Effect of exchange rate changes			1108				r28 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Effect of exchange rate changes on cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 1108 Tsd			Effect of exchange rate changes		2998		111

Reported cash and cash equivalents at 31122017			31085				r29 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the end of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd		PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Subtotal cash flow from operations gtgt (ltlt 2017 gtgt q_act_jan)13User Value 15298 Tsd		PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows131313267 Tsd - ltlt Increase (decrease) payables and accruals incl accrued cost of service gtgt (ltlt 2017 gtgt q_act_jan)13-695 Tsd - ltlt (Decrease) increase non-current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13256 Tsd - ltlt (Decrease) increase current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13-17508 Tsd - ltlt (Increase) decrease receivables other current assets and unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-4680 Tsd (Total)	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash generated from operations gtgt (ltlt 2017 gtgt q_act_jan)13User Value 10618 Tsd		PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows1313-3709 Tsd - ltlt Income taxes paid gtgt (ltlt 2017 gtgt q_act_jan)13-122 Tsd - ltlt Interest paid gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-3831 Tsd (Total)	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash from operating activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 6787 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in investing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -6870 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Free cash flow gtgt (ltlt 2017 gtgt q_act_jan)13User Value -083 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in financing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8818 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net increase (decrease) in cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8901 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the beginning of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 38878 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Effect of exchange rate changes on cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 1108 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the end of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the beginning of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 38878 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Profit gtgt (ltlt 2017 gtgt q_act_jan)13User Value 5746 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13132129 Tsd - ltlt Depreciation of property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)132157 Tsd - ltlt Amortization of intangible assets gtgt (ltlt 2017 gtgt q_act_jan)13-224 Tsd - ltlt Interest income and dividend on available-for-sale financial assets gtgt (ltlt 2017 gtgt q_act_jan)13-062 Tsd - ltlt Exchange differences gtgt (ltlt 2017 gtgt q_act_jan)13-033 Tsd - ltlt Loss (gain) on sales of property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)13000 Tsd - ltlt Gain on sales of financial assets gtgt (ltlt 2017 gtgt q_act_jan)13612 Tsd - ltlt Expenses for share-based compensation plans gtgt (ltlt 2017 gtgt q_act_jan)13564 Tsd - ltlt Other non-cash (income) and expenses gtgt (ltlt 2017 gtgt q_act_jan)134408 Tsd - ltlt Income tax expenses gtgt (ltlt 2017 gtgt q_act_jan)13---------------------139552 Tsd (Total)	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows131313267 Tsd - ltlt Increase (decrease) payables and accruals incl accrued cost of service gtgt (ltlt 2017 gtgt q_act_jan)13-695 Tsd - ltlt (Decrease) increase non-current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13256 Tsd - ltlt (Decrease) increase current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13-17508 Tsd - ltlt (Increase) decrease receivables other current assets and unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-4680 Tsd (Total)	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows1313-3709 Tsd - ltlt Income taxes paid gtgt (ltlt 2017 gtgt q_act_jan)13-122 Tsd - ltlt Interest paid gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-3831 Tsd (Total)	Reported cash and cash equivalents at 31122017	3109	3888

													484

													591

													(479)

													(331)

													(406)

													(882)

													93

													2946

	31-Dec-16		31-Dec-17		Change in

				CHF

Cash and cash equivalents		3888		3109		(779)		-20			r3 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd		3888	3999		111		3

Trade receivables unbilled forwarding services		9087		10970		1883		21			r4 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Trade receivables unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13User Value 109701 Tsd		9087	8693		-394		-4

Other current assets		1025		1322		297		29			r5 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other current assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 13217 Tsd		1025	1335		31		30

Property plant and equipment		635		967		332		52			r6 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)13User Value 9673 Tsd		635	651		16		3

Intangible assets		979		885		(95)		-10			r7 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Intangible assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 8845 Tsd		979	926		-53		-5

Other non-current assets		990		1138		148		15			r8 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other non-current assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 11382 Tsd		99	1073		83		8

Total assets		16606		18390		1784		11			r9 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 183903 Tsd		166060	166780		72		0

											0

Short-term borrowings		23		26		03		15			r11 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Short-term borrowings gtgt (ltlt 2017 gtgt q_act_jan)13User Value 262 Tsd		23	05		-18		-78

Trade payables accured cost of services		6524		7967		1443		22			r12 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Trade payables accured cost of services gtgt (ltlt 2017 gtgt q_act_jan)13User Value 79665 Tsd		6524	620		-324		-5

Other current liabilities		2439		2676		237		10			r13 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other current liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 26763 Tsd		2439	2592		153		6

Long-Term borrowings		00		32		32		na			r20 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Long-term borrowings gtgt (ltlt 2017 gtgt q_act_jan)13User Value 324 Tsd		0	12		12		na

Other long-term liabilities		1449		1546		97		7			r21 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other long-term liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 15459 Tsd		1449	1479		3		2

Total liabilities		10436		12247		1811		17			r14 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 122473 Tsd		104360	102880		-148		-1

Share capital		24		24		(00)		-1			r15 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Share capital gtgt (ltlt 2017 gtgt q_act_jan)13User Value 238 Tsd		24	24		0		0

Reserves treasury shares		6057		6056		(01)		-0			r16 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Reserves treasury shares gtgt (ltlt 2017 gtgt q_act_jan)13User Value 60534 Tsd		6057	6285		228		4

Non-controlling interests		89		63		(26)		-29			r17 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Non-controlling interests gtgt (ltlt 2017 gtgt q_act_jan)13User Value 659 Tsd		89	81		-08		-9

Total equity		6170		6143		(27)		-0			r18 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total equity gtgt (ltlt 2017 gtgt q_act_jan)13User Value 61430 Tsd		617	639		22		4

Total equity and liabilities		16606		18390		1784		11			r19 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total equity and liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 183903 Tsd		166060	166780		72		0

KPIs		31-Dec-16		31-Dec-17


Equity Ratio		372		334					s20 PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document Q2_2017_Quarter_Report13Chapter Consolidated Statement of Financial Position13Row ltlt Total equity and liabilities gtgt (ltlt June 30 2017 gtgt q_act_jan)13User Value 153472 Tsd

							PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Trade receivables unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13User Value 109701 Tsd		PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other current assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 13217 Tsd		PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)13User Value 9673 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Intangible assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 8845 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other non-current assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 11382 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 183903 Tsd		PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Short-term borrowings gtgt (ltlt 2017 gtgt q_act_jan)13User Value 262 Tsd		PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Trade payables accured cost of services gtgt (ltlt 2017 gtgt q_act_jan)13User Value 79665 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other current liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 26763 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Long-term borrowings gtgt (ltlt 2017 gtgt q_act_jan)13User Value 324 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other long-term liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 15459 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 122473 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Share capital gtgt (ltlt 2017 gtgt q_act_jan)13User Value 238 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Reserves treasury shares gtgt (ltlt 2017 gtgt q_act_jan)13User Value 60534 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Non-controlling interests gtgt (ltlt 2017 gtgt q_act_jan)13User Value 659 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total equity gtgt (ltlt 2017 gtgt q_act_jan)13User Value 61430 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total equity and liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 183903 Tsd	NWC-Intensity	18	15	mf24	Enterred by HPI on 14012018

DSO 3-m-rolling YTD		455		474					m22		Enterred by HPI on 14012018

DPO 3-m-rolling YTD		407		412					m23		Enterred by HPI on 14012018

2017	2016

																						Check

Logistics	Q1 2016	Q2 2016	HY 2016		Q3 2016		Q3YTD 2016		Q4 2016		FY 2016		Q1 2017		Q2 2017			HY 2017		Q3 2017			Q3YTD 2017		Q4 2017		FY 2017								CY

Net forwarding revenue	1402	1613	3015		1374		4389		1321		5709		1286		1377			2663		1394			4057		1330		5387			m4		m4		s4 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_3 gtgt q_act)13User Value 14141 Tsd	r4 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_3 gtgt q_act_jan)13User Value 53871 Tsd	00

Forwarding expenses	(420)	(607)	(1027)		(429)		(1456)		(397)		(1853)		(460)		(564)			(1024)		(580)			(1604)		(472)		(2076)			m5		m5		s5 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_3 gtgt q_act)13User Value -5564 Tsd	r5 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_3 gtgt q_act_jan)13User Value -20758 Tsd	00

Gross profit	982	1006	1989		944		2933		924		3857		825		813			1639		815			2454		858		3311			m6		m6		s6 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_3 gtgt q_act)13User Value 8576 Tsd	r6 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_3 gtgt q_act_jan)13User Value 33114 Tsd	00

Personnel expenses	(574)	(591)	(1166)		(528)		(1694)		(519)		(2213)		(479)		(461)			(940)		(469)			(1409)		(507)		(1916)			m7		m7		s7 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_3 gtgt q_act)13User Value -4045 Tsd	r7 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_3 gtgt q_act_jan)13User Value -19163 Tsd	00

Other operating expenses	(360)	(363)	(723)		(378)		(1102)		(367)		(1469)		(298)		(298)			(596)		(298)			(894)		(329)		(1223)			m8		m8		s8 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_3 gtgt q_act)13User Value -4415 Tsd	r8 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_3 gtgt q_act_jan)13User Value -12227 Tsd	00

EBITDA adjusted	48	52	100		38		138		37		175		48		54			103		48			151		22		172			m9		m9		s9 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_3 gtgt q_act)13User Value -479 Tsd	r9 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_3 gtgt q_act_jan)13User Value 1724 Tsd	00

Depreciation and amortization	(29)	(29)	(58)		(29)		(88)		(32)		(119)		(25)		(24)			(48)		(21)			(69)		(23)		(92)			m10		m10		s10 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_3 gtgt q_act)13User Value -125 Tsd	r10 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_3 gtgt q_act_jan)13User Value -918 Tsd	00

EBIT adjusted	18	23	41		09		50		05		56		24		31			54		27			81		(01)		81			m11		m11		s11 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act)13User Value -008 Tsd	r11 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act_jan)13User Value 807 Tsd	00

Non-recurring items

Restructuring expenses	00	(38)	(38)		00		(38)		00		(38)		00		00			00		00			00		00		00			m13		m13		s13	m13	00


EBIT reported	18	(15)	03		09		12		05		18		24		31			54		27			81		(01)		81			m15		m15		s15 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act)13User Value -008 Tsd	r15 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act_jan)13User Value 807 Tsd


GP Change YoY										-19		-18		-14		-16		-7		-14					s16	s16


															453

						10										15

GP control	000	000		000				000		(012)		(000)		000				000			000			000		s30		s30		s30		s30

EBITDA control	000	000		(000)				010		(002)		000		(000)				000			(000)			000		s31		s31		s31		s31

EBIT control	010	000		000				000		005		000		(000)			ERRORREF		000			000			000		s32		s32		s32		s32

2017	2016


Ocean Freight	Q1 2016	Q2 2016	HY 2016		Q3 2016	Q3YTD 2016			Q4 2016			FY 2016			Q1 2017			Q2 2017			HY 2017		Q3 2017			Q3YTD 2017		Q4 2017			FY 2017

Net forwarding revenue	5338	4921	10259		4955	15214			4770			19984			4915			5172			10087		5551			15637		5105			20743			m4		m4		s4 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_2 gtgt q_act)13User Value 55506 Tsd	r4 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_2 gtgt q_act_jan)13User Value 207428 Tsd	00	00	00	00

Forwarding expenses	(4157)	(3773)	(7930)		(3834)	(11764)			(3783)			(15547)			(3860)			(4081)			(7941)		(4463)			(12404)		(4067)			(16471)			m5		m5		s5 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_2 gtgt q_act)13User Value -44629 Tsd	r5 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_2 gtgt q_act_jan)13User Value -164707 Tsd	-00	00	00	00

Gross profit	1181	1148	2329		1121	3450			987			4438			1055			1091			2146		1088			3234		1038			4272			m6		m6		s6 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_2 gtgt q_act)13User Value 10877 Tsd	r6 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_2 gtgt q_act_jan)13User Value 42721 Tsd	00	00	00	00

Personnel expenses	(791)	(752)	(1543)		(755)	(2298)			(721)			(3019)			(779)			(784)			(1564)		(788)			(2352)		(837)			(3189)			m7		m7		s7 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_2 gtgt q_act)13User Value -7884 Tsd	r7 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_2 gtgt q_act_jan)13User Value -31889 Tsd	00	00	(00)	00

Other operating expenses	(305)	(288)	(594)		(274)	(868)			(275)			(1144)			(271)			(265)			(536)		(290)			(827)		(257)			(1083)			m8		m8		s8 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_2 gtgt q_act)13User Value -2905 Tsd	r8 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_2 gtgt q_act_jan)13User Value -10833 Tsd	00	(01)	(01)	00

EBITDA adjusted	84	108	192		92	284			(09)			275			05			41			46		09			55		(55)			(00)			m9		m9		s9 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_2 gtgt q_act)13User Value 089 Tsd	r9 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_2 gtgt q_act_jan)13User Value -001 Tsd	00	00	00	00

Depreciation and amortization	(41)	(42)	(83)		(41)	(124)			(42)			(166)			(36)			(36)			(72)		(38)			(110)		(41)			(151)			m10		m10		s10 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_2 gtgt q_act)13User Value -384 Tsd	r10 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_2 gtgt q_act_jan)13User Value -1508 Tsd	-00	00	00	00

EBIT adjusted	43	66	109		51	160			(51)			109			(32)			06			(26)		(29)			(55)		(96)			(151)			m11		m11		s11 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_2 gtgt q_act)13User Value -295 Tsd	r11 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_2 gtgt q_act_jan)13User Value -1509 Tsd	-00	00	00	00

in of gross profit	37	58	47		45	46			-51			25			-30			05			-12		-27			-17		-92			-35			m12		m12		s12	s12

Non-recurring items																									00		00		00			00

Restructuring expenses	00	(97)	(97)		0	(97)			(19)			(115)			00			00			00		00			00		00			00			m14		m14		s14	m14	00	00	01	00


EBIT reported	43	(30)	13		51	63			(69)			(06)			(32)			06			(26)		(29)			(55)		(96)			(151)			m16		m16		s16 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_2 gtgt q_act)13User Value -295 Tsd	r16 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_2 gtgt q_act_jan)13User Value -1509 Tsd	-00	00	(00)	00

in of gross profit	37	-26	05		45	18			-70			-01			-30			05			-12		-27			-17		-92			-35			m17		m17		s17	s17


Ocean Freight volumes (000 TEUs)	3482	3726	7208		3787	10995			3890			14885			3742			3828			7570		3856			11426		3779			15205			m19		m19		m19	m19	00	00	(00)	00

change YoY	-100	-82	-91		-88	-90			08			-66			75			27			50		18			39		-28			22			m20		m20		s20	s20

GPTEU (CHF)	339	308	323		296	314			254			298			282			285			283		282			283		275			281			m21		m21		m21	s21

change YoY	102	59	80		-16	47			-176			-11			-169			-75			-122		-47			-98		83			-58			m22		m22		s22	s22


GP change YoY								-11			-5			-8			-3			-6		519		-373					s23		s23


							-00298711145			00053228356					-00271124048				-00921686544

GP control	000	000		(000)			000			000			000			000					000			(000)			000			s30		s30		s30		s30

EBITDA control	010	000		000			000			(000)			(000)			(000)					000			000			(000)			s31		s31		s31		s31

EBIT control	000	000		000			000			(000)			(000)			000				000		000			000			(000)			s32		s32		s32		s32

2017	2016

																													Check

Air Freight	Q1 2016	Q2 2016	HY 2016		Q3 2016	Q3YTD 2016			Q4 2016			FY 2016			Q1 2017			Q2 2017		HY 2017			Q3 2017			Q3 YTD 2017			Q4 2017			FY 2017										CY

Net forwarding revenue	6332	6359	12691		6341	19032			7234			26267			6571			7000		13571			7389			20960			8238			29198			m4		m4		s4 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_1 gtgt q_act)13User Value 91229 Tsd		r4 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_1 gtgt q_act_jan)13User Value 291978 Tsd	00	00	(003)	00

Forwarding expenses	(4846)	(4800)	(9646)		(4853)	(14499)			(5816)			(20315)			(5125)			(5500)		(10625)			(5775)			(16400)			(6403)			(22803)			m5		m5		s5 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_1 gtgt q_act)13User Value -72887 Tsd		r5 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_1 gtgt q_act_jan)13User Value -228034 Tsd	00	00	00	00

Gross profit	1486	1559	3045		1489	4534			1418			5952			1447			1500		2946			1614			4560			1834			6394			m6		m6		s6 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_1 gtgt q_act)13User Value 18342 Tsd		r6 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_1 gtgt q_act_jan)13User Value 63944 Tsd	-00	00	00	00

Personnel expenses	(885)	(869)	(1754)		(847)	(2600)			(873)			(3473)			(905)			(916)		(1822)			(928)			(2750)			(1044)			(3793)			m7		m7		s7 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_1 gtgt q_act)13User Value -10893 Tsd		r7 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_1 gtgt q_act_jan)13User Value -37932 Tsd	-00	00	00	00

Other operating expenses	(371)	(359)	(730)		(318)	(1048)			(284)			(1333)			(324)			(317)		(641)			(337)			(978)			(334)			(1312)			m8		m8		s8 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_1 gtgt q_act)13User Value -2799 Tsd		r8 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_1 gtgt q_act_jan)13User Value -13116 Tsd	00	00	(00)	00

EBITDA adjusted	230	331	561		324	885			261			1146			218			266		484			349			833			457			1290			m9		m9		s9 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_1 gtgt q_act)13User Value 4650 Tsd		r9 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_1 gtgt q_act_jan)13User Value 12896 Tsd	00	00	(00)	00

Depreciation and amortization	(52)	(52)	(103)		(55)	(158)			(53)			(211)			(46)			(47)		(93)			(46)			(139)			(47)			(186)			m10		m10		s10 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_1 gtgt q_act)13User Value -558 Tsd		r10 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_1 gtgt q_act_jan)13User Value -1861 Tsd	00	01	01	00

EBIT adjusted	178	279	457		269	726			208			935			171			220		391			303			694			409			1103			m11		m11		s11 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act)13User Value 4092 Tsd		r11 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act_jan)13User Value 11035 Tsd	-00	00	00	00

in of gross profit	120	179	150		181	160			147			157			118			146		133			188			152			223			173			m12		m12		s12 PAC Hamon Pierrick Invalid Reference (value_1_PQACT02) 1313Reference could not be handled13Underlying Formula		s12

Non-recurring items																										00		00		00			00

Restructuring expenses	00	(127)	(127)		00	(127)			00			(127)			00			00		00			00			00			00			00			m14		m14		s14		m14	00	00	00	00


EBIT reported	178	153	331		269	600			208			808			171			220		391			303			694			409			1103			m16		m16		s16 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act)13User Value 4092 Tsd		r16 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act_jan)13User Value 11035 Tsd	-00	00	(00)	00

in of gross profit	120	98	109		181	132			147			136			118			146		133			188			152			223			173			m17		m17		s17		s17


Air Freight volumes (000 tons)	2161	2251	4412		2278	6690			2524			9214			2332			2399		4731			2489			7220			2739			9959			m19		m19		s19		m19	00	00	00	00

change YoY	54	111	82		99	88			141			102			79			66		72			93			79			85			81			m20		m20		s20		s20

GPton (CHF)	688	693	690		653	678			562			646			620			625		623			648			632			670			642			m21		m21		s21		s21

change YoY	-47	-36	-41		-73	-52			-140			-75			-98			-97		-98			-08			-68			192			-06			m22		m22		s22		s22


GP change YoY								-3			-4			-3			8		1			29			7					s23		s23

GP control	000	000		000			000			000			(000)			000				(000)				000		000		000		000			s30		s30		s30		s30

EBITDA control	000	000		000			(000)			000			000			(000)				000				000		(000)		000		000			s31		s31		s31		s31

EBIT control	000	000		000			000			(000)			000			(000)			000		000				000		000		000		(000)			s32		s32		s32		s32

2017		2016

																													Check CY

Group		Q1 2016		Q2 2016			HY 2016		Q3 2016		Q3YTD 2016		Q4 2016		FY 2016		Q1 2017		Q2 2017			HY 2017			Q3 2017			Q3YTD 2017		Q4 2017			FY 2017

Net forwarding revenue		13072		12894			25965		12670		38635		13325		51960		12772		13549			26321			14334			40655		14673			55328		s4 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Net forwarding revenue gtgt (ltlt 2017 gtgt q_act)13User Value 1433411124 Tsd		r4 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Net forwarding revenue gtgt (ltlt value_1 gtgt q_act_jan)13User Value 5532778504 Tsd		m4		m4		00		-01	-01	00

Forwarding expenses		(9423)		(9180)			(18602)		(9116)		(27718)		(9996)		(37714)		(9445)		(10145)			(19590)			(10818)			(30407)		(10942)			(41350)		s5 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Forwarding services from third parties gtgt (ltlt 2017 gtgt q_act)13User Value -1081765298 Tsd		r5 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Forwarding services from third parties gtgt (ltlt value_1 gtgt q_act_jan)13User Value -4134985568 Tsd		m5		m5		00		01	01	00

Gross profit		3649		3714			7363		3554		10917		3329		14246		3327		3404			6731			3516			10248		3730			13978		s6 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Gross profit gtgt (ltlt 2017 gtgt q_act)13User Value 351645826 Tsd		r6 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Gross profit gtgt (ltlt value_1 gtgt q_act_jan)13User Value 1397792936 Tsd		m6		m6		00		00	00	00

Personnel expenses		(2250)		(2213)			(4463)		(2129)		(6592)		(2113)		(8705)		(2164)		(2162)			(4326)			(2186)			(6511)		(2388)			(8898)		s7 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Personnel expenses gtgt (ltlt 2017 gtgt q_act)13User Value -218561825 Tsd		r7 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Personnel expenses gtgt (ltlt value_1 gtgt q_act_jan)13User Value -889847082 Tsd		m7		m7		00		00	00	00

Other operating expenses		(1037)		(1011)			(2047)		(971)		(3018)		(927)		(3945)		(893)		(880)			(1773)			(925)			(2698)		(919)			(3618)		s8 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Other operating expenses gtgt (ltlt 2017 gtgt q_act)13User Value -92494218 Tsd		r8 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Other operating expenses gtgt (ltlt value_1 gtgt q_act_jan)13User Value -361760468 Tsd		m8		m8		00		01	01	00

EBITDA adjusted		362		491			853		454		1307		289		1596		271		362			633			406			1039		423			1462		s9 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt EBITDA gtgt (ltlt 2017 gtgt q_act)13User Value 40589783 Tsd		r9 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt EBITDA gtgt (ltlt value_1 gtgt q_act_jan)13User Value 146185385 Tsd		m9		m9		00		00	00	00

Depreciation of property plant and equip		(62)		(62)			(125)		(62)		(187)		(71)		(258)		(53)		(54)			(107)			(50)			(156)		(56)			(213)		s10 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Depreciation of property plant and equipment gtgt (ltlt 2017 gtgt q_act)13User Value -4981553 Tsd		r10 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Depreciation of property plant and equipment gtgt (ltlt value_1 gtgt q_act_jan)13User Value -21293764 Tsd		m10		m10		-00		-01	-01	00

Amortization of intangible assets		(60)		(60)			(120)		(63)		(183)		(56)		(239)		(54)		(52)			(106)			(55)			(162)		(54)			(216)		s11 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Amortization of intangible assets gtgt (ltlt 2017 gtgt q_act)13User Value -5514918 Tsd		r11 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Amortization of intangible assets gtgt (ltlt value_1 gtgt q_act_jan)13User Value -21570493 Tsd		m11		m11		00		00	00	00

EBIT adjusted		240		368			608		329		936		163		1099		164		256			420			301			721		313			1033		s12 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Operating result (EBIT) gtgt (ltlt 2017 gtgt q_act)13User Value 30093312 Tsd		r12 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act_jan)13User Value 103321128 Tsd		m12		m12		00		00	-01	00

in of gross profit		66		99			83		92		86		49		77		49		75			62			86			70		84			74		s13		s13		m13		m13

Non-recurring items																											00		00		00		00

Restructuring expenses		00		(261)			(261)		00		(261)		(19)		(280)		00		00			00			00			00		00			00		s15 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Restructuring expenses gtgt (ltlt 2017 gtgt q_act)13User Value 0000000 Tsd		r15 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Restructuring expenses gtgt (ltlt value_1 gtgt q_act_jan)13User Value 0000000 Tsd		m15		m15		00		00	00	00


EBIT reported		240		107			347		329		675		144		820		164		256			420			301			721		313			1033		s17		s17		m17		m17		00		00	00	00

in of gross profit		66		29			47		92		62		43		58		49		75			62			86			70		84			74		s18		s18		m18		m18		-01		-00	-02

Financial result		(09)		07			(02)		(04)		(06)		02		(04)		02		01			03			(04)			(02)		(16)			(18)		s19 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13130939883 Tsd - ltlt Finance income gtgt (ltlt 2017 gtgt q_act)13-1343957 Tsd - ltlt Finance costs gtgt (ltlt 2017 gtgt q_act)13---------------------13-0404074 Tsd (Total)		r19 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13132749657 Tsd - ltlt Finance income gtgt (ltlt value_1 gtgt q_act_jan)13-4529105 Tsd - ltlt Finance costs gtgt (ltlt value_1 gtgt q_act_jan)13---------------------13-1779448 Tsd (Total)		m19		m19		00		00	00	00

Earnings before taxes (EBT)		231		114			345		325		670		146		816		165		257			422			297			719		296			1015		s20 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Profit before income tax (EBT) gtgt (ltlt 2017 gtgt q_act)13User Value 29689237 Tsd		r20 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Profit before income tax (EBT) gtgt (ltlt value_1 gtgt q_act_jan)13User Value 101541680 Tsd		m20		m20		00		00	00	00

Income tax expenses		(58)		(69)			(126)		(79)		(205)		(88)		(293)		(42)		(81)			(123)			(112)			(235)		(206)			(441)		s21 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Income tax expenses gtgt (ltlt 2017 gtgt q_act)13User Value -11228068 Tsd		r21 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Income tax expenses gtgt (ltlt value_1 gtgt q_act_jan)13User Value -44082152 Tsd		m21		m21		00		01	01	00

of EBT		250		602			367		242		306		601		359		252		316			291			378			327		694			434		s22		s22		m22		m22

Profit		173		45			218		246		465		58		523		124		176			299			185			484		91			575		s23 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Profit gtgt (ltlt 2017 gtgt q_act)13User Value 18461169 Tsd		r23 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Profit gtgt (ltlt value_1 gtgt q_act_jan)13User Value 57459528 Tsd		m23		m23		00		00	01	00

Earnings per share		075		021			096		106		201		027		229		054		075			129			079			208		040			248		s24 PAC Serova Elena (External) Referenced Value (value_1_PQACTJAN02)1313Document Q2_2017_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Basic gtgt (ltlt 2017 gtgt q_act_jan)13User Value 0000540 Tsd		s24 PAC Serova Elena (External) Referenced Value (value_1_PQACTJAN02)1313Document Q2_2017_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Basic gtgt (ltlt 2017 gtgt q_act_jan)13User Value 0000540 Tsd		m24		m24		00		00	00	00

			0		0				46460419259						0		0		0			0		0			0			m25		m25		l1	l1			00		00

Earnings per share 1000																0000788		0002078		0000788			0002478			rf28 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Basic gtgt (ltlt 2017 gtgt q_act)13User Value 0000788 Tsd		rf28 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Basic gtgt (ltlt value_1 gtgt q_act_jan)13User Value 0002478 Tsd		l2		l2

Total Operating Expenses																(3111)		(9209)		(3307)			(12516)			s25		s25		l3		l3

OOE YoY

	042


GP control		00		00		00		00		00	00	00		00		00		00			00		00		00			00		00		00		(00)		00			s30		s30	s30		s30

EBITDA control		00		(01)		00		00		00	00	00		(00)		00		(00)			00		00		(01)			00		00		(00)		00		(00)			s31		s31	s31		s31

EBIT control		00		01		00		00		00	00	00		(01)		00		00			(00)		00		(00)			00		00		00		00		00			s32		s32	s32		s32

Earnings before taxes (EBT)		00		00		00		00		00	00	00		00		00		00			00		00		01			00		00		(00)		(00)		00			s33		s33	s33		s33

Profit		00		00		00		01		00	00	00		00		00		00			00		00		(00)			(00)		00		00		(00)		00			s34		s34	s34		s34

Air GP																				6394449			l4		r40 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Gross profit (value_1 q_act_jan)13User Value 6394449 Mio		l4		l4

Ocean GP																				4272121			l5		r41 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_act_jan)13User Value 4272121 Mio		l5		l5

Logistics GP																				331136			l6		r42 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row Gross profit (value_1 q_act_jan)13User Value 3311360 Mio		l6		l6

Check																				00			l7		s43		l7		l7

Air EBIT																				1103462			l8		r44 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row EBIT adjusted (value_1 q_act_jan)13User Value 1103462 Mio		l8		l8

Ocean EBIT																				-150917			l9		r45 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_act_jan)13User Value -150917 Mio		l9		l9

Logistics EBIT																				80666			l10		r46 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row EBIT adjusted (value_1 q_act_jan)13User Value 80666 Mio		l10		l10

Check																				00			l11		s47		l11		l11

APAC GP																				34878			l12		r51 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 313 - AC Key figures APAC13Row Gross profit (value_1 q_act_jan)13User Value 34878 Mio		l12		l12

EUROPE GP																				53038			l13		r52 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 314 - AC Key figures Europe13Row Gross profit (value_1 q_act_jan)13User Value 53038 Mio		l13		l13

MEAC GP																				897489			l14		r53 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 315 - AC Key figures MEAC13Row Gross profit (value_1 q_act_jan)13User Value 8974886 Mio		l14		l14

AME GP																				4288802			l15		r54 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 316 - AC Key figures Americas13Row Gross profit (value_1 q_act_jan)13User Value 4288802 Mio		l15		l15

Check																				(00)			l16		s55		l16		l16

APAC EBIT																				7061			l17		r56 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 313 - AC Key figures APAC13Row EBIT (value_1 q_act_jan)13User Value 7061 Mio		l17		l17

EUROPE EBIT																				-122			l18		r57 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 314 - AC Key figures Europe13Row EBIT (value_1 q_act_jan)13User Value -122 Mio		l18		l18

MEAC EBIT																				20871			l19		r58 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 315 - AC Key figures MEAC13Row EBIT reported (value_1 q_act_jan)13User Value 208709 Mio		l19		l19

AME EBIT																				31847			l20		r59 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 316 - AC Key figures Americas13Row EBIT reported (value_1 q_act_jan)13User Value 3184697 Mio		l20		l20

Check																				00			l21		s60		l21		l21

Air NFR																				2919782			l31		r70 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Net forwarding revenue (value_1 q_act_jan)13User Value 29197820 Mio		l31		l31

Ocean NFR																				2074282			l22		r71 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Net forwarding revenue (value_1 q_act_jan)13User Value 20742820 Mio		l22		l22

Logistics NFR																				5387147			l23		r72 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row Net forwarding revenue (value_1 q_act_jan)13User Value 5387147 Mio		l23		l23

Check																				00			l24		s73		l24		l24

APAC NFR																				127363			l25		r75 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 313 - AC Key figures APAC13Row Net forwarding revenue (value_1 q_act_jan)13User Value 127363 Mio		l25		l25

EUROPE NFR																				231796			l26		r76 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 314 - AC Key figures Europe13Row Net forwarding revenue (value_1 q_act_jan)13User Value 231796 Mio		l26		l26

MEAC NFR																				271595			l27		r77 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 315 - AC Key figures MEAC13Row Net forwarding revenue (value_1 q_act_jan)13User Value 27159502 Mio		l27		l27

AME NFR																				16695948			l28		r78 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 316 - AC Key figures Americas13Row Net forwarding revenue (value_1 q_act_jan)13User Value 166959483 Mio		l28		l28

Check																				00			l29		s79		l29		l29

	Q4

GP		Q4 2016		Q1 2017		Q2 2017		Q3 2017		Q4 2017				Gross profit

	92		825		81		81		86			m3		Q4 2016		92

									Q1 2017		83

									Q2 2017		81

									Q3 2017		81

EBIT		05		24		31		27		-01			m7		Q4 2017		86


									EBIT

									Q4 2016		05

									Q1 2017		24

									Q2 2017		31

									Q3 2017		27

									Q4 2017		-01

	2017		2016


				2017						2016		2017

YoY Growth		Q3		Q4	Q1	Q2	Q3		Q4				Gross Profit EBIT		YTD		YTD

Gross Profit		-6		-11	-16	-19	-14		-7		m5			Gross Profit		3857		33114	-14	r5 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_3 gtgt q_act_jan)13User Value 33114 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row Gross profit (value_1 q_prior_jan)13User Value 3857000 Mio

								EBIT (adjusted PY)		56		81		45		rf7 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act_jan)13User Value 807 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_3 gtgt q_prior_jan)13User Value 556 Tsd

								EBIT in of NFR		10		15			s9

								NFR		57094638		53871466			rf8 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_3 gtgt q_act_jan)13User Value 53871 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_3 gtgt q_prior_jan)13User Value 57095 Tsd
PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_3 gtgt q_act_jan)13User Value 33114 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row Gross profit (value_1 q_prior_jan)13User Value 3857000 Mio	PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act_jan)13User Value 807 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_3 gtgt q_prior_jan)13User Value 556 Tsd

	Q4

GP		Q4 2016		Q1 2017		Q2 2017		Q3 2017		Q4 2017				Gross profit

	92		825		81		81		86			m3		Q4 2016		92

									Q1 2017		83

									Q2 2017		81

									Q3 2017		81

EBIT		05		24		31		27		-01			m7		Q4 2017		86


									EBIT

									Q4 2016		05

									Q1 2017		24

									Q2 2017		31

									Q3 2017		27

									Q4 2017		-01

	2017		2016


				2017						2016		2017

YoY Growth		Q3		Q4	Q1	Q2	Q3		Q4				Gross Profit EBIT		YTD		YTD

Gross Profit		-6		-11	-16	-19	-14		-7		m5			Gross Profit		3857		33114	-14	r5 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_3 gtgt q_act_jan)13User Value 33114 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row Gross profit (value_1 q_prior_jan)13User Value 3857000 Mio

								EBIT (adjusted PY)		56		81		45		rf7 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act_jan)13User Value 807 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_3 gtgt q_prior_jan)13User Value 556 Tsd

								EBIT in of NFR		10		15			s9

								NFR		57094638		53871466			rf8 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_3 gtgt q_act_jan)13User Value 53871 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_3 gtgt q_prior_jan)13User Value 57095 Tsd
PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_3 gtgt q_act_jan)13User Value 33114 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row Gross profit (value_1 q_prior_jan)13User Value 3857000 Mio	PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act_jan)13User Value 807 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_3 gtgt q_prior_jan)13User Value 556 Tsd

	Q4

GP		Q4 2016		Q1 2017		Q2 2017		Q3 2017		Q4 2017				Gross profit

	92		825		81		81		86			m3		Q4 2016		92

									Q1 2017		83

									Q2 2017		81

									Q3 2017		81

EBIT		05		24		31		27		-01			m7		Q4 2017		86


									EBIT

									Q4 2016		05

									Q1 2017		24

									Q2 2017		31

									Q3 2017		27

									Q4 2017		-01

	2017		2016


				2017						2016		2017

YoY Growth		Q3		Q4	Q1	Q2	Q3		Q4				Gross Profit EBIT		YTD		YTD

Gross Profit		-6		-11	-16	-19	-14		-7		m5			Gross Profit		3857		33114	-14	r5 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_3 gtgt q_act_jan)13User Value 33114 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row Gross profit (value_1 q_prior_jan)13User Value 3857000 Mio

								EBIT (adjusted PY)		56		81		45		rf7 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act_jan)13User Value 807 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_3 gtgt q_prior_jan)13User Value 556 Tsd

								EBIT in of NFR		10		15			s9

								NFR		57094638		53871466			rf8 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_3 gtgt q_act_jan)13User Value 53871 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_3 gtgt q_prior_jan)13User Value 57095 Tsd
PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_3 gtgt q_act_jan)13User Value 33114 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row Gross profit (value_1 q_prior_jan)13User Value 3857000 Mio	PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act_jan)13User Value 807 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_3 gtgt q_prior_jan)13User Value 556 Tsd

	Q4

GP		Q4 2016		Q1 2017		Q2 2017		Q3 2017		Q4 2017				Gross profit

	92		825		81		81		86			m3		Q4 2016		92

									Q1 2017		83

									Q2 2017		81

									Q3 2017		81

EBIT		05		24		31		27		-01			m7		Q4 2017		86


									EBIT

									Q4 2016		05

									Q1 2017		24

									Q2 2017		31

									Q3 2017		27

									Q4 2017		-01

	2017		2016


				2017						2016		2017

YoY Growth		Q3		Q4	Q1	Q2	Q3		Q4				Gross Profit EBIT		YTD		YTD

Gross Profit		-6		-11	-16	-19	-14		-7		m5			Gross Profit		3857		33114	-14	r5 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_3 gtgt q_act_jan)13User Value 33114 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row Gross profit (value_1 q_prior_jan)13User Value 3857000 Mio

								EBIT (adjusted PY)		56		81		45		rf7 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act_jan)13User Value 807 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_3 gtgt q_prior_jan)13User Value 556 Tsd

								EBIT in of NFR		10		15			s9

								NFR		57094638		53871466			rf8 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_3 gtgt q_act_jan)13User Value 53871 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_3 gtgt q_prior_jan)13User Value 57095 Tsd
PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_3 gtgt q_act_jan)13User Value 33114 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row Gross profit (value_1 q_prior_jan)13User Value 3857000 Mio	PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act_jan)13User Value 807 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_3 gtgt q_prior_jan)13User Value 556 Tsd

	Q4

TEU		Q4 2016		Q1 2017		Q2 2017		Q3 2017		Q4 2017						TEU

	389		374		383		386		378			m3		r3 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_act)13User Value 3778850 Mio			Q4 2016		389		254

	254		282		285		282		275			m4		r4 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row GPTEU (CHF) (value_1 q_act)13User Value 2748072 Mio			Q1 2017		374		282

										Q2 2017		383		285

										Q3 2017		386		282

EBIT		-51		-32		06		-29		-96			m7		m10			Q4 2017		378		275

	-51		-30		05		-27		-92			m8		m8

								PAC Hamon Pierrick Invalid Reference (value_3_PQACT02) 1313Reference could not be handled13Underlying Formula			EBIT		EBIT		EBIT GP

	0					-00353				r11 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row in of gross profit (value_1 q_act)13User Value -00353 Mio			Q4 2016		-51		-51

EBIT YTD						-150917				r12 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT reported (value_1 q_act_jan)13User Value -150917 Mio		PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_act)13User Value 3778850 Mio		PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row GPTEU (CHF) (value_1 q_act)13User Value 2748072 Mio			Q1 2017		-32		-30

										Q2 2017		06		05

										Q3 2017		-29		-27

										Q4 2017		-96		-92

		2017		2016

	2016					2017					2016		2017

YoY Growth			Q3		Q4		Q1	Q2	Q3	Q4			Gross Profit EBIT		YTD		YTD

Volume (market estimated)			0		3		4	3	3	4		m5		Gross Profit		4438		4272		-4		r5 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_act_jan)13User Value 4272121 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_prior_jan)13User Value 4437605 Mio

Volume (Panalpina)			-9		1		7	3	2	-3		r6 PAC Monaco Salvatore Referenced Value (value_4_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row change YoY (value_1 q_act)13User Value -00285 Mio		EBIT (adjusted PY)		109		-151		na		r6 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_act_jan)13User Value -150917 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_prior_jan)13User Value 109010 Mio

GPTEU			-2		-18		-17	-7	-5	8		r7 PAC Monaco Salvatore Referenced Value (value_4_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row change YoY (value_1 q_act)13User Value 00827 Mio							PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_act_jan)13User Value 4272121 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_prior_jan)13User Value 4437605 Mio		PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_act_jan)13User Value -150917 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_prior_jan)13User Value 109010 Mio	EBITGP ()	25	-35	r7 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row in of gross profit (value_1 q_act_jan)13User Value -00353 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row in of gross profit (value_1 q_prior_jan)13User Value 00246 Mio

Gross Profit			-10		-16		-11	-5	-3	5		m8		Volumes (TEUs 000)		14885		15205		2		r8 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_act_jan)13User Value 15204900 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_prior_jan)13User Value 14884510 Mio

	Q4

TEU		Q4 2016		Q1 2017		Q2 2017		Q3 2017		Q4 2017						TEU

	389		374		383		386		378			m3		r3 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_act)13User Value 3778850 Mio			Q4 2016		389		254

	254		282		285		282		275			m4		r4 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row GPTEU (CHF) (value_1 q_act)13User Value 2748072 Mio			Q1 2017		374		282

										Q2 2017		383		285

										Q3 2017		386		282

EBIT		-51		-32		06		-29		-96			m7		m10			Q4 2017		378		275

	-51		-30		05		-27		-92			m8		m8

								PAC Hamon Pierrick Invalid Reference (value_3_PQACT02) 1313Reference could not be handled13Underlying Formula			EBIT		EBIT		EBIT GP

	0					-00353				r11 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row in of gross profit (value_1 q_act)13User Value -00353 Mio			Q4 2016		-51		-51

EBIT YTD						-150917				r12 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT reported (value_1 q_act_jan)13User Value -150917 Mio		PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_act)13User Value 3778850 Mio		PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row GPTEU (CHF) (value_1 q_act)13User Value 2748072 Mio			Q1 2017		-32		-30

										Q2 2017		06		05

										Q3 2017		-29		-27

										Q4 2017		-96		-92

		2017		2016

	2016					2017					2016		2017

YoY Growth			Q3		Q4		Q1	Q2	Q3	Q4			Gross Profit EBIT		YTD		YTD

Volume (market estimated)			0		3		4	3	3	4		m5		Gross Profit		4438		4272		-4		r5 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_act_jan)13User Value 4272121 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_prior_jan)13User Value 4437605 Mio

Volume (Panalpina)			-9		1		7	3	2	-3		r6 PAC Monaco Salvatore Referenced Value (value_4_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row change YoY (value_1 q_act)13User Value -00285 Mio		EBIT (adjusted PY)		109		-151		na		r6 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_act_jan)13User Value -150917 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_prior_jan)13User Value 109010 Mio

GPTEU			-2		-18		-17	-7	-5	8		r7 PAC Monaco Salvatore Referenced Value (value_4_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row change YoY (value_1 q_act)13User Value 00827 Mio							PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_act_jan)13User Value 4272121 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_prior_jan)13User Value 4437605 Mio		PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_act_jan)13User Value -150917 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_prior_jan)13User Value 109010 Mio	EBITGP ()	25	-35	r7 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row in of gross profit (value_1 q_act_jan)13User Value -00353 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row in of gross profit (value_1 q_prior_jan)13User Value 00246 Mio

Gross Profit			-10		-16		-11	-5	-3	5		m8		Volumes (TEUs 000)		14885		15205		2		r8 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_act_jan)13User Value 15204900 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_prior_jan)13User Value 14884510 Mio

	Q4

TEU		Q4 2016		Q1 2017		Q2 2017		Q3 2017		Q4 2017						TEU

	389		374		383		386		378			m3		r3 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_act)13User Value 3778850 Mio			Q4 2016		389		254

	254		282		285		282		275			m4		r4 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row GPTEU (CHF) (value_1 q_act)13User Value 2748072 Mio			Q1 2017		374		282

										Q2 2017		383		285

										Q3 2017		386		282

EBIT		-51		-32		06		-29		-96			m7		m10			Q4 2017		378		275

	-51		-30		05		-27		-92			m8		m8

								PAC Hamon Pierrick Invalid Reference (value_3_PQACT02) 1313Reference could not be handled13Underlying Formula			EBIT		EBIT		EBIT GP

	0					-00353				r11 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row in of gross profit (value_1 q_act)13User Value -00353 Mio			Q4 2016		-51		-51

EBIT YTD						-150917				r12 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT reported (value_1 q_act_jan)13User Value -150917 Mio		PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_act)13User Value 3778850 Mio		PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row GPTEU (CHF) (value_1 q_act)13User Value 2748072 Mio			Q1 2017		-32		-30

										Q2 2017		06		05

										Q3 2017		-29		-27

										Q4 2017		-96		-92

		2017		2016

	2016					2017					2016		2017

YoY Growth			Q3		Q4		Q1	Q2	Q3	Q4			Gross Profit EBIT		YTD		YTD

Volume (market estimated)			0		3		4	3	3	4		m5		Gross Profit		4438		4272		-4		r5 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_act_jan)13User Value 4272121 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_prior_jan)13User Value 4437605 Mio

Volume (Panalpina)			-9		1		7	3	2	-3		r6 PAC Monaco Salvatore Referenced Value (value_4_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row change YoY (value_1 q_act)13User Value -00285 Mio		EBIT (adjusted PY)		109		-151		na		r6 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_act_jan)13User Value -150917 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_prior_jan)13User Value 109010 Mio

GPTEU			-2		-18		-17	-7	-5	8		r7 PAC Monaco Salvatore Referenced Value (value_4_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row change YoY (value_1 q_act)13User Value 00827 Mio							PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_act_jan)13User Value 4272121 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_prior_jan)13User Value 4437605 Mio		PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_act_jan)13User Value -150917 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_prior_jan)13User Value 109010 Mio	EBITGP ()	25	-35	r7 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row in of gross profit (value_1 q_act_jan)13User Value -00353 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row in of gross profit (value_1 q_prior_jan)13User Value 00246 Mio

Gross Profit			-10		-16		-11	-5	-3	5		m8		Volumes (TEUs 000)		14885		15205		2		r8 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_act_jan)13User Value 15204900 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_prior_jan)13User Value 14884510 Mio

	Q4

TEU		Q4 2016		Q1 2017		Q2 2017		Q3 2017		Q4 2017						TEU

	389		374		383		386		378			m3		r3 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_act)13User Value 3778850 Mio			Q4 2016		389		254

	254		282		285		282		275			m4		r4 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row GPTEU (CHF) (value_1 q_act)13User Value 2748072 Mio			Q1 2017		374		282

										Q2 2017		383		285

										Q3 2017		386		282

EBIT		-51		-32		06		-29		-96			m7		m10			Q4 2017		378		275

	-51		-30		05		-27		-92			m8		m8

								PAC Hamon Pierrick Invalid Reference (value_3_PQACT02) 1313Reference could not be handled13Underlying Formula			EBIT		EBIT		EBIT GP

	0					-00353				r11 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row in of gross profit (value_1 q_act)13User Value -00353 Mio			Q4 2016		-51		-51

EBIT YTD						-150917				r12 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT reported (value_1 q_act_jan)13User Value -150917 Mio		PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_act)13User Value 3778850 Mio		PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row GPTEU (CHF) (value_1 q_act)13User Value 2748072 Mio			Q1 2017		-32		-30

										Q2 2017		06		05

										Q3 2017		-29		-27

										Q4 2017		-96		-92

		2017		2016

	2016					2017					2016		2017

YoY Growth			Q3		Q4		Q1	Q2	Q3	Q4			Gross Profit EBIT		YTD		YTD

Volume (market estimated)			0		3		4	3	3	4		m5		Gross Profit		4438		4272		-4		r5 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_act_jan)13User Value 4272121 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_prior_jan)13User Value 4437605 Mio

Volume (Panalpina)			-9		1		7	3	2	-3		r6 PAC Monaco Salvatore Referenced Value (value_4_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row change YoY (value_1 q_act)13User Value -00285 Mio		EBIT (adjusted PY)		109		-151		na		r6 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_act_jan)13User Value -150917 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_prior_jan)13User Value 109010 Mio

GPTEU			-2		-18		-17	-7	-5	8		r7 PAC Monaco Salvatore Referenced Value (value_4_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row change YoY (value_1 q_act)13User Value 00827 Mio							PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_act_jan)13User Value 4272121 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_prior_jan)13User Value 4437605 Mio		PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_act_jan)13User Value -150917 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_prior_jan)13User Value 109010 Mio	EBITGP ()	25	-35	r7 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row in of gross profit (value_1 q_act_jan)13User Value -00353 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row in of gross profit (value_1 q_prior_jan)13User Value 00246 Mio

Gross Profit			-10		-16		-11	-5	-3	5		m8		Volumes (TEUs 000)		14885		15205		2		r8 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_act_jan)13User Value 15204900 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_prior_jan)13User Value 14884510 Mio

	Q4

TEU		Q4 2016		Q1 2017		Q2 2017		Q3 2017		Q4 2017		YTD CY					TEU

	252		233		2399		249		274		996		m4		m3			Q4 2016		252		562

	562		620		6251		648		670		642		m5		m4			Q1 2017		233		620

										Q2 2017		240		625

										Q3 2017		249		648

EBIT		208		171		220		303		410		1103		m6		m7			Q4 2017		274		670

	147		118		147		188		223		173		m7		m8


										EBIT

										Q4 2016		21		15

										Q1 2017		17		12

										Q2 2017		22		15

										Q3 2017		30		19

										Q4 2017		41		22

		2017		2016

	2016					2017					2016		2017

YoY Growth			Q3		Q4		Q1	Q2	Q3	Q4			Gross Profit EBIT		YTD		YTD

Volume (market estimated)			2		8		6	10	10	11		m5		Gross Profit		5952		6394	7		r5 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Gross profit (value_1 q_act_jan)13User Value 6394449 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Gross profit (value_1 q_prior_jan)13User Value 5951870 Mio

Volume (Panalpina)			10		14		8	7	9	8		m6		EBIT (adjusted PY)		935		1103	18		r6 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row EBIT reported (value_1 q_act_jan)13User Value 1103462 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row EBIT adjusted (value_1 q_prior_jan)13User Value 934506 Mio

GPton			-7		-14		-10	-10	-1	19		m7		EBITGP ()		157		173		r7 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row in of gross profit (value_1 q_act_jan)13User Value 01726 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row in of gross profit (value_1 q_prior_jan)13User Value 01570 Mio

Gross Profit			2		-2		-3	-4	8	29		m8		Volumes (tons 000)		9214		9959	8		r8 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Air Freight volumes (000 tons) (value_1 q_act_jan)13User Value 9959000 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Air Freight volumes (000 tons) (value_1 q_prior_jan)13User Value 9214480 Mio

	Q4

TEU		Q4 2016		Q1 2017		Q2 2017		Q3 2017		Q4 2017		YTD CY					TEU

	252		233		2399		249		274		996		m4		m3			Q4 2016		252		562

	562		620		6251		648		670		642		m5		m4			Q1 2017		233		620

										Q2 2017		240		625

										Q3 2017		249		648

EBIT		208		171		220		303		410		1103		m6		m7			Q4 2017		274		670

	147		118		147		188		223		173		m7		m8


										EBIT

										Q4 2016		21		15

										Q1 2017		17		12

										Q2 2017		22		15

										Q3 2017		30		19

										Q4 2017		41		22

		2017		2016

	2016					2017					2016		2017

YoY Growth			Q3		Q4		Q1	Q2	Q3	Q4			Gross Profit EBIT		YTD		YTD

Volume (market estimated)			2		8		6	10	10	11		m5		Gross Profit		5952		6394	7		r5 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Gross profit (value_1 q_act_jan)13User Value 6394449 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Gross profit (value_1 q_prior_jan)13User Value 5951870 Mio

Volume (Panalpina)			10		14		8	7	9	8		m6		EBIT (adjusted PY)		935		1103	18		r6 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row EBIT reported (value_1 q_act_jan)13User Value 1103462 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row EBIT adjusted (value_1 q_prior_jan)13User Value 934506 Mio

GPton			-7		-14		-10	-10	-1	19		m7		EBITGP ()		157		173		r7 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row in of gross profit (value_1 q_act_jan)13User Value 01726 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row in of gross profit (value_1 q_prior_jan)13User Value 01570 Mio

Gross Profit			2		-2		-3	-4	8	29		m8		Volumes (tons 000)		9214		9959	8		r8 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Air Freight volumes (000 tons) (value_1 q_act_jan)13User Value 9959000 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Air Freight volumes (000 tons) (value_1 q_prior_jan)13User Value 9214480 Mio

	Q4

TEU		Q4 2016		Q1 2017		Q2 2017		Q3 2017		Q4 2017		YTD CY					TEU

	252		233		2399		249		274		996		m4		m3			Q4 2016		252		562

	562		620		6251		648		670		642		m5		m4			Q1 2017		233		620

										Q2 2017		240		625

										Q3 2017		249		648

EBIT		208		171		220		303		410		1103		m6		m7			Q4 2017		274		670

	147		118		147		188		223		173		m7		m8


										EBIT

										Q4 2016		21		15

										Q1 2017		17		12

										Q2 2017		22		15

										Q3 2017		30		19

										Q4 2017		41		22

		2017		2016

	2016					2017					2016		2017

YoY Growth			Q3		Q4		Q1	Q2	Q3	Q4			Gross Profit EBIT		YTD		YTD

Volume (market estimated)			2		8		6	10	10	11		m5		Gross Profit		5952		6394	7		r5 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Gross profit (value_1 q_act_jan)13User Value 6394449 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Gross profit (value_1 q_prior_jan)13User Value 5951870 Mio

Volume (Panalpina)			10		14		8	7	9	8		m6		EBIT (adjusted PY)		935		1103	18		r6 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row EBIT reported (value_1 q_act_jan)13User Value 1103462 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row EBIT adjusted (value_1 q_prior_jan)13User Value 934506 Mio

GPton			-7		-14		-10	-10	-1	19		m7		EBITGP ()		157		173		r7 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row in of gross profit (value_1 q_act_jan)13User Value 01726 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row in of gross profit (value_1 q_prior_jan)13User Value 01570 Mio

Gross Profit			2		-2		-3	-4	8	29		m8		Volumes (tons 000)		9214		9959	8		r8 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Air Freight volumes (000 tons) (value_1 q_act_jan)13User Value 9959000 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Air Freight volumes (000 tons) (value_1 q_prior_jan)13User Value 9214480 Mio

	Q4

TEU		Q4 2016		Q1 2017		Q2 2017		Q3 2017		Q4 2017		YTD CY					TEU

	252		233		2399		249		274		996		m4		m3			Q4 2016		252		562

	562		620		6251		648		670		642		m5		m4			Q1 2017		233		620

										Q2 2017		240		625

										Q3 2017		249		648

EBIT		208		171		220		303		410		1103		m6		m7			Q4 2017		274		670

	147		118		147		188		223		173		m7		m8


										EBIT

										Q4 2016		21		15

										Q1 2017		17		12

										Q2 2017		22		15

										Q3 2017		30		19

										Q4 2017		41		22

		2017		2016

	2016					2017					2016		2017

YoY Growth			Q3		Q4		Q1	Q2	Q3	Q4			Gross Profit EBIT		YTD		YTD

Volume (market estimated)			2		8		6	10	10	11		m5		Gross Profit		5952		6394	7		r5 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Gross profit (value_1 q_act_jan)13User Value 6394449 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Gross profit (value_1 q_prior_jan)13User Value 5951870 Mio

Volume (Panalpina)			10		14		8	7	9	8		m6		EBIT (adjusted PY)		935		1103	18		r6 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row EBIT reported (value_1 q_act_jan)13User Value 1103462 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row EBIT adjusted (value_1 q_prior_jan)13User Value 934506 Mio

GPton			-7		-14		-10	-10	-1	19		m7		EBITGP ()		157		173		r7 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row in of gross profit (value_1 q_act_jan)13User Value 01726 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row in of gross profit (value_1 q_prior_jan)13User Value 01570 Mio

Gross Profit			2		-2		-3	-4	8	29		m8		Volumes (tons 000)		9214		9959	8		r8 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Air Freight volumes (000 tons) (value_1 q_act_jan)13User Value 9959000 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Air Freight volumes (000 tons) (value_1 q_prior_jan)13User Value 9214480 Mio

Page 7: Full-year results 2017 - panalpina.com · GP/ton -14% -10% -10% ... of an offer to purchase any shares andneither it nor any part of it shall form the basis ... % 24.2% 60.1% 35.9%

2016 2017

389 374 383 386 378

254

282 285 282275

Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017

TEU GPTEU

-51 -32 06 -29 -96

-51

-30

05

-27

-92

Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017

SNVeryHiddenParameterSheet

Sheet1

charts

TEU GPTEU

TEU (in 000)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017254282284946000000000032820749999999999927480720000000002

EBIT (adjusted PY)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017-50999999999999996-29871099999999999053228355696699203-271-92169000000000008

SNVeryHiddenParameterSheet

Sheet1

charts

TEU GPTEU

TEU (in 000)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017254282284946000000000032820749999999999927480720000000002

EBIT (adjusted PY)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017-50999999999999996-29871099999999999053228355696699203-271-92169000000000008

Chart1

TEU GPTEU

TEU (in 000)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017254282284946000000000032820749999999999927480720000000002

SNVeryHiddenParameterSheet

Sheet1

charts

TEU GPTEU

TEU (in 000)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017254282284946000000000032820749999999999927480720000000002

EBIT (adjusted PY)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017-50999999999999996-29871099999999999053228355696699203-271-92169000000000008

Chart1

EBIT (adjusted PY)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017-50999999999999996-29871099999999999053228355696699203-271-92169000000000008

SNVeryHiddenParameterSheet

Sheet1

charts

TEU GPTEU

TEU (in 000)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017254282284946000000000032820749999999999927480720000000002

EBIT (adjusted PY)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017-50999999999999996-29871099999999999053228355696699203-271-92169000000000008

Gross Profit -11 -16 -19 -14 -7

201792

83 81 8186

Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017

GROSS PROFIT

05

24

3127

-01

Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017

EBIT (ADJUSTED PY)

SNVeryHiddenParameterSheet

Table

charts

GROSS PROFIT

Q4 2016Q1 2017Q2 2017Q3 2017Q4 201792825813481488576

EBIT (ADJUSTED PY)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017052430608271-008

SNVeryHiddenParameterSheet

Table

charts

GROSS PROFIT

Q4 2016Q1 2017Q2 2017Q3 2017Q4 201792825813481488576

EBIT (ADJUSTED PY)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017052430608271-008

Chart1

GROSS PROFIT

Q4 2016Q1 2017Q2 2017Q3 2017Q4 201792825813481488576

SNVeryHiddenParameterSheet

Table

charts

GROSS PROFIT

Q4 2016Q1 2017Q2 2017Q3 2017Q4 201792825813481488576

EBIT (ADJUSTED PY)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017052430608271-008

Chart1

EBIT (ADJUSTED PY)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017052430608271-008

SNVeryHiddenParameterSheet

Table

charts

GROSS PROFIT

Q4 2016Q1 2017Q2 2017Q3 2017Q4 201792825813481488576

EBIT (ADJUSTED PY)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017052430608271-008

IFRS CHANGES 2018

in CHF million

OUTLOOK Market

minus AirOcean 3-4

Panalpina

APRIL 19 2018

MAY 8 2018

NEXT EVENTS

DISCLAIMER

APPENDIX

SNVeryHiddenParameterSheet

PAN_ISpQ_Group

image1png

SNVeryHiddenParameterSheet

PAN_ISpQ_AirFreight

image1png

SNVeryHiddenParameterSheet

PAN_ISpQ_OceanFreight

image1png

EBIT reported 18 (15) 09 05 18 24 31 27 (01) 81

SNVeryHiddenParameterSheet

PAN_ISpQ_Logistics

image1png

BALANCE SHEET

SNVeryHiddenParameterSheet

PAN_BalanceSheet

image1png

CASH FLOW

SNVeryHiddenParameterSheet

Tabele PAN_Cashflow

Slide Number 2
IFRS changes 2018
Next EVENTs
Disclaimer
Appendix
Balance sheet
Cash flow

	31-Dec-16		31-Dec-17		Change in

Cash flow before changes in working capital		1313		1536				r2 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Subtotal cash flow from operations gtgt (ltlt 2017 gtgt q_act_jan)13User Value 15298 Tsd			PY IS MANUAL

Changes in working capital		188		(480)				r3 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows131313267 Tsd - ltlt Increase (decrease) payables and accruals incl accrued cost of service gtgt (ltlt 2017 gtgt q_act_jan)13-695 Tsd - ltlt (Decrease) increase non-current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13256 Tsd - ltlt (Decrease) increase current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13-17508 Tsd - ltlt (Increase) decrease receivables other current assets and unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-4680 Tsd (Total)

Cash from operations		1501		1056				r4 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash generated from operations gtgt (ltlt 2017 gtgt q_act_jan)13User Value 10618 Tsd


Interest and income taxes paid		(394)		(383)				r6 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows1313-3709 Tsd - ltlt Income taxes paid gtgt (ltlt 2017 gtgt q_act_jan)13-122 Tsd - ltlt Interest paid gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-3831 Tsd (Total)

Net cash from operating activities		1107		673		-39			r7 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash from operating activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 6787 Tsd


Net cash from investing activities		(241)		(681)		183			r9 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in investing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -6870 Tsd


Free cash flow		866		(08)		-101			r11 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Free cash flow gtgt (ltlt 2017 gtgt q_act_jan)13User Value -083 Tsd


Net cash used in financing activities		(887)		(882)		-1			r13 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in financing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8818 Tsd


Net increase (decrease) in cash and cash equivalents		(21)		(890)				r15 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net increase (decrease) in cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8901 Tsd

Cash and cash equivalents at beginning of period		3923		3888				r16 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the beginning of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 38878 Tsd

Effect of exchange rate changes		(14)		111				r17 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Effect of exchange rate changes on cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 1108 Tsd

Cash and cash equivalents at end of period		3888		3109				r18 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the end of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd


Reported cash and cash equivalents at 31122016			3888				r21 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the beginning of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 38878 Tsd			Reported cash and cash equivalents at 31122016			3888

Profit YTD 122017			5746				r19 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Profit gtgt (ltlt 2017 gtgt q_act_jan)13User Value 5746 Tsd			Profit YTD 122017		3888		575

Other non-cash items (eg DampA)			9613				r23 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13132129 Tsd - ltlt Depreciation of property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)132157 Tsd - ltlt Amortization of intangible assets gtgt (ltlt 2017 gtgt q_act_jan)13-224 Tsd - ltlt Interest income and dividend on available-for-sale financial assets gtgt (ltlt 2017 gtgt q_act_jan)13-062 Tsd - ltlt Exchange differences gtgt (ltlt 2017 gtgt q_act_jan)13-033 Tsd - ltlt Loss (gain) on sales of property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)13000 Tsd - ltlt Gain on sales of financial assets gtgt (ltlt 2017 gtgt q_act_jan)13612 Tsd - ltlt Expenses for share-based compensation plans gtgt (ltlt 2017 gtgt q_act_jan)13564 Tsd - ltlt Other non-cash (income) and expenses gtgt (ltlt 2017 gtgt q_act_jan)134408 Tsd - ltlt Income tax expenses gtgt (ltlt 2017 gtgt q_act_jan)13---------------------139552 Tsd (Total)			Other non-cash items (eg DampA)		4462		961

Changes in working capital			-4798				r24 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows131313267 Tsd - ltlt Increase (decrease) payables and accruals incl accrued cost of service gtgt (ltlt 2017 gtgt q_act_jan)13-695 Tsd - ltlt (Decrease) increase non-current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13256 Tsd - ltlt (Decrease) increase current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13-17508 Tsd - ltlt (Increase) decrease receivables other current assets and unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-4680 Tsd (Total)			Changes in working capital		4944		480	neg

Interest and income taxes paid			-3831				r25 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows1313-3709 Tsd - ltlt Income taxes paid gtgt (ltlt 2017 gtgt q_act_jan)13-122 Tsd - ltlt Interest paid gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-3831 Tsd (Total)			Interest and income taxes paid		4561		383	neg

Net cash from investing activities			-6813				r26 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in investing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -6870 Tsd			Net cash from investing activities		3879		681	neg

Financing activitiesdividend			-8818				r27 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in financing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8818 Tsd			Financing activitiesdividend		2998		882	neg

Effect of exchange rate changes			1108				r28 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Effect of exchange rate changes on cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 1108 Tsd			Effect of exchange rate changes		2998		111

Reported cash and cash equivalents at 31122017			31085				r29 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the end of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd		PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Subtotal cash flow from operations gtgt (ltlt 2017 gtgt q_act_jan)13User Value 15298 Tsd		PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows131313267 Tsd - ltlt Increase (decrease) payables and accruals incl accrued cost of service gtgt (ltlt 2017 gtgt q_act_jan)13-695 Tsd - ltlt (Decrease) increase non-current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13256 Tsd - ltlt (Decrease) increase current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13-17508 Tsd - ltlt (Increase) decrease receivables other current assets and unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-4680 Tsd (Total)	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash generated from operations gtgt (ltlt 2017 gtgt q_act_jan)13User Value 10618 Tsd		PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows1313-3709 Tsd - ltlt Income taxes paid gtgt (ltlt 2017 gtgt q_act_jan)13-122 Tsd - ltlt Interest paid gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-3831 Tsd (Total)	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash from operating activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 6787 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in investing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -6870 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Free cash flow gtgt (ltlt 2017 gtgt q_act_jan)13User Value -083 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in financing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8818 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net increase (decrease) in cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8901 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the beginning of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 38878 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Effect of exchange rate changes on cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 1108 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the end of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the beginning of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 38878 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Profit gtgt (ltlt 2017 gtgt q_act_jan)13User Value 5746 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13132129 Tsd - ltlt Depreciation of property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)132157 Tsd - ltlt Amortization of intangible assets gtgt (ltlt 2017 gtgt q_act_jan)13-224 Tsd - ltlt Interest income and dividend on available-for-sale financial assets gtgt (ltlt 2017 gtgt q_act_jan)13-062 Tsd - ltlt Exchange differences gtgt (ltlt 2017 gtgt q_act_jan)13-033 Tsd - ltlt Loss (gain) on sales of property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)13000 Tsd - ltlt Gain on sales of financial assets gtgt (ltlt 2017 gtgt q_act_jan)13612 Tsd - ltlt Expenses for share-based compensation plans gtgt (ltlt 2017 gtgt q_act_jan)13564 Tsd - ltlt Other non-cash (income) and expenses gtgt (ltlt 2017 gtgt q_act_jan)134408 Tsd - ltlt Income tax expenses gtgt (ltlt 2017 gtgt q_act_jan)13---------------------139552 Tsd (Total)	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows131313267 Tsd - ltlt Increase (decrease) payables and accruals incl accrued cost of service gtgt (ltlt 2017 gtgt q_act_jan)13-695 Tsd - ltlt (Decrease) increase non-current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13256 Tsd - ltlt (Decrease) increase current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13-17508 Tsd - ltlt (Increase) decrease receivables other current assets and unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-4680 Tsd (Total)	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows1313-3709 Tsd - ltlt Income taxes paid gtgt (ltlt 2017 gtgt q_act_jan)13-122 Tsd - ltlt Interest paid gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-3831 Tsd (Total)	Reported cash and cash equivalents at 31122017	3109	3888

													484

													591

													(479)

													(331)

													(406)

													(882)

													93

													2946

	31-Dec-16		31-Dec-17		Change in

				CHF

Cash and cash equivalents		3888		3109		(779)		-20			r3 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd		3888	3999		111		3

Trade receivables unbilled forwarding services		9087		10970		1883		21			r4 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Trade receivables unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13User Value 109701 Tsd		9087	8693		-394		-4

Other current assets		1025		1322		297		29			r5 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other current assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 13217 Tsd		1025	1335		31		30

Property plant and equipment		635		967		332		52			r6 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)13User Value 9673 Tsd		635	651		16		3

Intangible assets		979		885		(95)		-10			r7 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Intangible assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 8845 Tsd		979	926		-53		-5

Other non-current assets		990		1138		148		15			r8 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other non-current assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 11382 Tsd		99	1073		83		8

Total assets		16606		18390		1784		11			r9 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 183903 Tsd		166060	166780		72		0

											0

Short-term borrowings		23		26		03		15			r11 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Short-term borrowings gtgt (ltlt 2017 gtgt q_act_jan)13User Value 262 Tsd		23	05		-18		-78

Trade payables accured cost of services		6524		7967		1443		22			r12 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Trade payables accured cost of services gtgt (ltlt 2017 gtgt q_act_jan)13User Value 79665 Tsd		6524	620		-324		-5

Other current liabilities		2439		2676		237		10			r13 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other current liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 26763 Tsd		2439	2592		153		6

Long-Term borrowings		00		32		32		na			r20 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Long-term borrowings gtgt (ltlt 2017 gtgt q_act_jan)13User Value 324 Tsd		0	12		12		na

Other long-term liabilities		1449		1546		97		7			r21 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other long-term liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 15459 Tsd		1449	1479		3		2

Total liabilities		10436		12247		1811		17			r14 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 122473 Tsd		104360	102880		-148		-1

Share capital		24		24		(00)		-1			r15 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Share capital gtgt (ltlt 2017 gtgt q_act_jan)13User Value 238 Tsd		24	24		0		0

Reserves treasury shares		6057		6056		(01)		-0			r16 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Reserves treasury shares gtgt (ltlt 2017 gtgt q_act_jan)13User Value 60534 Tsd		6057	6285		228		4

Non-controlling interests		89		63		(26)		-29			r17 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Non-controlling interests gtgt (ltlt 2017 gtgt q_act_jan)13User Value 659 Tsd		89	81		-08		-9

Total equity		6170		6143		(27)		-0			r18 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total equity gtgt (ltlt 2017 gtgt q_act_jan)13User Value 61430 Tsd		617	639		22		4

Total equity and liabilities		16606		18390		1784		11			r19 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total equity and liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 183903 Tsd		166060	166780		72		0

KPIs		31-Dec-16		31-Dec-17


Equity Ratio		372		334					s20 PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document Q2_2017_Quarter_Report13Chapter Consolidated Statement of Financial Position13Row ltlt Total equity and liabilities gtgt (ltlt June 30 2017 gtgt q_act_jan)13User Value 153472 Tsd

							PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Trade receivables unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13User Value 109701 Tsd		PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other current assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 13217 Tsd		PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)13User Value 9673 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Intangible assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 8845 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other non-current assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 11382 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 183903 Tsd		PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Short-term borrowings gtgt (ltlt 2017 gtgt q_act_jan)13User Value 262 Tsd		PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Trade payables accured cost of services gtgt (ltlt 2017 gtgt q_act_jan)13User Value 79665 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other current liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 26763 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Long-term borrowings gtgt (ltlt 2017 gtgt q_act_jan)13User Value 324 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other long-term liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 15459 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 122473 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Share capital gtgt (ltlt 2017 gtgt q_act_jan)13User Value 238 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Reserves treasury shares gtgt (ltlt 2017 gtgt q_act_jan)13User Value 60534 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Non-controlling interests gtgt (ltlt 2017 gtgt q_act_jan)13User Value 659 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total equity gtgt (ltlt 2017 gtgt q_act_jan)13User Value 61430 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total equity and liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 183903 Tsd	NWC-Intensity	18	15	mf24	Enterred by HPI on 14012018

DSO 3-m-rolling YTD		455		474					m22		Enterred by HPI on 14012018

DPO 3-m-rolling YTD		407		412					m23		Enterred by HPI on 14012018

2017	2016

																						Check

Logistics	Q1 2016	Q2 2016	HY 2016		Q3 2016		Q3YTD 2016		Q4 2016		FY 2016		Q1 2017		Q2 2017			HY 2017		Q3 2017			Q3YTD 2017		Q4 2017		FY 2017								CY

Net forwarding revenue	1402	1613	3015		1374		4389		1321		5709		1286		1377			2663		1394			4057		1330		5387			m4		m4		s4 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_3 gtgt q_act)13User Value 14141 Tsd	r4 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_3 gtgt q_act_jan)13User Value 53871 Tsd	00

Forwarding expenses	(420)	(607)	(1027)		(429)		(1456)		(397)		(1853)		(460)		(564)			(1024)		(580)			(1604)		(472)		(2076)			m5		m5		s5 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_3 gtgt q_act)13User Value -5564 Tsd	r5 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_3 gtgt q_act_jan)13User Value -20758 Tsd	00

Gross profit	982	1006	1989		944		2933		924		3857		825		813			1639		815			2454		858		3311			m6		m6		s6 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_3 gtgt q_act)13User Value 8576 Tsd	r6 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_3 gtgt q_act_jan)13User Value 33114 Tsd	00

Personnel expenses	(574)	(591)	(1166)		(528)		(1694)		(519)		(2213)		(479)		(461)			(940)		(469)			(1409)		(507)		(1916)			m7		m7		s7 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_3 gtgt q_act)13User Value -4045 Tsd	r7 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_3 gtgt q_act_jan)13User Value -19163 Tsd	00

Other operating expenses	(360)	(363)	(723)		(378)		(1102)		(367)		(1469)		(298)		(298)			(596)		(298)			(894)		(329)		(1223)			m8		m8		s8 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_3 gtgt q_act)13User Value -4415 Tsd	r8 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_3 gtgt q_act_jan)13User Value -12227 Tsd	00

EBITDA adjusted	48	52	100		38		138		37		175		48		54			103		48			151		22		172			m9		m9		s9 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_3 gtgt q_act)13User Value -479 Tsd	r9 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_3 gtgt q_act_jan)13User Value 1724 Tsd	00

Depreciation and amortization	(29)	(29)	(58)		(29)		(88)		(32)		(119)		(25)		(24)			(48)		(21)			(69)		(23)		(92)			m10		m10		s10 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_3 gtgt q_act)13User Value -125 Tsd	r10 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_3 gtgt q_act_jan)13User Value -918 Tsd	00

EBIT adjusted	18	23	41		09		50		05		56		24		31			54		27			81		(01)		81			m11		m11		s11 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act)13User Value -008 Tsd	r11 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act_jan)13User Value 807 Tsd	00

Non-recurring items

Restructuring expenses	00	(38)	(38)		00		(38)		00		(38)		00		00			00		00			00		00		00			m13		m13		s13	m13	00


EBIT reported	18	(15)	03		09		12		05		18		24		31			54		27			81		(01)		81			m15		m15		s15 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act)13User Value -008 Tsd	r15 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act_jan)13User Value 807 Tsd


GP Change YoY										-19		-18		-14		-16		-7		-14					s16	s16


															453

						10										15

GP control	000	000		000				000		(012)		(000)		000				000			000			000		s30		s30		s30		s30

EBITDA control	000	000		(000)				010		(002)		000		(000)				000			(000)			000		s31		s31		s31		s31

EBIT control	010	000		000				000		005		000		(000)			ERRORREF		000			000			000		s32		s32		s32		s32

2017	2016


Ocean Freight	Q1 2016	Q2 2016	HY 2016		Q3 2016	Q3YTD 2016			Q4 2016			FY 2016			Q1 2017			Q2 2017			HY 2017		Q3 2017			Q3YTD 2017		Q4 2017			FY 2017

Net forwarding revenue	5338	4921	10259		4955	15214			4770			19984			4915			5172			10087		5551			15637		5105			20743			m4		m4		s4 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_2 gtgt q_act)13User Value 55506 Tsd	r4 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_2 gtgt q_act_jan)13User Value 207428 Tsd	00	00	00	00

Forwarding expenses	(4157)	(3773)	(7930)		(3834)	(11764)			(3783)			(15547)			(3860)			(4081)			(7941)		(4463)			(12404)		(4067)			(16471)			m5		m5		s5 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_2 gtgt q_act)13User Value -44629 Tsd	r5 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_2 gtgt q_act_jan)13User Value -164707 Tsd	-00	00	00	00

Gross profit	1181	1148	2329		1121	3450			987			4438			1055			1091			2146		1088			3234		1038			4272			m6		m6		s6 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_2 gtgt q_act)13User Value 10877 Tsd	r6 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_2 gtgt q_act_jan)13User Value 42721 Tsd	00	00	00	00

Personnel expenses	(791)	(752)	(1543)		(755)	(2298)			(721)			(3019)			(779)			(784)			(1564)		(788)			(2352)		(837)			(3189)			m7		m7		s7 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_2 gtgt q_act)13User Value -7884 Tsd	r7 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_2 gtgt q_act_jan)13User Value -31889 Tsd	00	00	(00)	00

Other operating expenses	(305)	(288)	(594)		(274)	(868)			(275)			(1144)			(271)			(265)			(536)		(290)			(827)		(257)			(1083)			m8		m8		s8 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_2 gtgt q_act)13User Value -2905 Tsd	r8 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_2 gtgt q_act_jan)13User Value -10833 Tsd	00	(01)	(01)	00

EBITDA adjusted	84	108	192		92	284			(09)			275			05			41			46		09			55		(55)			(00)			m9		m9		s9 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_2 gtgt q_act)13User Value 089 Tsd	r9 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_2 gtgt q_act_jan)13User Value -001 Tsd	00	00	00	00

Depreciation and amortization	(41)	(42)	(83)		(41)	(124)			(42)			(166)			(36)			(36)			(72)		(38)			(110)		(41)			(151)			m10		m10		s10 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_2 gtgt q_act)13User Value -384 Tsd	r10 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_2 gtgt q_act_jan)13User Value -1508 Tsd	-00	00	00	00

EBIT adjusted	43	66	109		51	160			(51)			109			(32)			06			(26)		(29)			(55)		(96)			(151)			m11		m11		s11 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_2 gtgt q_act)13User Value -295 Tsd	r11 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_2 gtgt q_act_jan)13User Value -1509 Tsd	-00	00	00	00

in of gross profit	37	58	47		45	46			-51			25			-30			05			-12		-27			-17		-92			-35			m12		m12		s12	s12

Non-recurring items																									00		00		00			00

Restructuring expenses	00	(97)	(97)		0	(97)			(19)			(115)			00			00			00		00			00		00			00			m14		m14		s14	m14	00	00	01	00


EBIT reported	43	(30)	13		51	63			(69)			(06)			(32)			06			(26)		(29)			(55)		(96)			(151)			m16		m16		s16 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_2 gtgt q_act)13User Value -295 Tsd	r16 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_2 gtgt q_act_jan)13User Value -1509 Tsd	-00	00	(00)	00

in of gross profit	37	-26	05		45	18			-70			-01			-30			05			-12		-27			-17		-92			-35			m17		m17		s17	s17


Ocean Freight volumes (000 TEUs)	3482	3726	7208		3787	10995			3890			14885			3742			3828			7570		3856			11426		3779			15205			m19		m19		m19	m19	00	00	(00)	00

change YoY	-100	-82	-91		-88	-90			08			-66			75			27			50		18			39		-28			22			m20		m20		s20	s20

GPTEU (CHF)	339	308	323		296	314			254			298			282			285			283		282			283		275			281			m21		m21		m21	s21

change YoY	102	59	80		-16	47			-176			-11			-169			-75			-122		-47			-98		83			-58			m22		m22		s22	s22


GP change YoY								-11			-5			-8			-3			-6		519		-373					s23		s23


							-00298711145			00053228356					-00271124048				-00921686544

GP control	000	000		(000)			000			000			000			000					000			(000)			000			s30		s30		s30		s30

EBITDA control	010	000		000			000			(000)			(000)			(000)					000			000			(000)			s31		s31		s31		s31

EBIT control	000	000		000			000			(000)			(000)			000				000		000			000			(000)			s32		s32		s32		s32

2017	2016

																													Check

Air Freight	Q1 2016	Q2 2016	HY 2016		Q3 2016	Q3YTD 2016			Q4 2016			FY 2016			Q1 2017			Q2 2017		HY 2017			Q3 2017			Q3 YTD 2017			Q4 2017			FY 2017										CY

Net forwarding revenue	6332	6359	12691		6341	19032			7234			26267			6571			7000		13571			7389			20960			8238			29198			m4		m4		s4 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_1 gtgt q_act)13User Value 91229 Tsd		r4 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_1 gtgt q_act_jan)13User Value 291978 Tsd	00	00	(003)	00

Forwarding expenses	(4846)	(4800)	(9646)		(4853)	(14499)			(5816)			(20315)			(5125)			(5500)		(10625)			(5775)			(16400)			(6403)			(22803)			m5		m5		s5 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_1 gtgt q_act)13User Value -72887 Tsd		r5 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_1 gtgt q_act_jan)13User Value -228034 Tsd	00	00	00	00

Gross profit	1486	1559	3045		1489	4534			1418			5952			1447			1500		2946			1614			4560			1834			6394			m6		m6		s6 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_1 gtgt q_act)13User Value 18342 Tsd		r6 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_1 gtgt q_act_jan)13User Value 63944 Tsd	-00	00	00	00

Personnel expenses	(885)	(869)	(1754)		(847)	(2600)			(873)			(3473)			(905)			(916)		(1822)			(928)			(2750)			(1044)			(3793)			m7		m7		s7 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_1 gtgt q_act)13User Value -10893 Tsd		r7 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_1 gtgt q_act_jan)13User Value -37932 Tsd	-00	00	00	00

Other operating expenses	(371)	(359)	(730)		(318)	(1048)			(284)			(1333)			(324)			(317)		(641)			(337)			(978)			(334)			(1312)			m8		m8		s8 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_1 gtgt q_act)13User Value -2799 Tsd		r8 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_1 gtgt q_act_jan)13User Value -13116 Tsd	00	00	(00)	00

EBITDA adjusted	230	331	561		324	885			261			1146			218			266		484			349			833			457			1290			m9		m9		s9 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_1 gtgt q_act)13User Value 4650 Tsd		r9 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_1 gtgt q_act_jan)13User Value 12896 Tsd	00	00	(00)	00

Depreciation and amortization	(52)	(52)	(103)		(55)	(158)			(53)			(211)			(46)			(47)		(93)			(46)			(139)			(47)			(186)			m10		m10		s10 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_1 gtgt q_act)13User Value -558 Tsd		r10 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_1 gtgt q_act_jan)13User Value -1861 Tsd	00	01	01	00

EBIT adjusted	178	279	457		269	726			208			935			171			220		391			303			694			409			1103			m11		m11		s11 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act)13User Value 4092 Tsd		r11 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act_jan)13User Value 11035 Tsd	-00	00	00	00

in of gross profit	120	179	150		181	160			147			157			118			146		133			188			152			223			173			m12		m12		s12 PAC Hamon Pierrick Invalid Reference (value_1_PQACT02) 1313Reference could not be handled13Underlying Formula		s12

Non-recurring items																										00		00		00			00

Restructuring expenses	00	(127)	(127)		00	(127)			00			(127)			00			00		00			00			00			00			00			m14		m14		s14		m14	00	00	00	00


EBIT reported	178	153	331		269	600			208			808			171			220		391			303			694			409			1103			m16		m16		s16 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act)13User Value 4092 Tsd		r16 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act_jan)13User Value 11035 Tsd	-00	00	(00)	00

in of gross profit	120	98	109		181	132			147			136			118			146		133			188			152			223			173			m17		m17		s17		s17


Air Freight volumes (000 tons)	2161	2251	4412		2278	6690			2524			9214			2332			2399		4731			2489			7220			2739			9959			m19		m19		s19		m19	00	00	00	00

change YoY	54	111	82		99	88			141			102			79			66		72			93			79			85			81			m20		m20		s20		s20

GPton (CHF)	688	693	690		653	678			562			646			620			625		623			648			632			670			642			m21		m21		s21		s21

change YoY	-47	-36	-41		-73	-52			-140			-75			-98			-97		-98			-08			-68			192			-06			m22		m22		s22		s22


GP change YoY								-3			-4			-3			8		1			29			7					s23		s23

GP control	000	000		000			000			000			(000)			000				(000)				000		000		000		000			s30		s30		s30		s30

EBITDA control	000	000		000			(000)			000			000			(000)				000				000		(000)		000		000			s31		s31		s31		s31

EBIT control	000	000		000			000			(000)			000			(000)			000		000				000		000		000		(000)			s32		s32		s32		s32

2017		2016

																													Check CY

Group		Q1 2016		Q2 2016			HY 2016		Q3 2016		Q3YTD 2016		Q4 2016		FY 2016		Q1 2017		Q2 2017			HY 2017			Q3 2017			Q3YTD 2017		Q4 2017			FY 2017

Net forwarding revenue		13072		12894			25965		12670		38635		13325		51960		12772		13549			26321			14334			40655		14673			55328		s4 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Net forwarding revenue gtgt (ltlt 2017 gtgt q_act)13User Value 1433411124 Tsd		r4 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Net forwarding revenue gtgt (ltlt value_1 gtgt q_act_jan)13User Value 5532778504 Tsd		m4		m4		00		-01	-01	00

Forwarding expenses		(9423)		(9180)			(18602)		(9116)		(27718)		(9996)		(37714)		(9445)		(10145)			(19590)			(10818)			(30407)		(10942)			(41350)		s5 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Forwarding services from third parties gtgt (ltlt 2017 gtgt q_act)13User Value -1081765298 Tsd		r5 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Forwarding services from third parties gtgt (ltlt value_1 gtgt q_act_jan)13User Value -4134985568 Tsd		m5		m5		00		01	01	00

Gross profit		3649		3714			7363		3554		10917		3329		14246		3327		3404			6731			3516			10248		3730			13978		s6 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Gross profit gtgt (ltlt 2017 gtgt q_act)13User Value 351645826 Tsd		r6 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Gross profit gtgt (ltlt value_1 gtgt q_act_jan)13User Value 1397792936 Tsd		m6		m6		00		00	00	00

Personnel expenses		(2250)		(2213)			(4463)		(2129)		(6592)		(2113)		(8705)		(2164)		(2162)			(4326)			(2186)			(6511)		(2388)			(8898)		s7 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Personnel expenses gtgt (ltlt 2017 gtgt q_act)13User Value -218561825 Tsd		r7 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Personnel expenses gtgt (ltlt value_1 gtgt q_act_jan)13User Value -889847082 Tsd		m7		m7		00		00	00	00

Other operating expenses		(1037)		(1011)			(2047)		(971)		(3018)		(927)		(3945)		(893)		(880)			(1773)			(925)			(2698)		(919)			(3618)		s8 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Other operating expenses gtgt (ltlt 2017 gtgt q_act)13User Value -92494218 Tsd		r8 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Other operating expenses gtgt (ltlt value_1 gtgt q_act_jan)13User Value -361760468 Tsd		m8		m8		00		01	01	00

EBITDA adjusted		362		491			853		454		1307		289		1596		271		362			633			406			1039		423			1462		s9 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt EBITDA gtgt (ltlt 2017 gtgt q_act)13User Value 40589783 Tsd		r9 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt EBITDA gtgt (ltlt value_1 gtgt q_act_jan)13User Value 146185385 Tsd		m9		m9		00		00	00	00

Depreciation of property plant and equip		(62)		(62)			(125)		(62)		(187)		(71)		(258)		(53)		(54)			(107)			(50)			(156)		(56)			(213)		s10 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Depreciation of property plant and equipment gtgt (ltlt 2017 gtgt q_act)13User Value -4981553 Tsd		r10 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Depreciation of property plant and equipment gtgt (ltlt value_1 gtgt q_act_jan)13User Value -21293764 Tsd		m10		m10		-00		-01	-01	00

Amortization of intangible assets		(60)		(60)			(120)		(63)		(183)		(56)		(239)		(54)		(52)			(106)			(55)			(162)		(54)			(216)		s11 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Amortization of intangible assets gtgt (ltlt 2017 gtgt q_act)13User Value -5514918 Tsd		r11 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Amortization of intangible assets gtgt (ltlt value_1 gtgt q_act_jan)13User Value -21570493 Tsd		m11		m11		00		00	00	00

EBIT adjusted		240		368			608		329		936		163		1099		164		256			420			301			721		313			1033		s12 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Operating result (EBIT) gtgt (ltlt 2017 gtgt q_act)13User Value 30093312 Tsd		r12 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act_jan)13User Value 103321128 Tsd		m12		m12		00		00	-01	00

in of gross profit		66		99			83		92		86		49		77		49		75			62			86			70		84			74		s13		s13		m13		m13

Non-recurring items																											00		00		00		00

Restructuring expenses		00		(261)			(261)		00		(261)		(19)		(280)		00		00			00			00			00		00			00		s15 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Restructuring expenses gtgt (ltlt 2017 gtgt q_act)13User Value 0000000 Tsd		r15 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Restructuring expenses gtgt (ltlt value_1 gtgt q_act_jan)13User Value 0000000 Tsd		m15		m15		00		00	00	00


EBIT reported		240		107			347		329		675		144		820		164		256			420			301			721		313			1033		s17		s17		m17		m17		00		00	00	00

in of gross profit		66		29			47		92		62		43		58		49		75			62			86			70		84			74		s18		s18		m18		m18		-01		-00	-02

Financial result		(09)		07			(02)		(04)		(06)		02		(04)		02		01			03			(04)			(02)		(16)			(18)		s19 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13130939883 Tsd - ltlt Finance income gtgt (ltlt 2017 gtgt q_act)13-1343957 Tsd - ltlt Finance costs gtgt (ltlt 2017 gtgt q_act)13---------------------13-0404074 Tsd (Total)		r19 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13132749657 Tsd - ltlt Finance income gtgt (ltlt value_1 gtgt q_act_jan)13-4529105 Tsd - ltlt Finance costs gtgt (ltlt value_1 gtgt q_act_jan)13---------------------13-1779448 Tsd (Total)		m19		m19		00		00	00	00

Earnings before taxes (EBT)		231		114			345		325		670		146		816		165		257			422			297			719		296			1015		s20 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Profit before income tax (EBT) gtgt (ltlt 2017 gtgt q_act)13User Value 29689237 Tsd		r20 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Profit before income tax (EBT) gtgt (ltlt value_1 gtgt q_act_jan)13User Value 101541680 Tsd		m20		m20		00		00	00	00

Income tax expenses		(58)		(69)			(126)		(79)		(205)		(88)		(293)		(42)		(81)			(123)			(112)			(235)		(206)			(441)		s21 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Income tax expenses gtgt (ltlt 2017 gtgt q_act)13User Value -11228068 Tsd		r21 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Income tax expenses gtgt (ltlt value_1 gtgt q_act_jan)13User Value -44082152 Tsd		m21		m21		00		01	01	00

of EBT		250		602			367		242		306		601		359		252		316			291			378			327		694			434		s22		s22		m22		m22

Profit		173		45			218		246		465		58		523		124		176			299			185			484		91			575		s23 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Profit gtgt (ltlt 2017 gtgt q_act)13User Value 18461169 Tsd		r23 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Profit gtgt (ltlt value_1 gtgt q_act_jan)13User Value 57459528 Tsd		m23		m23		00		00	01	00

Earnings per share		075		021			096		106		201		027		229		054		075			129			079			208		040			248		s24 PAC Serova Elena (External) Referenced Value (value_1_PQACTJAN02)1313Document Q2_2017_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Basic gtgt (ltlt 2017 gtgt q_act_jan)13User Value 0000540 Tsd		s24 PAC Serova Elena (External) Referenced Value (value_1_PQACTJAN02)1313Document Q2_2017_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Basic gtgt (ltlt 2017 gtgt q_act_jan)13User Value 0000540 Tsd		m24		m24		00		00	00	00

			0		0				46460419259						0		0		0			0		0			0			m25		m25		l1	l1			00		00

Earnings per share 1000																0000788		0002078		0000788			0002478			rf28 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Basic gtgt (ltlt 2017 gtgt q_act)13User Value 0000788 Tsd		rf28 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Basic gtgt (ltlt value_1 gtgt q_act_jan)13User Value 0002478 Tsd		l2		l2

Total Operating Expenses																(3111)		(9209)		(3307)			(12516)			s25		s25		l3		l3

OOE YoY

	042


GP control		00		00		00		00		00	00	00		00		00		00			00		00		00			00		00		00		(00)		00			s30		s30	s30		s30

EBITDA control		00		(01)		00		00		00	00	00		(00)		00		(00)			00		00		(01)			00		00		(00)		00		(00)			s31		s31	s31		s31

EBIT control		00		01		00		00		00	00	00		(01)		00		00			(00)		00		(00)			00		00		00		00		00			s32		s32	s32		s32

Earnings before taxes (EBT)		00		00		00		00		00	00	00		00		00		00			00		00		01			00		00		(00)		(00)		00			s33		s33	s33		s33

Profit		00		00		00		01		00	00	00		00		00		00			00		00		(00)			(00)		00		00		(00)		00			s34		s34	s34		s34

Air GP																				6394449			l4		r40 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Gross profit (value_1 q_act_jan)13User Value 6394449 Mio		l4		l4

Ocean GP																				4272121			l5		r41 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_act_jan)13User Value 4272121 Mio		l5		l5

Logistics GP																				331136			l6		r42 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row Gross profit (value_1 q_act_jan)13User Value 3311360 Mio		l6		l6

Check																				00			l7		s43		l7		l7

Air EBIT																				1103462			l8		r44 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row EBIT adjusted (value_1 q_act_jan)13User Value 1103462 Mio		l8		l8

Ocean EBIT																				-150917			l9		r45 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_act_jan)13User Value -150917 Mio		l9		l9

Logistics EBIT																				80666			l10		r46 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row EBIT adjusted (value_1 q_act_jan)13User Value 80666 Mio		l10		l10

Check																				00			l11		s47		l11		l11

APAC GP																				34878			l12		r51 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 313 - AC Key figures APAC13Row Gross profit (value_1 q_act_jan)13User Value 34878 Mio		l12		l12

EUROPE GP																				53038			l13		r52 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 314 - AC Key figures Europe13Row Gross profit (value_1 q_act_jan)13User Value 53038 Mio		l13		l13

MEAC GP																				897489			l14		r53 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 315 - AC Key figures MEAC13Row Gross profit (value_1 q_act_jan)13User Value 8974886 Mio		l14		l14

AME GP																				4288802			l15		r54 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 316 - AC Key figures Americas13Row Gross profit (value_1 q_act_jan)13User Value 4288802 Mio		l15		l15

Check																				(00)			l16		s55		l16		l16

APAC EBIT																				7061			l17		r56 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 313 - AC Key figures APAC13Row EBIT (value_1 q_act_jan)13User Value 7061 Mio		l17		l17

EUROPE EBIT																				-122			l18		r57 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 314 - AC Key figures Europe13Row EBIT (value_1 q_act_jan)13User Value -122 Mio		l18		l18

MEAC EBIT																				20871			l19		r58 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 315 - AC Key figures MEAC13Row EBIT reported (value_1 q_act_jan)13User Value 208709 Mio		l19		l19

AME EBIT																				31847			l20		r59 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 316 - AC Key figures Americas13Row EBIT reported (value_1 q_act_jan)13User Value 3184697 Mio		l20		l20

Check																				00			l21		s60		l21		l21

Air NFR																				2919782			l31		r70 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Net forwarding revenue (value_1 q_act_jan)13User Value 29197820 Mio		l31		l31

Ocean NFR																				2074282			l22		r71 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Net forwarding revenue (value_1 q_act_jan)13User Value 20742820 Mio		l22		l22

Logistics NFR																				5387147			l23		r72 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row Net forwarding revenue (value_1 q_act_jan)13User Value 5387147 Mio		l23		l23

Check																				00			l24		s73		l24		l24

APAC NFR																				127363			l25		r75 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 313 - AC Key figures APAC13Row Net forwarding revenue (value_1 q_act_jan)13User Value 127363 Mio		l25		l25

EUROPE NFR																				231796			l26		r76 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 314 - AC Key figures Europe13Row Net forwarding revenue (value_1 q_act_jan)13User Value 231796 Mio		l26		l26

MEAC NFR																				271595			l27		r77 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 315 - AC Key figures MEAC13Row Net forwarding revenue (value_1 q_act_jan)13User Value 27159502 Mio		l27		l27

AME NFR																				16695948			l28		r78 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 316 - AC Key figures Americas13Row Net forwarding revenue (value_1 q_act_jan)13User Value 166959483 Mio		l28		l28

Check																				00			l29		s79		l29		l29

	Q4

GP		Q4 2016		Q1 2017		Q2 2017		Q3 2017		Q4 2017				Gross profit

	92		825		81		81		86			m3		Q4 2016		92

									Q1 2017		83

									Q2 2017		81

									Q3 2017		81

EBIT		05		24		31		27		-01			m7		Q4 2017		86


									EBIT

									Q4 2016		05

									Q1 2017		24

									Q2 2017		31

									Q3 2017		27

									Q4 2017		-01

	2017		2016


				2017						2016		2017

YoY Growth		Q3		Q4	Q1	Q2	Q3		Q4				Gross Profit EBIT		YTD		YTD

Gross Profit		-6		-11	-16	-19	-14		-7		m5			Gross Profit		3857		33114	-14	r5 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_3 gtgt q_act_jan)13User Value 33114 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row Gross profit (value_1 q_prior_jan)13User Value 3857000 Mio

								EBIT (adjusted PY)		56		81		45		rf7 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act_jan)13User Value 807 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_3 gtgt q_prior_jan)13User Value 556 Tsd

								EBIT in of NFR		10		15			s9

								NFR		57094638		53871466			rf8 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_3 gtgt q_act_jan)13User Value 53871 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_3 gtgt q_prior_jan)13User Value 57095 Tsd
PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_3 gtgt q_act_jan)13User Value 33114 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row Gross profit (value_1 q_prior_jan)13User Value 3857000 Mio	PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act_jan)13User Value 807 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_3 gtgt q_prior_jan)13User Value 556 Tsd

	Q4

GP		Q4 2016		Q1 2017		Q2 2017		Q3 2017		Q4 2017				Gross profit

	92		825		81		81		86			m3		Q4 2016		92

									Q1 2017		83

									Q2 2017		81

									Q3 2017		81

EBIT		05		24		31		27		-01			m7		Q4 2017		86


									EBIT

									Q4 2016		05

									Q1 2017		24

									Q2 2017		31

									Q3 2017		27

									Q4 2017		-01

	2017		2016


				2017						2016		2017

YoY Growth		Q3		Q4	Q1	Q2	Q3		Q4				Gross Profit EBIT		YTD		YTD

Gross Profit		-6		-11	-16	-19	-14		-7		m5			Gross Profit		3857		33114	-14	r5 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_3 gtgt q_act_jan)13User Value 33114 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row Gross profit (value_1 q_prior_jan)13User Value 3857000 Mio

								EBIT (adjusted PY)		56		81		45		rf7 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act_jan)13User Value 807 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_3 gtgt q_prior_jan)13User Value 556 Tsd

								EBIT in of NFR		10		15			s9

								NFR		57094638		53871466			rf8 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_3 gtgt q_act_jan)13User Value 53871 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_3 gtgt q_prior_jan)13User Value 57095 Tsd
PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_3 gtgt q_act_jan)13User Value 33114 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row Gross profit (value_1 q_prior_jan)13User Value 3857000 Mio	PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act_jan)13User Value 807 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_3 gtgt q_prior_jan)13User Value 556 Tsd

	Q4

GP		Q4 2016		Q1 2017		Q2 2017		Q3 2017		Q4 2017				Gross profit

	92		825		81		81		86			m3		Q4 2016		92

									Q1 2017		83

									Q2 2017		81

									Q3 2017		81

EBIT		05		24		31		27		-01			m7		Q4 2017		86


									EBIT

									Q4 2016		05

									Q1 2017		24

									Q2 2017		31

									Q3 2017		27

									Q4 2017		-01

	2017		2016


				2017						2016		2017

YoY Growth		Q3		Q4	Q1	Q2	Q3		Q4				Gross Profit EBIT		YTD		YTD

Gross Profit		-6		-11	-16	-19	-14		-7		m5			Gross Profit		3857		33114	-14	r5 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_3 gtgt q_act_jan)13User Value 33114 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row Gross profit (value_1 q_prior_jan)13User Value 3857000 Mio

								EBIT (adjusted PY)		56		81		45		rf7 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act_jan)13User Value 807 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_3 gtgt q_prior_jan)13User Value 556 Tsd

								EBIT in of NFR		10		15			s9

								NFR		57094638		53871466			rf8 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_3 gtgt q_act_jan)13User Value 53871 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_3 gtgt q_prior_jan)13User Value 57095 Tsd
PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_3 gtgt q_act_jan)13User Value 33114 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row Gross profit (value_1 q_prior_jan)13User Value 3857000 Mio	PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act_jan)13User Value 807 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_3 gtgt q_prior_jan)13User Value 556 Tsd

	Q4

GP		Q4 2016		Q1 2017		Q2 2017		Q3 2017		Q4 2017				Gross profit

	92		825		81		81		86			m3		Q4 2016		92

									Q1 2017		83

									Q2 2017		81

									Q3 2017		81

EBIT		05		24		31		27		-01			m7		Q4 2017		86


									EBIT

									Q4 2016		05

									Q1 2017		24

									Q2 2017		31

									Q3 2017		27

									Q4 2017		-01

	2017		2016


				2017						2016		2017

YoY Growth		Q3		Q4	Q1	Q2	Q3		Q4				Gross Profit EBIT		YTD		YTD

Gross Profit		-6		-11	-16	-19	-14		-7		m5			Gross Profit		3857		33114	-14	r5 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_3 gtgt q_act_jan)13User Value 33114 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row Gross profit (value_1 q_prior_jan)13User Value 3857000 Mio

								EBIT (adjusted PY)		56		81		45		rf7 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act_jan)13User Value 807 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_3 gtgt q_prior_jan)13User Value 556 Tsd

								EBIT in of NFR		10		15			s9

								NFR		57094638		53871466			rf8 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_3 gtgt q_act_jan)13User Value 53871 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_3 gtgt q_prior_jan)13User Value 57095 Tsd
PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_3 gtgt q_act_jan)13User Value 33114 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row Gross profit (value_1 q_prior_jan)13User Value 3857000 Mio	PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act_jan)13User Value 807 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_3 gtgt q_prior_jan)13User Value 556 Tsd

	Q4

TEU		Q4 2016		Q1 2017		Q2 2017		Q3 2017		Q4 2017						TEU

	389		374		383		386		378			m3		r3 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_act)13User Value 3778850 Mio			Q4 2016		389		254

	254		282		285		282		275			m4		r4 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row GPTEU (CHF) (value_1 q_act)13User Value 2748072 Mio			Q1 2017		374		282

										Q2 2017		383		285

										Q3 2017		386		282

EBIT		-51		-32		06		-29		-96			m7		m10			Q4 2017		378		275

	-51		-30		05		-27		-92			m8		m8

								PAC Hamon Pierrick Invalid Reference (value_3_PQACT02) 1313Reference could not be handled13Underlying Formula			EBIT		EBIT		EBIT GP

	0					-00353				r11 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row in of gross profit (value_1 q_act)13User Value -00353 Mio			Q4 2016		-51		-51

EBIT YTD						-150917				r12 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT reported (value_1 q_act_jan)13User Value -150917 Mio		PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_act)13User Value 3778850 Mio		PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row GPTEU (CHF) (value_1 q_act)13User Value 2748072 Mio			Q1 2017		-32		-30

										Q2 2017		06		05

										Q3 2017		-29		-27

										Q4 2017		-96		-92

		2017		2016

	2016					2017					2016		2017

YoY Growth			Q3		Q4		Q1	Q2	Q3	Q4			Gross Profit EBIT		YTD		YTD

Volume (market estimated)			0		3		4	3	3	4		m5		Gross Profit		4438		4272		-4		r5 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_act_jan)13User Value 4272121 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_prior_jan)13User Value 4437605 Mio

Volume (Panalpina)			-9		1		7	3	2	-3		r6 PAC Monaco Salvatore Referenced Value (value_4_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row change YoY (value_1 q_act)13User Value -00285 Mio		EBIT (adjusted PY)		109		-151		na		r6 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_act_jan)13User Value -150917 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_prior_jan)13User Value 109010 Mio

GPTEU			-2		-18		-17	-7	-5	8		r7 PAC Monaco Salvatore Referenced Value (value_4_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row change YoY (value_1 q_act)13User Value 00827 Mio							PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_act_jan)13User Value 4272121 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_prior_jan)13User Value 4437605 Mio		PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_act_jan)13User Value -150917 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_prior_jan)13User Value 109010 Mio	EBITGP ()	25	-35	r7 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row in of gross profit (value_1 q_act_jan)13User Value -00353 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row in of gross profit (value_1 q_prior_jan)13User Value 00246 Mio

Gross Profit			-10		-16		-11	-5	-3	5		m8		Volumes (TEUs 000)		14885		15205		2		r8 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_act_jan)13User Value 15204900 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_prior_jan)13User Value 14884510 Mio

	Q4

TEU		Q4 2016		Q1 2017		Q2 2017		Q3 2017		Q4 2017						TEU

	389		374		383		386		378			m3		r3 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_act)13User Value 3778850 Mio			Q4 2016		389		254

	254		282		285		282		275			m4		r4 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row GPTEU (CHF) (value_1 q_act)13User Value 2748072 Mio			Q1 2017		374		282

										Q2 2017		383		285

										Q3 2017		386		282

EBIT		-51		-32		06		-29		-96			m7		m10			Q4 2017		378		275

	-51		-30		05		-27		-92			m8		m8

								PAC Hamon Pierrick Invalid Reference (value_3_PQACT02) 1313Reference could not be handled13Underlying Formula			EBIT		EBIT		EBIT GP

	0					-00353				r11 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row in of gross profit (value_1 q_act)13User Value -00353 Mio			Q4 2016		-51		-51

EBIT YTD						-150917				r12 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT reported (value_1 q_act_jan)13User Value -150917 Mio		PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_act)13User Value 3778850 Mio		PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row GPTEU (CHF) (value_1 q_act)13User Value 2748072 Mio			Q1 2017		-32		-30

										Q2 2017		06		05

										Q3 2017		-29		-27

										Q4 2017		-96		-92

		2017		2016

	2016					2017					2016		2017

YoY Growth			Q3		Q4		Q1	Q2	Q3	Q4			Gross Profit EBIT		YTD		YTD

Volume (market estimated)			0		3		4	3	3	4		m5		Gross Profit		4438		4272		-4		r5 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_act_jan)13User Value 4272121 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_prior_jan)13User Value 4437605 Mio

Volume (Panalpina)			-9		1		7	3	2	-3		r6 PAC Monaco Salvatore Referenced Value (value_4_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row change YoY (value_1 q_act)13User Value -00285 Mio		EBIT (adjusted PY)		109		-151		na		r6 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_act_jan)13User Value -150917 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_prior_jan)13User Value 109010 Mio

GPTEU			-2		-18		-17	-7	-5	8		r7 PAC Monaco Salvatore Referenced Value (value_4_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row change YoY (value_1 q_act)13User Value 00827 Mio							PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_act_jan)13User Value 4272121 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_prior_jan)13User Value 4437605 Mio		PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_act_jan)13User Value -150917 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_prior_jan)13User Value 109010 Mio	EBITGP ()	25	-35	r7 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row in of gross profit (value_1 q_act_jan)13User Value -00353 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row in of gross profit (value_1 q_prior_jan)13User Value 00246 Mio

Gross Profit			-10		-16		-11	-5	-3	5		m8		Volumes (TEUs 000)		14885		15205		2		r8 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_act_jan)13User Value 15204900 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_prior_jan)13User Value 14884510 Mio

	Q4

TEU		Q4 2016		Q1 2017		Q2 2017		Q3 2017		Q4 2017						TEU

	389		374		383		386		378			m3		r3 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_act)13User Value 3778850 Mio			Q4 2016		389		254

	254		282		285		282		275			m4		r4 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row GPTEU (CHF) (value_1 q_act)13User Value 2748072 Mio			Q1 2017		374		282

										Q2 2017		383		285

										Q3 2017		386		282

EBIT		-51		-32		06		-29		-96			m7		m10			Q4 2017		378		275

	-51		-30		05		-27		-92			m8		m8

								PAC Hamon Pierrick Invalid Reference (value_3_PQACT02) 1313Reference could not be handled13Underlying Formula			EBIT		EBIT		EBIT GP

	0					-00353				r11 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row in of gross profit (value_1 q_act)13User Value -00353 Mio			Q4 2016		-51		-51

EBIT YTD						-150917				r12 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT reported (value_1 q_act_jan)13User Value -150917 Mio		PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_act)13User Value 3778850 Mio		PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row GPTEU (CHF) (value_1 q_act)13User Value 2748072 Mio			Q1 2017		-32		-30

										Q2 2017		06		05

										Q3 2017		-29		-27

										Q4 2017		-96		-92

		2017		2016

	2016					2017					2016		2017

YoY Growth			Q3		Q4		Q1	Q2	Q3	Q4			Gross Profit EBIT		YTD		YTD

Volume (market estimated)			0		3		4	3	3	4		m5		Gross Profit		4438		4272		-4		r5 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_act_jan)13User Value 4272121 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_prior_jan)13User Value 4437605 Mio

Volume (Panalpina)			-9		1		7	3	2	-3		r6 PAC Monaco Salvatore Referenced Value (value_4_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row change YoY (value_1 q_act)13User Value -00285 Mio		EBIT (adjusted PY)		109		-151		na		r6 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_act_jan)13User Value -150917 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_prior_jan)13User Value 109010 Mio

GPTEU			-2		-18		-17	-7	-5	8		r7 PAC Monaco Salvatore Referenced Value (value_4_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row change YoY (value_1 q_act)13User Value 00827 Mio							PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_act_jan)13User Value 4272121 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_prior_jan)13User Value 4437605 Mio		PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_act_jan)13User Value -150917 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_prior_jan)13User Value 109010 Mio	EBITGP ()	25	-35	r7 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row in of gross profit (value_1 q_act_jan)13User Value -00353 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row in of gross profit (value_1 q_prior_jan)13User Value 00246 Mio

Gross Profit			-10		-16		-11	-5	-3	5		m8		Volumes (TEUs 000)		14885		15205		2		r8 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_act_jan)13User Value 15204900 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_prior_jan)13User Value 14884510 Mio

	Q4

TEU		Q4 2016		Q1 2017		Q2 2017		Q3 2017		Q4 2017						TEU

	389		374		383		386		378			m3		r3 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_act)13User Value 3778850 Mio			Q4 2016		389		254

	254		282		285		282		275			m4		r4 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row GPTEU (CHF) (value_1 q_act)13User Value 2748072 Mio			Q1 2017		374		282

										Q2 2017		383		285

										Q3 2017		386		282

EBIT		-51		-32		06		-29		-96			m7		m10			Q4 2017		378		275

	-51		-30		05		-27		-92			m8		m8

								PAC Hamon Pierrick Invalid Reference (value_3_PQACT02) 1313Reference could not be handled13Underlying Formula			EBIT		EBIT		EBIT GP

	0					-00353				r11 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row in of gross profit (value_1 q_act)13User Value -00353 Mio			Q4 2016		-51		-51

EBIT YTD						-150917				r12 PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT reported (value_1 q_act_jan)13User Value -150917 Mio		PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_act)13User Value 3778850 Mio		PAC Monaco Salvatore Referenced Value (value_3_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row GPTEU (CHF) (value_1 q_act)13User Value 2748072 Mio			Q1 2017		-32		-30

										Q2 2017		06		05

										Q3 2017		-29		-27

										Q4 2017		-96		-92

		2017		2016

	2016					2017					2016		2017

YoY Growth			Q3		Q4		Q1	Q2	Q3	Q4			Gross Profit EBIT		YTD		YTD

Volume (market estimated)			0		3		4	3	3	4		m5		Gross Profit		4438		4272		-4		r5 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_act_jan)13User Value 4272121 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_prior_jan)13User Value 4437605 Mio

Volume (Panalpina)			-9		1		7	3	2	-3		r6 PAC Monaco Salvatore Referenced Value (value_4_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row change YoY (value_1 q_act)13User Value -00285 Mio		EBIT (adjusted PY)		109		-151		na		r6 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_act_jan)13User Value -150917 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_prior_jan)13User Value 109010 Mio

GPTEU			-2		-18		-17	-7	-5	8		r7 PAC Monaco Salvatore Referenced Value (value_4_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row change YoY (value_1 q_act)13User Value 00827 Mio							PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_act_jan)13User Value 4272121 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_prior_jan)13User Value 4437605 Mio		PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_act_jan)13User Value -150917 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_prior_jan)13User Value 109010 Mio	EBITGP ()	25	-35	r7 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row in of gross profit (value_1 q_act_jan)13User Value -00353 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row in of gross profit (value_1 q_prior_jan)13User Value 00246 Mio

Gross Profit			-10		-16		-11	-5	-3	5		m8		Volumes (TEUs 000)		14885		15205		2		r8 PAC Monaco Salvatore Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_act_jan)13User Value 15204900 Mio1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Ocean Freight volumes (000 TEUs) (value_1 q_prior_jan)13User Value 14884510 Mio

Page 8: Full-year results 2017 - panalpina.com · GP/ton -14% -10% -10% ... of an offer to purchase any shares andneither it nor any part of it shall form the basis ... % 24.2% 60.1% 35.9%

Gross Profit -11 -16 -19 -14 -7

201792

83 81 8186

Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017

GROSS PROFIT

05

24

3127

-01

Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017

EBIT (ADJUSTED PY)

SNVeryHiddenParameterSheet

Table

charts

GROSS PROFIT

Q4 2016Q1 2017Q2 2017Q3 2017Q4 201792825813481488576

EBIT (ADJUSTED PY)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017052430608271-008

SNVeryHiddenParameterSheet

Table

charts

GROSS PROFIT

Q4 2016Q1 2017Q2 2017Q3 2017Q4 201792825813481488576

EBIT (ADJUSTED PY)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017052430608271-008

Chart1

GROSS PROFIT

Q4 2016Q1 2017Q2 2017Q3 2017Q4 201792825813481488576

SNVeryHiddenParameterSheet

Table

charts

GROSS PROFIT

Q4 2016Q1 2017Q2 2017Q3 2017Q4 201792825813481488576

EBIT (ADJUSTED PY)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017052430608271-008

Chart1

EBIT (ADJUSTED PY)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017052430608271-008

SNVeryHiddenParameterSheet

Table

charts

GROSS PROFIT

Q4 2016Q1 2017Q2 2017Q3 2017Q4 201792825813481488576

EBIT (ADJUSTED PY)

Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017052430608271-008

IFRS CHANGES 2018

in CHF million

OUTLOOK Market

minus AirOcean 3-4

Panalpina

APRIL 19 2018

MAY 8 2018

NEXT EVENTS

DISCLAIMER

APPENDIX

SNVeryHiddenParameterSheet

PAN_ISpQ_Group

image1png

SNVeryHiddenParameterSheet

PAN_ISpQ_AirFreight

image1png

SNVeryHiddenParameterSheet

PAN_ISpQ_OceanFreight

image1png

EBIT reported 18 (15) 09 05 18 24 31 27 (01) 81

SNVeryHiddenParameterSheet

PAN_ISpQ_Logistics

image1png

BALANCE SHEET

SNVeryHiddenParameterSheet

PAN_BalanceSheet

image1png

CASH FLOW

SNVeryHiddenParameterSheet

Tabele PAN_Cashflow

Slide Number 2
IFRS changes 2018
Next EVENTs
Disclaimer
Appendix
Balance sheet
Cash flow

	31-Dec-16		31-Dec-17		Change in

Cash flow before changes in working capital		1313		1536				r2 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Subtotal cash flow from operations gtgt (ltlt 2017 gtgt q_act_jan)13User Value 15298 Tsd			PY IS MANUAL

Changes in working capital		188		(480)				r3 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows131313267 Tsd - ltlt Increase (decrease) payables and accruals incl accrued cost of service gtgt (ltlt 2017 gtgt q_act_jan)13-695 Tsd - ltlt (Decrease) increase non-current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13256 Tsd - ltlt (Decrease) increase current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13-17508 Tsd - ltlt (Increase) decrease receivables other current assets and unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-4680 Tsd (Total)

Cash from operations		1501		1056				r4 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash generated from operations gtgt (ltlt 2017 gtgt q_act_jan)13User Value 10618 Tsd


Interest and income taxes paid		(394)		(383)				r6 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows1313-3709 Tsd - ltlt Income taxes paid gtgt (ltlt 2017 gtgt q_act_jan)13-122 Tsd - ltlt Interest paid gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-3831 Tsd (Total)

Net cash from operating activities		1107		673		-39			r7 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash from operating activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 6787 Tsd


Net cash from investing activities		(241)		(681)		183			r9 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in investing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -6870 Tsd


Free cash flow		866		(08)		-101			r11 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Free cash flow gtgt (ltlt 2017 gtgt q_act_jan)13User Value -083 Tsd


Net cash used in financing activities		(887)		(882)		-1			r13 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in financing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8818 Tsd


Net increase (decrease) in cash and cash equivalents		(21)		(890)				r15 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net increase (decrease) in cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8901 Tsd

Cash and cash equivalents at beginning of period		3923		3888				r16 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the beginning of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 38878 Tsd

Effect of exchange rate changes		(14)		111				r17 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Effect of exchange rate changes on cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 1108 Tsd

Cash and cash equivalents at end of period		3888		3109				r18 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the end of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd


Reported cash and cash equivalents at 31122016			3888				r21 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the beginning of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 38878 Tsd			Reported cash and cash equivalents at 31122016			3888

Profit YTD 122017			5746				r19 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Profit gtgt (ltlt 2017 gtgt q_act_jan)13User Value 5746 Tsd			Profit YTD 122017		3888		575

Other non-cash items (eg DampA)			9613				r23 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13132129 Tsd - ltlt Depreciation of property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)132157 Tsd - ltlt Amortization of intangible assets gtgt (ltlt 2017 gtgt q_act_jan)13-224 Tsd - ltlt Interest income and dividend on available-for-sale financial assets gtgt (ltlt 2017 gtgt q_act_jan)13-062 Tsd - ltlt Exchange differences gtgt (ltlt 2017 gtgt q_act_jan)13-033 Tsd - ltlt Loss (gain) on sales of property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)13000 Tsd - ltlt Gain on sales of financial assets gtgt (ltlt 2017 gtgt q_act_jan)13612 Tsd - ltlt Expenses for share-based compensation plans gtgt (ltlt 2017 gtgt q_act_jan)13564 Tsd - ltlt Other non-cash (income) and expenses gtgt (ltlt 2017 gtgt q_act_jan)134408 Tsd - ltlt Income tax expenses gtgt (ltlt 2017 gtgt q_act_jan)13---------------------139552 Tsd (Total)			Other non-cash items (eg DampA)		4462		961

Changes in working capital			-4798				r24 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows131313267 Tsd - ltlt Increase (decrease) payables and accruals incl accrued cost of service gtgt (ltlt 2017 gtgt q_act_jan)13-695 Tsd - ltlt (Decrease) increase non-current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13256 Tsd - ltlt (Decrease) increase current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13-17508 Tsd - ltlt (Increase) decrease receivables other current assets and unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-4680 Tsd (Total)			Changes in working capital		4944		480	neg

Interest and income taxes paid			-3831				r25 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows1313-3709 Tsd - ltlt Income taxes paid gtgt (ltlt 2017 gtgt q_act_jan)13-122 Tsd - ltlt Interest paid gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-3831 Tsd (Total)			Interest and income taxes paid		4561		383	neg

Net cash from investing activities			-6813				r26 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in investing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -6870 Tsd			Net cash from investing activities		3879		681	neg

Financing activitiesdividend			-8818				r27 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in financing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8818 Tsd			Financing activitiesdividend		2998		882	neg

Effect of exchange rate changes			1108				r28 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Effect of exchange rate changes on cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 1108 Tsd			Effect of exchange rate changes		2998		111

Reported cash and cash equivalents at 31122017			31085				r29 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the end of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd		PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Subtotal cash flow from operations gtgt (ltlt 2017 gtgt q_act_jan)13User Value 15298 Tsd		PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows131313267 Tsd - ltlt Increase (decrease) payables and accruals incl accrued cost of service gtgt (ltlt 2017 gtgt q_act_jan)13-695 Tsd - ltlt (Decrease) increase non-current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13256 Tsd - ltlt (Decrease) increase current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13-17508 Tsd - ltlt (Increase) decrease receivables other current assets and unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-4680 Tsd (Total)	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash generated from operations gtgt (ltlt 2017 gtgt q_act_jan)13User Value 10618 Tsd		PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows1313-3709 Tsd - ltlt Income taxes paid gtgt (ltlt 2017 gtgt q_act_jan)13-122 Tsd - ltlt Interest paid gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-3831 Tsd (Total)	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash from operating activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 6787 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in investing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -6870 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Free cash flow gtgt (ltlt 2017 gtgt q_act_jan)13User Value -083 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in financing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8818 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net increase (decrease) in cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8901 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the beginning of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 38878 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Effect of exchange rate changes on cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 1108 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the end of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the beginning of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 38878 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Profit gtgt (ltlt 2017 gtgt q_act_jan)13User Value 5746 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13132129 Tsd - ltlt Depreciation of property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)132157 Tsd - ltlt Amortization of intangible assets gtgt (ltlt 2017 gtgt q_act_jan)13-224 Tsd - ltlt Interest income and dividend on available-for-sale financial assets gtgt (ltlt 2017 gtgt q_act_jan)13-062 Tsd - ltlt Exchange differences gtgt (ltlt 2017 gtgt q_act_jan)13-033 Tsd - ltlt Loss (gain) on sales of property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)13000 Tsd - ltlt Gain on sales of financial assets gtgt (ltlt 2017 gtgt q_act_jan)13612 Tsd - ltlt Expenses for share-based compensation plans gtgt (ltlt 2017 gtgt q_act_jan)13564 Tsd - ltlt Other non-cash (income) and expenses gtgt (ltlt 2017 gtgt q_act_jan)134408 Tsd - ltlt Income tax expenses gtgt (ltlt 2017 gtgt q_act_jan)13---------------------139552 Tsd (Total)	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows131313267 Tsd - ltlt Increase (decrease) payables and accruals incl accrued cost of service gtgt (ltlt 2017 gtgt q_act_jan)13-695 Tsd - ltlt (Decrease) increase non-current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13256 Tsd - ltlt (Decrease) increase current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13-17508 Tsd - ltlt (Increase) decrease receivables other current assets and unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-4680 Tsd (Total)	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows1313-3709 Tsd - ltlt Income taxes paid gtgt (ltlt 2017 gtgt q_act_jan)13-122 Tsd - ltlt Interest paid gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-3831 Tsd (Total)	Reported cash and cash equivalents at 31122017	3109	3888

													484

													591

													(479)

													(331)

													(406)

													(882)

													93

													2946

	31-Dec-16		31-Dec-17		Change in

				CHF

Cash and cash equivalents		3888		3109		(779)		-20			r3 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd		3888	3999		111		3

Trade receivables unbilled forwarding services		9087		10970		1883		21			r4 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Trade receivables unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13User Value 109701 Tsd		9087	8693		-394		-4

Other current assets		1025		1322		297		29			r5 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other current assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 13217 Tsd		1025	1335		31		30

Property plant and equipment		635		967		332		52			r6 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)13User Value 9673 Tsd		635	651		16		3

Intangible assets		979		885		(95)		-10			r7 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Intangible assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 8845 Tsd		979	926		-53		-5

Other non-current assets		990		1138		148		15			r8 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other non-current assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 11382 Tsd		99	1073		83		8

Total assets		16606		18390		1784		11			r9 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 183903 Tsd		166060	166780		72		0

											0

Short-term borrowings		23		26		03		15			r11 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Short-term borrowings gtgt (ltlt 2017 gtgt q_act_jan)13User Value 262 Tsd		23	05		-18		-78

Trade payables accured cost of services		6524		7967		1443		22			r12 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Trade payables accured cost of services gtgt (ltlt 2017 gtgt q_act_jan)13User Value 79665 Tsd		6524	620		-324		-5

Other current liabilities		2439		2676		237		10			r13 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other current liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 26763 Tsd		2439	2592		153		6

Long-Term borrowings		00		32		32		na			r20 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Long-term borrowings gtgt (ltlt 2017 gtgt q_act_jan)13User Value 324 Tsd		0	12		12		na

Other long-term liabilities		1449		1546		97		7			r21 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other long-term liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 15459 Tsd		1449	1479		3		2

Total liabilities		10436		12247		1811		17			r14 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 122473 Tsd		104360	102880		-148		-1

Share capital		24		24		(00)		-1			r15 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Share capital gtgt (ltlt 2017 gtgt q_act_jan)13User Value 238 Tsd		24	24		0		0

Reserves treasury shares		6057		6056		(01)		-0			r16 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Reserves treasury shares gtgt (ltlt 2017 gtgt q_act_jan)13User Value 60534 Tsd		6057	6285		228		4

Non-controlling interests		89		63		(26)		-29			r17 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Non-controlling interests gtgt (ltlt 2017 gtgt q_act_jan)13User Value 659 Tsd		89	81		-08		-9

Total equity		6170		6143		(27)		-0			r18 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total equity gtgt (ltlt 2017 gtgt q_act_jan)13User Value 61430 Tsd		617	639		22		4

Total equity and liabilities		16606		18390		1784		11			r19 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total equity and liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 183903 Tsd		166060	166780		72		0

KPIs		31-Dec-16		31-Dec-17


Equity Ratio		372		334					s20 PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document Q2_2017_Quarter_Report13Chapter Consolidated Statement of Financial Position13Row ltlt Total equity and liabilities gtgt (ltlt June 30 2017 gtgt q_act_jan)13User Value 153472 Tsd

							PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Trade receivables unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13User Value 109701 Tsd		PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other current assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 13217 Tsd		PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)13User Value 9673 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Intangible assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 8845 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other non-current assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 11382 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 183903 Tsd		PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Short-term borrowings gtgt (ltlt 2017 gtgt q_act_jan)13User Value 262 Tsd		PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Trade payables accured cost of services gtgt (ltlt 2017 gtgt q_act_jan)13User Value 79665 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other current liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 26763 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Long-term borrowings gtgt (ltlt 2017 gtgt q_act_jan)13User Value 324 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other long-term liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 15459 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 122473 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Share capital gtgt (ltlt 2017 gtgt q_act_jan)13User Value 238 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Reserves treasury shares gtgt (ltlt 2017 gtgt q_act_jan)13User Value 60534 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Non-controlling interests gtgt (ltlt 2017 gtgt q_act_jan)13User Value 659 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total equity gtgt (ltlt 2017 gtgt q_act_jan)13User Value 61430 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total equity and liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 183903 Tsd	NWC-Intensity	18	15	mf24	Enterred by HPI on 14012018

DSO 3-m-rolling YTD		455		474					m22		Enterred by HPI on 14012018

DPO 3-m-rolling YTD		407		412					m23		Enterred by HPI on 14012018

2017	2016

																						Check

Logistics	Q1 2016	Q2 2016	HY 2016		Q3 2016		Q3YTD 2016		Q4 2016		FY 2016		Q1 2017		Q2 2017			HY 2017		Q3 2017			Q3YTD 2017		Q4 2017		FY 2017								CY

Net forwarding revenue	1402	1613	3015		1374		4389		1321		5709		1286		1377			2663		1394			4057		1330		5387			m4		m4		s4 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_3 gtgt q_act)13User Value 14141 Tsd	r4 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_3 gtgt q_act_jan)13User Value 53871 Tsd	00

Forwarding expenses	(420)	(607)	(1027)		(429)		(1456)		(397)		(1853)		(460)		(564)			(1024)		(580)			(1604)		(472)		(2076)			m5		m5		s5 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_3 gtgt q_act)13User Value -5564 Tsd	r5 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_3 gtgt q_act_jan)13User Value -20758 Tsd	00

Gross profit	982	1006	1989		944		2933		924		3857		825		813			1639		815			2454		858		3311			m6		m6		s6 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_3 gtgt q_act)13User Value 8576 Tsd	r6 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_3 gtgt q_act_jan)13User Value 33114 Tsd	00

Personnel expenses	(574)	(591)	(1166)		(528)		(1694)		(519)		(2213)		(479)		(461)			(940)		(469)			(1409)		(507)		(1916)			m7		m7		s7 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_3 gtgt q_act)13User Value -4045 Tsd	r7 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_3 gtgt q_act_jan)13User Value -19163 Tsd	00

Other operating expenses	(360)	(363)	(723)		(378)		(1102)		(367)		(1469)		(298)		(298)			(596)		(298)			(894)		(329)		(1223)			m8		m8		s8 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_3 gtgt q_act)13User Value -4415 Tsd	r8 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_3 gtgt q_act_jan)13User Value -12227 Tsd	00

EBITDA adjusted	48	52	100		38		138		37		175		48		54			103		48			151		22		172			m9		m9		s9 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_3 gtgt q_act)13User Value -479 Tsd	r9 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_3 gtgt q_act_jan)13User Value 1724 Tsd	00

Depreciation and amortization	(29)	(29)	(58)		(29)		(88)		(32)		(119)		(25)		(24)			(48)		(21)			(69)		(23)		(92)			m10		m10		s10 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_3 gtgt q_act)13User Value -125 Tsd	r10 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_3 gtgt q_act_jan)13User Value -918 Tsd	00

EBIT adjusted	18	23	41		09		50		05		56		24		31			54		27			81		(01)		81			m11		m11		s11 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act)13User Value -008 Tsd	r11 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act_jan)13User Value 807 Tsd	00

Non-recurring items

Restructuring expenses	00	(38)	(38)		00		(38)		00		(38)		00		00			00		00			00		00		00			m13		m13		s13	m13	00


EBIT reported	18	(15)	03		09		12		05		18		24		31			54		27			81		(01)		81			m15		m15		s15 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act)13User Value -008 Tsd	r15 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act_jan)13User Value 807 Tsd


GP Change YoY										-19		-18		-14		-16		-7		-14					s16	s16


															453

						10										15

GP control	000	000		000				000		(012)		(000)		000				000			000			000		s30		s30		s30		s30

EBITDA control	000	000		(000)				010		(002)		000		(000)				000			(000)			000		s31		s31		s31		s31

EBIT control	010	000		000				000		005		000		(000)			ERRORREF		000			000			000		s32		s32		s32		s32

2017	2016


Ocean Freight	Q1 2016	Q2 2016	HY 2016		Q3 2016	Q3YTD 2016			Q4 2016			FY 2016			Q1 2017			Q2 2017			HY 2017		Q3 2017			Q3YTD 2017		Q4 2017			FY 2017

Net forwarding revenue	5338	4921	10259		4955	15214			4770			19984			4915			5172			10087		5551			15637		5105			20743			m4		m4		s4 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_2 gtgt q_act)13User Value 55506 Tsd	r4 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_2 gtgt q_act_jan)13User Value 207428 Tsd	00	00	00	00

Forwarding expenses	(4157)	(3773)	(7930)		(3834)	(11764)			(3783)			(15547)			(3860)			(4081)			(7941)		(4463)			(12404)		(4067)			(16471)			m5		m5		s5 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_2 gtgt q_act)13User Value -44629 Tsd	r5 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_2 gtgt q_act_jan)13User Value -164707 Tsd	-00	00	00	00

Gross profit	1181	1148	2329		1121	3450			987			4438			1055			1091			2146		1088			3234		1038			4272			m6		m6		s6 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_2 gtgt q_act)13User Value 10877 Tsd	r6 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_2 gtgt q_act_jan)13User Value 42721 Tsd	00	00	00	00

Personnel expenses	(791)	(752)	(1543)		(755)	(2298)			(721)			(3019)			(779)			(784)			(1564)		(788)			(2352)		(837)			(3189)			m7		m7		s7 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_2 gtgt q_act)13User Value -7884 Tsd	r7 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_2 gtgt q_act_jan)13User Value -31889 Tsd	00	00	(00)	00

Other operating expenses	(305)	(288)	(594)		(274)	(868)			(275)			(1144)			(271)			(265)			(536)		(290)			(827)		(257)			(1083)			m8		m8		s8 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_2 gtgt q_act)13User Value -2905 Tsd	r8 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_2 gtgt q_act_jan)13User Value -10833 Tsd	00	(01)	(01)	00

EBITDA adjusted	84	108	192		92	284			(09)			275			05			41			46		09			55		(55)			(00)			m9		m9		s9 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_2 gtgt q_act)13User Value 089 Tsd	r9 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_2 gtgt q_act_jan)13User Value -001 Tsd	00	00	00	00

Depreciation and amortization	(41)	(42)	(83)		(41)	(124)			(42)			(166)			(36)			(36)			(72)		(38)			(110)		(41)			(151)			m10		m10		s10 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_2 gtgt q_act)13User Value -384 Tsd	r10 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_2 gtgt q_act_jan)13User Value -1508 Tsd	-00	00	00	00

EBIT adjusted	43	66	109		51	160			(51)			109			(32)			06			(26)		(29)			(55)		(96)			(151)			m11		m11		s11 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_2 gtgt q_act)13User Value -295 Tsd	r11 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_2 gtgt q_act_jan)13User Value -1509 Tsd	-00	00	00	00

in of gross profit	37	58	47		45	46			-51			25			-30			05			-12		-27			-17		-92			-35			m12		m12		s12	s12

Non-recurring items																									00		00		00			00

Restructuring expenses	00	(97)	(97)		0	(97)			(19)			(115)			00			00			00		00			00		00			00			m14		m14		s14	m14	00	00	01	00


EBIT reported	43	(30)	13		51	63			(69)			(06)			(32)			06			(26)		(29)			(55)		(96)			(151)			m16		m16		s16 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_2 gtgt q_act)13User Value -295 Tsd	r16 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_2 gtgt q_act_jan)13User Value -1509 Tsd	-00	00	(00)	00

in of gross profit	37	-26	05		45	18			-70			-01			-30			05			-12		-27			-17		-92			-35			m17		m17		s17	s17


Ocean Freight volumes (000 TEUs)	3482	3726	7208		3787	10995			3890			14885			3742			3828			7570		3856			11426		3779			15205			m19		m19		m19	m19	00	00	(00)	00

change YoY	-100	-82	-91		-88	-90			08			-66			75			27			50		18			39		-28			22			m20		m20		s20	s20

GPTEU (CHF)	339	308	323		296	314			254			298			282			285			283		282			283		275			281			m21		m21		m21	s21

change YoY	102	59	80		-16	47			-176			-11			-169			-75			-122		-47			-98		83			-58			m22		m22		s22	s22


GP change YoY								-11			-5			-8			-3			-6		519		-373					s23		s23


							-00298711145			00053228356					-00271124048				-00921686544

GP control	000	000		(000)			000			000			000			000					000			(000)			000			s30		s30		s30		s30

EBITDA control	010	000		000			000			(000)			(000)			(000)					000			000			(000)			s31		s31		s31		s31

EBIT control	000	000		000			000			(000)			(000)			000				000		000			000			(000)			s32		s32		s32		s32

2017	2016

																													Check

Air Freight	Q1 2016	Q2 2016	HY 2016		Q3 2016	Q3YTD 2016			Q4 2016			FY 2016			Q1 2017			Q2 2017		HY 2017			Q3 2017			Q3 YTD 2017			Q4 2017			FY 2017										CY

Net forwarding revenue	6332	6359	12691		6341	19032			7234			26267			6571			7000		13571			7389			20960			8238			29198			m4		m4		s4 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_1 gtgt q_act)13User Value 91229 Tsd		r4 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_1 gtgt q_act_jan)13User Value 291978 Tsd	00	00	(003)	00

Forwarding expenses	(4846)	(4800)	(9646)		(4853)	(14499)			(5816)			(20315)			(5125)			(5500)		(10625)			(5775)			(16400)			(6403)			(22803)			m5		m5		s5 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_1 gtgt q_act)13User Value -72887 Tsd		r5 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_1 gtgt q_act_jan)13User Value -228034 Tsd	00	00	00	00

Gross profit	1486	1559	3045		1489	4534			1418			5952			1447			1500		2946			1614			4560			1834			6394			m6		m6		s6 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_1 gtgt q_act)13User Value 18342 Tsd		r6 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_1 gtgt q_act_jan)13User Value 63944 Tsd	-00	00	00	00

Personnel expenses	(885)	(869)	(1754)		(847)	(2600)			(873)			(3473)			(905)			(916)		(1822)			(928)			(2750)			(1044)			(3793)			m7		m7		s7 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_1 gtgt q_act)13User Value -10893 Tsd		r7 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_1 gtgt q_act_jan)13User Value -37932 Tsd	-00	00	00	00

Other operating expenses	(371)	(359)	(730)		(318)	(1048)			(284)			(1333)			(324)			(317)		(641)			(337)			(978)			(334)			(1312)			m8		m8		s8 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_1 gtgt q_act)13User Value -2799 Tsd		r8 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_1 gtgt q_act_jan)13User Value -13116 Tsd	00	00	(00)	00

EBITDA adjusted	230	331	561		324	885			261			1146			218			266		484			349			833			457			1290			m9		m9		s9 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_1 gtgt q_act)13User Value 4650 Tsd		r9 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_1 gtgt q_act_jan)13User Value 12896 Tsd	00	00	(00)	00

Depreciation and amortization	(52)	(52)	(103)		(55)	(158)			(53)			(211)			(46)			(47)		(93)			(46)			(139)			(47)			(186)			m10		m10		s10 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_1 gtgt q_act)13User Value -558 Tsd		r10 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_1 gtgt q_act_jan)13User Value -1861 Tsd	00	01	01	00

EBIT adjusted	178	279	457		269	726			208			935			171			220		391			303			694			409			1103			m11		m11		s11 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act)13User Value 4092 Tsd		r11 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act_jan)13User Value 11035 Tsd	-00	00	00	00

in of gross profit	120	179	150		181	160			147			157			118			146		133			188			152			223			173			m12		m12		s12 PAC Hamon Pierrick Invalid Reference (value_1_PQACT02) 1313Reference could not be handled13Underlying Formula		s12

Non-recurring items																										00		00		00			00

Restructuring expenses	00	(127)	(127)		00	(127)			00			(127)			00			00		00			00			00			00			00			m14		m14		s14		m14	00	00	00	00


EBIT reported	178	153	331		269	600			208			808			171			220		391			303			694			409			1103			m16		m16		s16 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act)13User Value 4092 Tsd		r16 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act_jan)13User Value 11035 Tsd	-00	00	(00)	00

in of gross profit	120	98	109		181	132			147			136			118			146		133			188			152			223			173			m17		m17		s17		s17


Air Freight volumes (000 tons)	2161	2251	4412		2278	6690			2524			9214			2332			2399		4731			2489			7220			2739			9959			m19		m19		s19		m19	00	00	00	00

change YoY	54	111	82		99	88			141			102			79			66		72			93			79			85			81			m20		m20		s20		s20

GPton (CHF)	688	693	690		653	678			562			646			620			625		623			648			632			670			642			m21		m21		s21		s21

change YoY	-47	-36	-41		-73	-52			-140			-75			-98			-97		-98			-08			-68			192			-06			m22		m22		s22		s22


GP change YoY								-3			-4			-3			8		1			29			7					s23		s23

GP control	000	000		000			000			000			(000)			000				(000)				000		000		000		000			s30		s30		s30		s30

EBITDA control	000	000		000			(000)			000			000			(000)				000				000		(000)		000		000			s31		s31		s31		s31

EBIT control	000	000		000			000			(000)			000			(000)			000		000				000		000		000		(000)			s32		s32		s32		s32

2017		2016

																													Check CY

Group		Q1 2016		Q2 2016			HY 2016		Q3 2016		Q3YTD 2016		Q4 2016		FY 2016		Q1 2017		Q2 2017			HY 2017			Q3 2017			Q3YTD 2017		Q4 2017			FY 2017

Net forwarding revenue		13072		12894			25965		12670		38635		13325		51960		12772		13549			26321			14334			40655		14673			55328		s4 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Net forwarding revenue gtgt (ltlt 2017 gtgt q_act)13User Value 1433411124 Tsd		r4 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Net forwarding revenue gtgt (ltlt value_1 gtgt q_act_jan)13User Value 5532778504 Tsd		m4		m4		00		-01	-01	00

Forwarding expenses		(9423)		(9180)			(18602)		(9116)		(27718)		(9996)		(37714)		(9445)		(10145)			(19590)			(10818)			(30407)		(10942)			(41350)		s5 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Forwarding services from third parties gtgt (ltlt 2017 gtgt q_act)13User Value -1081765298 Tsd		r5 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Forwarding services from third parties gtgt (ltlt value_1 gtgt q_act_jan)13User Value -4134985568 Tsd		m5		m5		00		01	01	00

Gross profit		3649		3714			7363		3554		10917		3329		14246		3327		3404			6731			3516			10248		3730			13978		s6 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Gross profit gtgt (ltlt 2017 gtgt q_act)13User Value 351645826 Tsd		r6 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Gross profit gtgt (ltlt value_1 gtgt q_act_jan)13User Value 1397792936 Tsd		m6		m6		00		00	00	00

Personnel expenses		(2250)		(2213)			(4463)		(2129)		(6592)		(2113)		(8705)		(2164)		(2162)			(4326)			(2186)			(6511)		(2388)			(8898)		s7 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Personnel expenses gtgt (ltlt 2017 gtgt q_act)13User Value -218561825 Tsd		r7 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Personnel expenses gtgt (ltlt value_1 gtgt q_act_jan)13User Value -889847082 Tsd		m7		m7		00		00	00	00

Other operating expenses		(1037)		(1011)			(2047)		(971)		(3018)		(927)		(3945)		(893)		(880)			(1773)			(925)			(2698)		(919)			(3618)		s8 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Other operating expenses gtgt (ltlt 2017 gtgt q_act)13User Value -92494218 Tsd		r8 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Other operating expenses gtgt (ltlt value_1 gtgt q_act_jan)13User Value -361760468 Tsd		m8		m8		00		01	01	00

EBITDA adjusted		362		491			853		454		1307		289		1596		271		362			633			406			1039		423			1462		s9 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt EBITDA gtgt (ltlt 2017 gtgt q_act)13User Value 40589783 Tsd		r9 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt EBITDA gtgt (ltlt value_1 gtgt q_act_jan)13User Value 146185385 Tsd		m9		m9		00		00	00	00

Depreciation of property plant and equip		(62)		(62)			(125)		(62)		(187)		(71)		(258)		(53)		(54)			(107)			(50)			(156)		(56)			(213)		s10 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Depreciation of property plant and equipment gtgt (ltlt 2017 gtgt q_act)13User Value -4981553 Tsd		r10 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Depreciation of property plant and equipment gtgt (ltlt value_1 gtgt q_act_jan)13User Value -21293764 Tsd		m10		m10		-00		-01	-01	00

Amortization of intangible assets		(60)		(60)			(120)		(63)		(183)		(56)		(239)		(54)		(52)			(106)			(55)			(162)		(54)			(216)		s11 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Amortization of intangible assets gtgt (ltlt 2017 gtgt q_act)13User Value -5514918 Tsd		r11 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Amortization of intangible assets gtgt (ltlt value_1 gtgt q_act_jan)13User Value -21570493 Tsd		m11		m11		00		00	00	00

EBIT adjusted		240		368			608		329		936		163		1099		164		256			420			301			721		313			1033		s12 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Operating result (EBIT) gtgt (ltlt 2017 gtgt q_act)13User Value 30093312 Tsd		r12 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act_jan)13User Value 103321128 Tsd		m12		m12		00		00	-01	00

in of gross profit		66		99			83		92		86		49		77		49		75			62			86			70		84			74		s13		s13		m13		m13

Non-recurring items																											00		00		00		00

Restructuring expenses		00		(261)			(261)		00		(261)		(19)		(280)		00		00			00			00			00		00			00		s15 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Restructuring expenses gtgt (ltlt 2017 gtgt q_act)13User Value 0000000 Tsd		r15 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Restructuring expenses gtgt (ltlt value_1 gtgt q_act_jan)13User Value 0000000 Tsd		m15		m15		00		00	00	00


EBIT reported		240		107			347		329		675		144		820		164		256			420			301			721		313			1033		s17		s17		m17		m17		00		00	00	00

in of gross profit		66		29			47		92		62		43		58		49		75			62			86			70		84			74		s18		s18		m18		m18		-01		-00	-02

Financial result		(09)		07			(02)		(04)		(06)		02		(04)		02		01			03			(04)			(02)		(16)			(18)		s19 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13130939883 Tsd - ltlt Finance income gtgt (ltlt 2017 gtgt q_act)13-1343957 Tsd - ltlt Finance costs gtgt (ltlt 2017 gtgt q_act)13---------------------13-0404074 Tsd (Total)		r19 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13132749657 Tsd - ltlt Finance income gtgt (ltlt value_1 gtgt q_act_jan)13-4529105 Tsd - ltlt Finance costs gtgt (ltlt value_1 gtgt q_act_jan)13---------------------13-1779448 Tsd (Total)		m19		m19		00		00	00	00

Earnings before taxes (EBT)		231		114			345		325		670		146		816		165		257			422			297			719		296			1015		s20 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Profit before income tax (EBT) gtgt (ltlt 2017 gtgt q_act)13User Value 29689237 Tsd		r20 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Profit before income tax (EBT) gtgt (ltlt value_1 gtgt q_act_jan)13User Value 101541680 Tsd		m20		m20		00		00	00	00

Income tax expenses		(58)		(69)			(126)		(79)		(205)		(88)		(293)		(42)		(81)			(123)			(112)			(235)		(206)			(441)		s21 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Income tax expenses gtgt (ltlt 2017 gtgt q_act)13User Value -11228068 Tsd		r21 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Income tax expenses gtgt (ltlt value_1 gtgt q_act_jan)13User Value -44082152 Tsd		m21		m21		00		01	01	00

of EBT		250		602			367		242		306		601		359		252		316			291			378			327		694			434		s22		s22		m22		m22

Profit		173		45			218		246		465		58		523		124		176			299			185			484		91			575		s23 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Profit gtgt (ltlt 2017 gtgt q_act)13User Value 18461169 Tsd		r23 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Profit gtgt (ltlt value_1 gtgt q_act_jan)13User Value 57459528 Tsd		m23		m23		00		00	01	00

Earnings per share		075		021			096		106		201		027		229		054		075			129			079			208		040			248		s24 PAC Serova Elena (External) Referenced Value (value_1_PQACTJAN02)1313Document Q2_2017_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Basic gtgt (ltlt 2017 gtgt q_act_jan)13User Value 0000540 Tsd		s24 PAC Serova Elena (External) Referenced Value (value_1_PQACTJAN02)1313Document Q2_2017_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Basic gtgt (ltlt 2017 gtgt q_act_jan)13User Value 0000540 Tsd		m24		m24		00		00	00	00

			0		0				46460419259						0		0		0			0		0			0			m25		m25		l1	l1			00		00

Earnings per share 1000																0000788		0002078		0000788			0002478			rf28 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Basic gtgt (ltlt 2017 gtgt q_act)13User Value 0000788 Tsd		rf28 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Basic gtgt (ltlt value_1 gtgt q_act_jan)13User Value 0002478 Tsd		l2		l2

Total Operating Expenses																(3111)		(9209)		(3307)			(12516)			s25		s25		l3		l3

OOE YoY

	042


GP control		00		00		00		00		00	00	00		00		00		00			00		00		00			00		00		00		(00)		00			s30		s30	s30		s30

EBITDA control		00		(01)		00		00		00	00	00		(00)		00		(00)			00		00		(01)			00		00		(00)		00		(00)			s31		s31	s31		s31

EBIT control		00		01		00		00		00	00	00		(01)		00		00			(00)		00		(00)			00		00		00		00		00			s32		s32	s32		s32

Earnings before taxes (EBT)		00		00		00		00		00	00	00		00		00		00			00		00		01			00		00		(00)		(00)		00			s33		s33	s33		s33

Profit		00		00		00		01		00	00	00		00		00		00			00		00		(00)			(00)		00		00		(00)		00			s34		s34	s34		s34

Air GP																				6394449			l4		r40 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Gross profit (value_1 q_act_jan)13User Value 6394449 Mio		l4		l4

Ocean GP																				4272121			l5		r41 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_act_jan)13User Value 4272121 Mio		l5		l5

Logistics GP																				331136			l6		r42 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row Gross profit (value_1 q_act_jan)13User Value 3311360 Mio		l6		l6

Check																				00			l7		s43		l7		l7

Air EBIT																				1103462			l8		r44 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row EBIT adjusted (value_1 q_act_jan)13User Value 1103462 Mio		l8		l8

Ocean EBIT																				-150917			l9		r45 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_act_jan)13User Value -150917 Mio		l9		l9

Logistics EBIT																				80666			l10		r46 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row EBIT adjusted (value_1 q_act_jan)13User Value 80666 Mio		l10		l10

Check																				00			l11		s47		l11		l11

APAC GP																				34878			l12		r51 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 313 - AC Key figures APAC13Row Gross profit (value_1 q_act_jan)13User Value 34878 Mio		l12		l12

EUROPE GP																				53038			l13		r52 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 314 - AC Key figures Europe13Row Gross profit (value_1 q_act_jan)13User Value 53038 Mio		l13		l13

MEAC GP																				897489			l14		r53 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 315 - AC Key figures MEAC13Row Gross profit (value_1 q_act_jan)13User Value 8974886 Mio		l14		l14

AME GP																				4288802			l15		r54 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 316 - AC Key figures Americas13Row Gross profit (value_1 q_act_jan)13User Value 4288802 Mio		l15		l15

Check																				(00)			l16		s55		l16		l16

APAC EBIT																				7061			l17		r56 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 313 - AC Key figures APAC13Row EBIT (value_1 q_act_jan)13User Value 7061 Mio		l17		l17

EUROPE EBIT																				-122			l18		r57 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 314 - AC Key figures Europe13Row EBIT (value_1 q_act_jan)13User Value -122 Mio		l18		l18

MEAC EBIT																				20871			l19		r58 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 315 - AC Key figures MEAC13Row EBIT reported (value_1 q_act_jan)13User Value 208709 Mio		l19		l19

AME EBIT																				31847			l20		r59 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 316 - AC Key figures Americas13Row EBIT reported (value_1 q_act_jan)13User Value 3184697 Mio		l20		l20

Check																				00			l21		s60		l21		l21

Air NFR																				2919782			l31		r70 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Net forwarding revenue (value_1 q_act_jan)13User Value 29197820 Mio		l31		l31

Ocean NFR																				2074282			l22		r71 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Net forwarding revenue (value_1 q_act_jan)13User Value 20742820 Mio		l22		l22

Logistics NFR																				5387147			l23		r72 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row Net forwarding revenue (value_1 q_act_jan)13User Value 5387147 Mio		l23		l23

Check																				00			l24		s73		l24		l24

APAC NFR																				127363			l25		r75 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 313 - AC Key figures APAC13Row Net forwarding revenue (value_1 q_act_jan)13User Value 127363 Mio		l25		l25

EUROPE NFR																				231796			l26		r76 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 314 - AC Key figures Europe13Row Net forwarding revenue (value_1 q_act_jan)13User Value 231796 Mio		l26		l26

MEAC NFR																				271595			l27		r77 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 315 - AC Key figures MEAC13Row Net forwarding revenue (value_1 q_act_jan)13User Value 27159502 Mio		l27		l27

AME NFR																				16695948			l28		r78 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 316 - AC Key figures Americas13Row Net forwarding revenue (value_1 q_act_jan)13User Value 166959483 Mio		l28		l28

Check																				00			l29		s79		l29		l29

	Q4

GP		Q4 2016		Q1 2017		Q2 2017		Q3 2017		Q4 2017				Gross profit

	92		825		81		81		86			m3		Q4 2016		92

									Q1 2017		83

									Q2 2017		81

									Q3 2017		81

EBIT		05		24		31		27		-01			m7		Q4 2017		86


									EBIT

									Q4 2016		05

									Q1 2017		24

									Q2 2017		31

									Q3 2017		27

									Q4 2017		-01

	2017		2016


				2017						2016		2017

YoY Growth		Q3		Q4	Q1	Q2	Q3		Q4				Gross Profit EBIT		YTD		YTD

Gross Profit		-6		-11	-16	-19	-14		-7		m5			Gross Profit		3857		33114	-14	r5 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_3 gtgt q_act_jan)13User Value 33114 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row Gross profit (value_1 q_prior_jan)13User Value 3857000 Mio

								EBIT (adjusted PY)		56		81		45		rf7 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act_jan)13User Value 807 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_3 gtgt q_prior_jan)13User Value 556 Tsd

								EBIT in of NFR		10		15			s9

								NFR		57094638		53871466			rf8 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_3 gtgt q_act_jan)13User Value 53871 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_3 gtgt q_prior_jan)13User Value 57095 Tsd
PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_3 gtgt q_act_jan)13User Value 33114 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row Gross profit (value_1 q_prior_jan)13User Value 3857000 Mio	PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act_jan)13User Value 807 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_3 gtgt q_prior_jan)13User Value 556 Tsd

	Q4

GP		Q4 2016		Q1 2017		Q2 2017		Q3 2017		Q4 2017				Gross profit

	92		825		81		81		86			m3		Q4 2016		92

									Q1 2017		83

									Q2 2017		81

									Q3 2017		81

EBIT		05		24		31		27		-01			m7		Q4 2017		86


									EBIT

									Q4 2016		05

									Q1 2017		24

									Q2 2017		31

									Q3 2017		27

									Q4 2017		-01

	2017		2016


				2017						2016		2017

YoY Growth		Q3		Q4	Q1	Q2	Q3		Q4				Gross Profit EBIT		YTD		YTD

Gross Profit		-6		-11	-16	-19	-14		-7		m5			Gross Profit		3857		33114	-14	r5 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_3 gtgt q_act_jan)13User Value 33114 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row Gross profit (value_1 q_prior_jan)13User Value 3857000 Mio

								EBIT (adjusted PY)		56		81		45		rf7 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act_jan)13User Value 807 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_3 gtgt q_prior_jan)13User Value 556 Tsd

								EBIT in of NFR		10		15			s9

								NFR		57094638		53871466			rf8 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_3 gtgt q_act_jan)13User Value 53871 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_3 gtgt q_prior_jan)13User Value 57095 Tsd
PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_3 gtgt q_act_jan)13User Value 33114 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row Gross profit (value_1 q_prior_jan)13User Value 3857000 Mio	PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act_jan)13User Value 807 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_3 gtgt q_prior_jan)13User Value 556 Tsd

	Q4

GP		Q4 2016		Q1 2017		Q2 2017		Q3 2017		Q4 2017				Gross profit

	92		825		81		81		86			m3		Q4 2016		92

									Q1 2017		83

									Q2 2017		81

									Q3 2017		81

EBIT		05		24		31		27		-01			m7		Q4 2017		86


									EBIT

									Q4 2016		05

									Q1 2017		24

									Q2 2017		31

									Q3 2017		27

									Q4 2017		-01

	2017		2016


				2017						2016		2017

YoY Growth		Q3		Q4	Q1	Q2	Q3		Q4				Gross Profit EBIT		YTD		YTD

Gross Profit		-6		-11	-16	-19	-14		-7		m5			Gross Profit		3857		33114	-14	r5 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_3 gtgt q_act_jan)13User Value 33114 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row Gross profit (value_1 q_prior_jan)13User Value 3857000 Mio

								EBIT (adjusted PY)		56		81		45		rf7 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act_jan)13User Value 807 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_3 gtgt q_prior_jan)13User Value 556 Tsd

								EBIT in of NFR		10		15			s9

								NFR		57094638		53871466			rf8 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_3 gtgt q_act_jan)13User Value 53871 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_3 gtgt q_prior_jan)13User Value 57095 Tsd
PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_3 gtgt q_act_jan)13User Value 33114 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row Gross profit (value_1 q_prior_jan)13User Value 3857000 Mio	PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act_jan)13User Value 807 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_3 gtgt q_prior_jan)13User Value 556 Tsd

	Q4

GP		Q4 2016		Q1 2017		Q2 2017		Q3 2017		Q4 2017				Gross profit

	92		825		81		81		86			m3		Q4 2016		92

									Q1 2017		83

									Q2 2017		81

									Q3 2017		81

EBIT		05		24		31		27		-01			m7		Q4 2017		86


									EBIT

									Q4 2016		05

									Q1 2017		24

									Q2 2017		31

									Q3 2017		27

									Q4 2017		-01

	2017		2016


				2017						2016		2017

YoY Growth		Q3		Q4	Q1	Q2	Q3		Q4				Gross Profit EBIT		YTD		YTD

Gross Profit		-6		-11	-16	-19	-14		-7		m5			Gross Profit		3857		33114	-14	r5 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_3 gtgt q_act_jan)13User Value 33114 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row Gross profit (value_1 q_prior_jan)13User Value 3857000 Mio

								EBIT (adjusted PY)		56		81		45		rf7 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act_jan)13User Value 807 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_3 gtgt q_prior_jan)13User Value 556 Tsd

								EBIT in of NFR		10		15			s9

								NFR		57094638		53871466			rf8 PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_3 gtgt q_act_jan)13User Value 53871 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_3 gtgt q_prior_jan)13User Value 57095 Tsd
PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_3 gtgt q_act_jan)13User Value 33114 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row Gross profit (value_1 q_prior_jan)13User Value 3857000 Mio	PAC Stuker Benjamin Referenced Value (value_2_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act_jan)13User Value 807 Tsd1313----------------------------------------------------------------------------------------1313Referenced Value (value_2_PQPRIOR02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (Segment EBIT) adjusted gtgt (ltlt value_3 gtgt q_prior_jan)13User Value 556 Tsd

Page 9: Full-year results 2017 - panalpina.com · GP/ton -14% -10% -10% ... of an offer to purchase any shares andneither it nor any part of it shall form the basis ... % 24.2% 60.1% 35.9%

IFRS CHANGES 2018

in CHF million

OUTLOOK Market

minus AirOcean 3-4

Panalpina

APRIL 19 2018

MAY 8 2018

NEXT EVENTS

DISCLAIMER

APPENDIX

SNVeryHiddenParameterSheet

PAN_ISpQ_Group

image1png

SNVeryHiddenParameterSheet

PAN_ISpQ_AirFreight

image1png

SNVeryHiddenParameterSheet

PAN_ISpQ_OceanFreight

image1png

EBIT reported 18 (15) 09 05 18 24 31 27 (01) 81

SNVeryHiddenParameterSheet

PAN_ISpQ_Logistics

image1png

BALANCE SHEET

SNVeryHiddenParameterSheet

PAN_BalanceSheet

image1png

CASH FLOW

SNVeryHiddenParameterSheet

Tabele PAN_Cashflow

Slide Number 2
IFRS changes 2018
Next EVENTs
Disclaimer
Appendix
Balance sheet
Cash flow

	31-Dec-16		31-Dec-17		Change in

Cash flow before changes in working capital		1313		1536				r2 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Subtotal cash flow from operations gtgt (ltlt 2017 gtgt q_act_jan)13User Value 15298 Tsd			PY IS MANUAL

Changes in working capital		188		(480)				r3 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows131313267 Tsd - ltlt Increase (decrease) payables and accruals incl accrued cost of service gtgt (ltlt 2017 gtgt q_act_jan)13-695 Tsd - ltlt (Decrease) increase non-current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13256 Tsd - ltlt (Decrease) increase current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13-17508 Tsd - ltlt (Increase) decrease receivables other current assets and unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-4680 Tsd (Total)

Cash from operations		1501		1056				r4 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash generated from operations gtgt (ltlt 2017 gtgt q_act_jan)13User Value 10618 Tsd


Interest and income taxes paid		(394)		(383)				r6 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows1313-3709 Tsd - ltlt Income taxes paid gtgt (ltlt 2017 gtgt q_act_jan)13-122 Tsd - ltlt Interest paid gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-3831 Tsd (Total)

Net cash from operating activities		1107		673		-39			r7 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash from operating activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 6787 Tsd


Net cash from investing activities		(241)		(681)		183			r9 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in investing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -6870 Tsd


Free cash flow		866		(08)		-101			r11 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Free cash flow gtgt (ltlt 2017 gtgt q_act_jan)13User Value -083 Tsd


Net cash used in financing activities		(887)		(882)		-1			r13 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in financing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8818 Tsd


Net increase (decrease) in cash and cash equivalents		(21)		(890)				r15 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net increase (decrease) in cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8901 Tsd

Cash and cash equivalents at beginning of period		3923		3888				r16 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the beginning of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 38878 Tsd

Effect of exchange rate changes		(14)		111				r17 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Effect of exchange rate changes on cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 1108 Tsd

Cash and cash equivalents at end of period		3888		3109				r18 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the end of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd


Reported cash and cash equivalents at 31122016			3888				r21 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the beginning of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 38878 Tsd			Reported cash and cash equivalents at 31122016			3888

Profit YTD 122017			5746				r19 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Profit gtgt (ltlt 2017 gtgt q_act_jan)13User Value 5746 Tsd			Profit YTD 122017		3888		575

Other non-cash items (eg DampA)			9613				r23 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13132129 Tsd - ltlt Depreciation of property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)132157 Tsd - ltlt Amortization of intangible assets gtgt (ltlt 2017 gtgt q_act_jan)13-224 Tsd - ltlt Interest income and dividend on available-for-sale financial assets gtgt (ltlt 2017 gtgt q_act_jan)13-062 Tsd - ltlt Exchange differences gtgt (ltlt 2017 gtgt q_act_jan)13-033 Tsd - ltlt Loss (gain) on sales of property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)13000 Tsd - ltlt Gain on sales of financial assets gtgt (ltlt 2017 gtgt q_act_jan)13612 Tsd - ltlt Expenses for share-based compensation plans gtgt (ltlt 2017 gtgt q_act_jan)13564 Tsd - ltlt Other non-cash (income) and expenses gtgt (ltlt 2017 gtgt q_act_jan)134408 Tsd - ltlt Income tax expenses gtgt (ltlt 2017 gtgt q_act_jan)13---------------------139552 Tsd (Total)			Other non-cash items (eg DampA)		4462		961

Changes in working capital			-4798				r24 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows131313267 Tsd - ltlt Increase (decrease) payables and accruals incl accrued cost of service gtgt (ltlt 2017 gtgt q_act_jan)13-695 Tsd - ltlt (Decrease) increase non-current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13256 Tsd - ltlt (Decrease) increase current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13-17508 Tsd - ltlt (Increase) decrease receivables other current assets and unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-4680 Tsd (Total)			Changes in working capital		4944		480	neg

Interest and income taxes paid			-3831				r25 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows1313-3709 Tsd - ltlt Income taxes paid gtgt (ltlt 2017 gtgt q_act_jan)13-122 Tsd - ltlt Interest paid gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-3831 Tsd (Total)			Interest and income taxes paid		4561		383	neg

Net cash from investing activities			-6813				r26 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in investing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -6870 Tsd			Net cash from investing activities		3879		681	neg

Financing activitiesdividend			-8818				r27 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in financing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8818 Tsd			Financing activitiesdividend		2998		882	neg

Effect of exchange rate changes			1108				r28 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Effect of exchange rate changes on cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 1108 Tsd			Effect of exchange rate changes		2998		111

Reported cash and cash equivalents at 31122017			31085				r29 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the end of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd		PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Subtotal cash flow from operations gtgt (ltlt 2017 gtgt q_act_jan)13User Value 15298 Tsd		PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows131313267 Tsd - ltlt Increase (decrease) payables and accruals incl accrued cost of service gtgt (ltlt 2017 gtgt q_act_jan)13-695 Tsd - ltlt (Decrease) increase non-current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13256 Tsd - ltlt (Decrease) increase current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13-17508 Tsd - ltlt (Increase) decrease receivables other current assets and unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-4680 Tsd (Total)	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash generated from operations gtgt (ltlt 2017 gtgt q_act_jan)13User Value 10618 Tsd		PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows1313-3709 Tsd - ltlt Income taxes paid gtgt (ltlt 2017 gtgt q_act_jan)13-122 Tsd - ltlt Interest paid gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-3831 Tsd (Total)	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash from operating activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 6787 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in investing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -6870 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Free cash flow gtgt (ltlt 2017 gtgt q_act_jan)13User Value -083 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in financing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8818 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net increase (decrease) in cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8901 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the beginning of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 38878 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Effect of exchange rate changes on cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 1108 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the end of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the beginning of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 38878 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Profit gtgt (ltlt 2017 gtgt q_act_jan)13User Value 5746 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13132129 Tsd - ltlt Depreciation of property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)132157 Tsd - ltlt Amortization of intangible assets gtgt (ltlt 2017 gtgt q_act_jan)13-224 Tsd - ltlt Interest income and dividend on available-for-sale financial assets gtgt (ltlt 2017 gtgt q_act_jan)13-062 Tsd - ltlt Exchange differences gtgt (ltlt 2017 gtgt q_act_jan)13-033 Tsd - ltlt Loss (gain) on sales of property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)13000 Tsd - ltlt Gain on sales of financial assets gtgt (ltlt 2017 gtgt q_act_jan)13612 Tsd - ltlt Expenses for share-based compensation plans gtgt (ltlt 2017 gtgt q_act_jan)13564 Tsd - ltlt Other non-cash (income) and expenses gtgt (ltlt 2017 gtgt q_act_jan)134408 Tsd - ltlt Income tax expenses gtgt (ltlt 2017 gtgt q_act_jan)13---------------------139552 Tsd (Total)	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows131313267 Tsd - ltlt Increase (decrease) payables and accruals incl accrued cost of service gtgt (ltlt 2017 gtgt q_act_jan)13-695 Tsd - ltlt (Decrease) increase non-current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13256 Tsd - ltlt (Decrease) increase current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13-17508 Tsd - ltlt (Increase) decrease receivables other current assets and unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-4680 Tsd (Total)	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows1313-3709 Tsd - ltlt Income taxes paid gtgt (ltlt 2017 gtgt q_act_jan)13-122 Tsd - ltlt Interest paid gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-3831 Tsd (Total)	Reported cash and cash equivalents at 31122017	3109	3888

													484

													591

													(479)

													(331)

													(406)

													(882)

													93

													2946

	31-Dec-16		31-Dec-17		Change in

				CHF

Cash and cash equivalents		3888		3109		(779)		-20			r3 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd		3888	3999		111		3

Trade receivables unbilled forwarding services		9087		10970		1883		21			r4 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Trade receivables unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13User Value 109701 Tsd		9087	8693		-394		-4

Other current assets		1025		1322		297		29			r5 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other current assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 13217 Tsd		1025	1335		31		30

Property plant and equipment		635		967		332		52			r6 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)13User Value 9673 Tsd		635	651		16		3

Intangible assets		979		885		(95)		-10			r7 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Intangible assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 8845 Tsd		979	926		-53		-5

Other non-current assets		990		1138		148		15			r8 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other non-current assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 11382 Tsd		99	1073		83		8

Total assets		16606		18390		1784		11			r9 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 183903 Tsd		166060	166780		72		0

											0

Short-term borrowings		23		26		03		15			r11 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Short-term borrowings gtgt (ltlt 2017 gtgt q_act_jan)13User Value 262 Tsd		23	05		-18		-78

Trade payables accured cost of services		6524		7967		1443		22			r12 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Trade payables accured cost of services gtgt (ltlt 2017 gtgt q_act_jan)13User Value 79665 Tsd		6524	620		-324		-5

Other current liabilities		2439		2676		237		10			r13 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other current liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 26763 Tsd		2439	2592		153		6

Long-Term borrowings		00		32		32		na			r20 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Long-term borrowings gtgt (ltlt 2017 gtgt q_act_jan)13User Value 324 Tsd		0	12		12		na

Other long-term liabilities		1449		1546		97		7			r21 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other long-term liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 15459 Tsd		1449	1479		3		2

Total liabilities		10436		12247		1811		17			r14 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 122473 Tsd		104360	102880		-148		-1

Share capital		24		24		(00)		-1			r15 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Share capital gtgt (ltlt 2017 gtgt q_act_jan)13User Value 238 Tsd		24	24		0		0

Reserves treasury shares		6057		6056		(01)		-0			r16 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Reserves treasury shares gtgt (ltlt 2017 gtgt q_act_jan)13User Value 60534 Tsd		6057	6285		228		4

Non-controlling interests		89		63		(26)		-29			r17 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Non-controlling interests gtgt (ltlt 2017 gtgt q_act_jan)13User Value 659 Tsd		89	81		-08		-9

Total equity		6170		6143		(27)		-0			r18 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total equity gtgt (ltlt 2017 gtgt q_act_jan)13User Value 61430 Tsd		617	639		22		4

Total equity and liabilities		16606		18390		1784		11			r19 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total equity and liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 183903 Tsd		166060	166780		72		0

KPIs		31-Dec-16		31-Dec-17


Equity Ratio		372		334					s20 PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document Q2_2017_Quarter_Report13Chapter Consolidated Statement of Financial Position13Row ltlt Total equity and liabilities gtgt (ltlt June 30 2017 gtgt q_act_jan)13User Value 153472 Tsd

							PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Trade receivables unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13User Value 109701 Tsd		PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other current assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 13217 Tsd		PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)13User Value 9673 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Intangible assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 8845 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other non-current assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 11382 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 183903 Tsd		PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Short-term borrowings gtgt (ltlt 2017 gtgt q_act_jan)13User Value 262 Tsd		PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Trade payables accured cost of services gtgt (ltlt 2017 gtgt q_act_jan)13User Value 79665 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other current liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 26763 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Long-term borrowings gtgt (ltlt 2017 gtgt q_act_jan)13User Value 324 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other long-term liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 15459 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 122473 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Share capital gtgt (ltlt 2017 gtgt q_act_jan)13User Value 238 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Reserves treasury shares gtgt (ltlt 2017 gtgt q_act_jan)13User Value 60534 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Non-controlling interests gtgt (ltlt 2017 gtgt q_act_jan)13User Value 659 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total equity gtgt (ltlt 2017 gtgt q_act_jan)13User Value 61430 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total equity and liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 183903 Tsd	NWC-Intensity	18	15	mf24	Enterred by HPI on 14012018

DSO 3-m-rolling YTD		455		474					m22		Enterred by HPI on 14012018

DPO 3-m-rolling YTD		407		412					m23		Enterred by HPI on 14012018

2017	2016

																						Check

Logistics	Q1 2016	Q2 2016	HY 2016		Q3 2016		Q3YTD 2016		Q4 2016		FY 2016		Q1 2017		Q2 2017			HY 2017		Q3 2017			Q3YTD 2017		Q4 2017		FY 2017								CY

Net forwarding revenue	1402	1613	3015		1374		4389		1321		5709		1286		1377			2663		1394			4057		1330		5387			m4		m4		s4 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_3 gtgt q_act)13User Value 14141 Tsd	r4 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_3 gtgt q_act_jan)13User Value 53871 Tsd	00

Forwarding expenses	(420)	(607)	(1027)		(429)		(1456)		(397)		(1853)		(460)		(564)			(1024)		(580)			(1604)		(472)		(2076)			m5		m5		s5 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_3 gtgt q_act)13User Value -5564 Tsd	r5 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_3 gtgt q_act_jan)13User Value -20758 Tsd	00

Gross profit	982	1006	1989		944		2933		924		3857		825		813			1639		815			2454		858		3311			m6		m6		s6 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_3 gtgt q_act)13User Value 8576 Tsd	r6 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_3 gtgt q_act_jan)13User Value 33114 Tsd	00

Personnel expenses	(574)	(591)	(1166)		(528)		(1694)		(519)		(2213)		(479)		(461)			(940)		(469)			(1409)		(507)		(1916)			m7		m7		s7 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_3 gtgt q_act)13User Value -4045 Tsd	r7 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_3 gtgt q_act_jan)13User Value -19163 Tsd	00

Other operating expenses	(360)	(363)	(723)		(378)		(1102)		(367)		(1469)		(298)		(298)			(596)		(298)			(894)		(329)		(1223)			m8		m8		s8 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_3 gtgt q_act)13User Value -4415 Tsd	r8 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_3 gtgt q_act_jan)13User Value -12227 Tsd	00

EBITDA adjusted	48	52	100		38		138		37		175		48		54			103		48			151		22		172			m9		m9		s9 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_3 gtgt q_act)13User Value -479 Tsd	r9 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_3 gtgt q_act_jan)13User Value 1724 Tsd	00

Depreciation and amortization	(29)	(29)	(58)		(29)		(88)		(32)		(119)		(25)		(24)			(48)		(21)			(69)		(23)		(92)			m10		m10		s10 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_3 gtgt q_act)13User Value -125 Tsd	r10 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_3 gtgt q_act_jan)13User Value -918 Tsd	00

EBIT adjusted	18	23	41		09		50		05		56		24		31			54		27			81		(01)		81			m11		m11		s11 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act)13User Value -008 Tsd	r11 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act_jan)13User Value 807 Tsd	00

Non-recurring items

Restructuring expenses	00	(38)	(38)		00		(38)		00		(38)		00		00			00		00			00		00		00			m13		m13		s13	m13	00


EBIT reported	18	(15)	03		09		12		05		18		24		31			54		27			81		(01)		81			m15		m15		s15 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act)13User Value -008 Tsd	r15 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act_jan)13User Value 807 Tsd


GP Change YoY										-19		-18		-14		-16		-7		-14					s16	s16


															453

						10										15

GP control	000	000		000				000		(012)		(000)		000				000			000			000		s30		s30		s30		s30

EBITDA control	000	000		(000)				010		(002)		000		(000)				000			(000)			000		s31		s31		s31		s31

EBIT control	010	000		000				000		005		000		(000)			ERRORREF		000			000			000		s32		s32		s32		s32

2017	2016


Ocean Freight	Q1 2016	Q2 2016	HY 2016		Q3 2016	Q3YTD 2016			Q4 2016			FY 2016			Q1 2017			Q2 2017			HY 2017		Q3 2017			Q3YTD 2017		Q4 2017			FY 2017

Net forwarding revenue	5338	4921	10259		4955	15214			4770			19984			4915			5172			10087		5551			15637		5105			20743			m4		m4		s4 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_2 gtgt q_act)13User Value 55506 Tsd	r4 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_2 gtgt q_act_jan)13User Value 207428 Tsd	00	00	00	00

Forwarding expenses	(4157)	(3773)	(7930)		(3834)	(11764)			(3783)			(15547)			(3860)			(4081)			(7941)		(4463)			(12404)		(4067)			(16471)			m5		m5		s5 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_2 gtgt q_act)13User Value -44629 Tsd	r5 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_2 gtgt q_act_jan)13User Value -164707 Tsd	-00	00	00	00

Gross profit	1181	1148	2329		1121	3450			987			4438			1055			1091			2146		1088			3234		1038			4272			m6		m6		s6 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_2 gtgt q_act)13User Value 10877 Tsd	r6 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_2 gtgt q_act_jan)13User Value 42721 Tsd	00	00	00	00

Personnel expenses	(791)	(752)	(1543)		(755)	(2298)			(721)			(3019)			(779)			(784)			(1564)		(788)			(2352)		(837)			(3189)			m7		m7		s7 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_2 gtgt q_act)13User Value -7884 Tsd	r7 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_2 gtgt q_act_jan)13User Value -31889 Tsd	00	00	(00)	00

Other operating expenses	(305)	(288)	(594)		(274)	(868)			(275)			(1144)			(271)			(265)			(536)		(290)			(827)		(257)			(1083)			m8		m8		s8 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_2 gtgt q_act)13User Value -2905 Tsd	r8 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_2 gtgt q_act_jan)13User Value -10833 Tsd	00	(01)	(01)	00

EBITDA adjusted	84	108	192		92	284			(09)			275			05			41			46		09			55		(55)			(00)			m9		m9		s9 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_2 gtgt q_act)13User Value 089 Tsd	r9 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_2 gtgt q_act_jan)13User Value -001 Tsd	00	00	00	00

Depreciation and amortization	(41)	(42)	(83)		(41)	(124)			(42)			(166)			(36)			(36)			(72)		(38)			(110)		(41)			(151)			m10		m10		s10 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_2 gtgt q_act)13User Value -384 Tsd	r10 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_2 gtgt q_act_jan)13User Value -1508 Tsd	-00	00	00	00

EBIT adjusted	43	66	109		51	160			(51)			109			(32)			06			(26)		(29)			(55)		(96)			(151)			m11		m11		s11 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_2 gtgt q_act)13User Value -295 Tsd	r11 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_2 gtgt q_act_jan)13User Value -1509 Tsd	-00	00	00	00

in of gross profit	37	58	47		45	46			-51			25			-30			05			-12		-27			-17		-92			-35			m12		m12		s12	s12

Non-recurring items																									00		00		00			00

Restructuring expenses	00	(97)	(97)		0	(97)			(19)			(115)			00			00			00		00			00		00			00			m14		m14		s14	m14	00	00	01	00


EBIT reported	43	(30)	13		51	63			(69)			(06)			(32)			06			(26)		(29)			(55)		(96)			(151)			m16		m16		s16 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_2 gtgt q_act)13User Value -295 Tsd	r16 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_2 gtgt q_act_jan)13User Value -1509 Tsd	-00	00	(00)	00

in of gross profit	37	-26	05		45	18			-70			-01			-30			05			-12		-27			-17		-92			-35			m17		m17		s17	s17


Ocean Freight volumes (000 TEUs)	3482	3726	7208		3787	10995			3890			14885			3742			3828			7570		3856			11426		3779			15205			m19		m19		m19	m19	00	00	(00)	00

change YoY	-100	-82	-91		-88	-90			08			-66			75			27			50		18			39		-28			22			m20		m20		s20	s20

GPTEU (CHF)	339	308	323		296	314			254			298			282			285			283		282			283		275			281			m21		m21		m21	s21

change YoY	102	59	80		-16	47			-176			-11			-169			-75			-122		-47			-98		83			-58			m22		m22		s22	s22


GP change YoY								-11			-5			-8			-3			-6		519		-373					s23		s23


							-00298711145			00053228356					-00271124048				-00921686544

GP control	000	000		(000)			000			000			000			000					000			(000)			000			s30		s30		s30		s30

EBITDA control	010	000		000			000			(000)			(000)			(000)					000			000			(000)			s31		s31		s31		s31

EBIT control	000	000		000			000			(000)			(000)			000				000		000			000			(000)			s32		s32		s32		s32

2017	2016

																													Check

Air Freight	Q1 2016	Q2 2016	HY 2016		Q3 2016	Q3YTD 2016			Q4 2016			FY 2016			Q1 2017			Q2 2017		HY 2017			Q3 2017			Q3 YTD 2017			Q4 2017			FY 2017										CY

Net forwarding revenue	6332	6359	12691		6341	19032			7234			26267			6571			7000		13571			7389			20960			8238			29198			m4		m4		s4 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_1 gtgt q_act)13User Value 91229 Tsd		r4 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_1 gtgt q_act_jan)13User Value 291978 Tsd	00	00	(003)	00

Forwarding expenses	(4846)	(4800)	(9646)		(4853)	(14499)			(5816)			(20315)			(5125)			(5500)		(10625)			(5775)			(16400)			(6403)			(22803)			m5		m5		s5 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_1 gtgt q_act)13User Value -72887 Tsd		r5 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_1 gtgt q_act_jan)13User Value -228034 Tsd	00	00	00	00

Gross profit	1486	1559	3045		1489	4534			1418			5952			1447			1500		2946			1614			4560			1834			6394			m6		m6		s6 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_1 gtgt q_act)13User Value 18342 Tsd		r6 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_1 gtgt q_act_jan)13User Value 63944 Tsd	-00	00	00	00

Personnel expenses	(885)	(869)	(1754)		(847)	(2600)			(873)			(3473)			(905)			(916)		(1822)			(928)			(2750)			(1044)			(3793)			m7		m7		s7 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_1 gtgt q_act)13User Value -10893 Tsd		r7 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_1 gtgt q_act_jan)13User Value -37932 Tsd	-00	00	00	00

Other operating expenses	(371)	(359)	(730)		(318)	(1048)			(284)			(1333)			(324)			(317)		(641)			(337)			(978)			(334)			(1312)			m8		m8		s8 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_1 gtgt q_act)13User Value -2799 Tsd		r8 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_1 gtgt q_act_jan)13User Value -13116 Tsd	00	00	(00)	00

EBITDA adjusted	230	331	561		324	885			261			1146			218			266		484			349			833			457			1290			m9		m9		s9 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_1 gtgt q_act)13User Value 4650 Tsd		r9 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_1 gtgt q_act_jan)13User Value 12896 Tsd	00	00	(00)	00

Depreciation and amortization	(52)	(52)	(103)		(55)	(158)			(53)			(211)			(46)			(47)		(93)			(46)			(139)			(47)			(186)			m10		m10		s10 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_1 gtgt q_act)13User Value -558 Tsd		r10 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_1 gtgt q_act_jan)13User Value -1861 Tsd	00	01	01	00

EBIT adjusted	178	279	457		269	726			208			935			171			220		391			303			694			409			1103			m11		m11		s11 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act)13User Value 4092 Tsd		r11 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act_jan)13User Value 11035 Tsd	-00	00	00	00

in of gross profit	120	179	150		181	160			147			157			118			146		133			188			152			223			173			m12		m12		s12 PAC Hamon Pierrick Invalid Reference (value_1_PQACT02) 1313Reference could not be handled13Underlying Formula		s12

Non-recurring items																										00		00		00			00

Restructuring expenses	00	(127)	(127)		00	(127)			00			(127)			00			00		00			00			00			00			00			m14		m14		s14		m14	00	00	00	00


EBIT reported	178	153	331		269	600			208			808			171			220		391			303			694			409			1103			m16		m16		s16 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act)13User Value 4092 Tsd		r16 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act_jan)13User Value 11035 Tsd	-00	00	(00)	00

in of gross profit	120	98	109		181	132			147			136			118			146		133			188			152			223			173			m17		m17		s17		s17


Air Freight volumes (000 tons)	2161	2251	4412		2278	6690			2524			9214			2332			2399		4731			2489			7220			2739			9959			m19		m19		s19		m19	00	00	00	00

change YoY	54	111	82		99	88			141			102			79			66		72			93			79			85			81			m20		m20		s20		s20

GPton (CHF)	688	693	690		653	678			562			646			620			625		623			648			632			670			642			m21		m21		s21		s21

change YoY	-47	-36	-41		-73	-52			-140			-75			-98			-97		-98			-08			-68			192			-06			m22		m22		s22		s22


GP change YoY								-3			-4			-3			8		1			29			7					s23		s23

GP control	000	000		000			000			000			(000)			000				(000)				000		000		000		000			s30		s30		s30		s30

EBITDA control	000	000		000			(000)			000			000			(000)				000				000		(000)		000		000			s31		s31		s31		s31

EBIT control	000	000		000			000			(000)			000			(000)			000		000				000		000		000		(000)			s32		s32		s32		s32

2017		2016

																													Check CY

Group		Q1 2016		Q2 2016			HY 2016		Q3 2016		Q3YTD 2016		Q4 2016		FY 2016		Q1 2017		Q2 2017			HY 2017			Q3 2017			Q3YTD 2017		Q4 2017			FY 2017

Net forwarding revenue		13072		12894			25965		12670		38635		13325		51960		12772		13549			26321			14334			40655		14673			55328		s4 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Net forwarding revenue gtgt (ltlt 2017 gtgt q_act)13User Value 1433411124 Tsd		r4 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Net forwarding revenue gtgt (ltlt value_1 gtgt q_act_jan)13User Value 5532778504 Tsd		m4		m4		00		-01	-01	00

Forwarding expenses		(9423)		(9180)			(18602)		(9116)		(27718)		(9996)		(37714)		(9445)		(10145)			(19590)			(10818)			(30407)		(10942)			(41350)		s5 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Forwarding services from third parties gtgt (ltlt 2017 gtgt q_act)13User Value -1081765298 Tsd		r5 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Forwarding services from third parties gtgt (ltlt value_1 gtgt q_act_jan)13User Value -4134985568 Tsd		m5		m5		00		01	01	00

Gross profit		3649		3714			7363		3554		10917		3329		14246		3327		3404			6731			3516			10248		3730			13978		s6 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Gross profit gtgt (ltlt 2017 gtgt q_act)13User Value 351645826 Tsd		r6 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Gross profit gtgt (ltlt value_1 gtgt q_act_jan)13User Value 1397792936 Tsd		m6		m6		00		00	00	00

Personnel expenses		(2250)		(2213)			(4463)		(2129)		(6592)		(2113)		(8705)		(2164)		(2162)			(4326)			(2186)			(6511)		(2388)			(8898)		s7 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Personnel expenses gtgt (ltlt 2017 gtgt q_act)13User Value -218561825 Tsd		r7 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Personnel expenses gtgt (ltlt value_1 gtgt q_act_jan)13User Value -889847082 Tsd		m7		m7		00		00	00	00

Other operating expenses		(1037)		(1011)			(2047)		(971)		(3018)		(927)		(3945)		(893)		(880)			(1773)			(925)			(2698)		(919)			(3618)		s8 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Other operating expenses gtgt (ltlt 2017 gtgt q_act)13User Value -92494218 Tsd		r8 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Other operating expenses gtgt (ltlt value_1 gtgt q_act_jan)13User Value -361760468 Tsd		m8		m8		00		01	01	00

EBITDA adjusted		362		491			853		454		1307		289		1596		271		362			633			406			1039		423			1462		s9 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt EBITDA gtgt (ltlt 2017 gtgt q_act)13User Value 40589783 Tsd		r9 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt EBITDA gtgt (ltlt value_1 gtgt q_act_jan)13User Value 146185385 Tsd		m9		m9		00		00	00	00

Depreciation of property plant and equip		(62)		(62)			(125)		(62)		(187)		(71)		(258)		(53)		(54)			(107)			(50)			(156)		(56)			(213)		s10 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Depreciation of property plant and equipment gtgt (ltlt 2017 gtgt q_act)13User Value -4981553 Tsd		r10 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Depreciation of property plant and equipment gtgt (ltlt value_1 gtgt q_act_jan)13User Value -21293764 Tsd		m10		m10		-00		-01	-01	00

Amortization of intangible assets		(60)		(60)			(120)		(63)		(183)		(56)		(239)		(54)		(52)			(106)			(55)			(162)		(54)			(216)		s11 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Amortization of intangible assets gtgt (ltlt 2017 gtgt q_act)13User Value -5514918 Tsd		r11 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Amortization of intangible assets gtgt (ltlt value_1 gtgt q_act_jan)13User Value -21570493 Tsd		m11		m11		00		00	00	00

EBIT adjusted		240		368			608		329		936		163		1099		164		256			420			301			721		313			1033		s12 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Operating result (EBIT) gtgt (ltlt 2017 gtgt q_act)13User Value 30093312 Tsd		r12 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act_jan)13User Value 103321128 Tsd		m12		m12		00		00	-01	00

in of gross profit		66		99			83		92		86		49		77		49		75			62			86			70		84			74		s13		s13		m13		m13

Non-recurring items																											00		00		00		00

Restructuring expenses		00		(261)			(261)		00		(261)		(19)		(280)		00		00			00			00			00		00			00		s15 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Restructuring expenses gtgt (ltlt 2017 gtgt q_act)13User Value 0000000 Tsd		r15 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Restructuring expenses gtgt (ltlt value_1 gtgt q_act_jan)13User Value 0000000 Tsd		m15		m15		00		00	00	00


EBIT reported		240		107			347		329		675		144		820		164		256			420			301			721		313			1033		s17		s17		m17		m17		00		00	00	00

in of gross profit		66		29			47		92		62		43		58		49		75			62			86			70		84			74		s18		s18		m18		m18		-01		-00	-02

Financial result		(09)		07			(02)		(04)		(06)		02		(04)		02		01			03			(04)			(02)		(16)			(18)		s19 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13130939883 Tsd - ltlt Finance income gtgt (ltlt 2017 gtgt q_act)13-1343957 Tsd - ltlt Finance costs gtgt (ltlt 2017 gtgt q_act)13---------------------13-0404074 Tsd (Total)		r19 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13132749657 Tsd - ltlt Finance income gtgt (ltlt value_1 gtgt q_act_jan)13-4529105 Tsd - ltlt Finance costs gtgt (ltlt value_1 gtgt q_act_jan)13---------------------13-1779448 Tsd (Total)		m19		m19		00		00	00	00

Earnings before taxes (EBT)		231		114			345		325		670		146		816		165		257			422			297			719		296			1015		s20 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Profit before income tax (EBT) gtgt (ltlt 2017 gtgt q_act)13User Value 29689237 Tsd		r20 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Profit before income tax (EBT) gtgt (ltlt value_1 gtgt q_act_jan)13User Value 101541680 Tsd		m20		m20		00		00	00	00

Income tax expenses		(58)		(69)			(126)		(79)		(205)		(88)		(293)		(42)		(81)			(123)			(112)			(235)		(206)			(441)		s21 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Income tax expenses gtgt (ltlt 2017 gtgt q_act)13User Value -11228068 Tsd		r21 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Income tax expenses gtgt (ltlt value_1 gtgt q_act_jan)13User Value -44082152 Tsd		m21		m21		00		01	01	00

of EBT		250		602			367		242		306		601		359		252		316			291			378			327		694			434		s22		s22		m22		m22

Profit		173		45			218		246		465		58		523		124		176			299			185			484		91			575		s23 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Profit gtgt (ltlt 2017 gtgt q_act)13User Value 18461169 Tsd		r23 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Profit gtgt (ltlt value_1 gtgt q_act_jan)13User Value 57459528 Tsd		m23		m23		00		00	01	00

Earnings per share		075		021			096		106		201		027		229		054		075			129			079			208		040			248		s24 PAC Serova Elena (External) Referenced Value (value_1_PQACTJAN02)1313Document Q2_2017_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Basic gtgt (ltlt 2017 gtgt q_act_jan)13User Value 0000540 Tsd		s24 PAC Serova Elena (External) Referenced Value (value_1_PQACTJAN02)1313Document Q2_2017_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Basic gtgt (ltlt 2017 gtgt q_act_jan)13User Value 0000540 Tsd		m24		m24		00		00	00	00

			0		0				46460419259						0		0		0			0		0			0			m25		m25		l1	l1			00		00

Earnings per share 1000																0000788		0002078		0000788			0002478			rf28 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Basic gtgt (ltlt 2017 gtgt q_act)13User Value 0000788 Tsd		rf28 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Basic gtgt (ltlt value_1 gtgt q_act_jan)13User Value 0002478 Tsd		l2		l2

Total Operating Expenses																(3111)		(9209)		(3307)			(12516)			s25		s25		l3		l3

OOE YoY

	042


GP control		00		00		00		00		00	00	00		00		00		00			00		00		00			00		00		00		(00)		00			s30		s30	s30		s30

EBITDA control		00		(01)		00		00		00	00	00		(00)		00		(00)			00		00		(01)			00		00		(00)		00		(00)			s31		s31	s31		s31

EBIT control		00		01		00		00		00	00	00		(01)		00		00			(00)		00		(00)			00		00		00		00		00			s32		s32	s32		s32

Earnings before taxes (EBT)		00		00		00		00		00	00	00		00		00		00			00		00		01			00		00		(00)		(00)		00			s33		s33	s33		s33

Profit		00		00		00		01		00	00	00		00		00		00			00		00		(00)			(00)		00		00		(00)		00			s34		s34	s34		s34

Air GP																				6394449			l4		r40 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Gross profit (value_1 q_act_jan)13User Value 6394449 Mio		l4		l4

Ocean GP																				4272121			l5		r41 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_act_jan)13User Value 4272121 Mio		l5		l5

Logistics GP																				331136			l6		r42 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row Gross profit (value_1 q_act_jan)13User Value 3311360 Mio		l6		l6

Check																				00			l7		s43		l7		l7

Air EBIT																				1103462			l8		r44 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row EBIT adjusted (value_1 q_act_jan)13User Value 1103462 Mio		l8		l8

Ocean EBIT																				-150917			l9		r45 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_act_jan)13User Value -150917 Mio		l9		l9

Logistics EBIT																				80666			l10		r46 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row EBIT adjusted (value_1 q_act_jan)13User Value 80666 Mio		l10		l10

Check																				00			l11		s47		l11		l11

APAC GP																				34878			l12		r51 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 313 - AC Key figures APAC13Row Gross profit (value_1 q_act_jan)13User Value 34878 Mio		l12		l12

EUROPE GP																				53038			l13		r52 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 314 - AC Key figures Europe13Row Gross profit (value_1 q_act_jan)13User Value 53038 Mio		l13		l13

MEAC GP																				897489			l14		r53 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 315 - AC Key figures MEAC13Row Gross profit (value_1 q_act_jan)13User Value 8974886 Mio		l14		l14

AME GP																				4288802			l15		r54 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 316 - AC Key figures Americas13Row Gross profit (value_1 q_act_jan)13User Value 4288802 Mio		l15		l15

Check																				(00)			l16		s55		l16		l16

APAC EBIT																				7061			l17		r56 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 313 - AC Key figures APAC13Row EBIT (value_1 q_act_jan)13User Value 7061 Mio		l17		l17

EUROPE EBIT																				-122			l18		r57 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 314 - AC Key figures Europe13Row EBIT (value_1 q_act_jan)13User Value -122 Mio		l18		l18

MEAC EBIT																				20871			l19		r58 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 315 - AC Key figures MEAC13Row EBIT reported (value_1 q_act_jan)13User Value 208709 Mio		l19		l19

AME EBIT																				31847			l20		r59 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 316 - AC Key figures Americas13Row EBIT reported (value_1 q_act_jan)13User Value 3184697 Mio		l20		l20

Check																				00			l21		s60		l21		l21

Air NFR																				2919782			l31		r70 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Net forwarding revenue (value_1 q_act_jan)13User Value 29197820 Mio		l31		l31

Ocean NFR																				2074282			l22		r71 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Net forwarding revenue (value_1 q_act_jan)13User Value 20742820 Mio		l22		l22

Logistics NFR																				5387147			l23		r72 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row Net forwarding revenue (value_1 q_act_jan)13User Value 5387147 Mio		l23		l23

Check																				00			l24		s73		l24		l24

APAC NFR																				127363			l25		r75 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 313 - AC Key figures APAC13Row Net forwarding revenue (value_1 q_act_jan)13User Value 127363 Mio		l25		l25

EUROPE NFR																				231796			l26		r76 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 314 - AC Key figures Europe13Row Net forwarding revenue (value_1 q_act_jan)13User Value 231796 Mio		l26		l26

MEAC NFR																				271595			l27		r77 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 315 - AC Key figures MEAC13Row Net forwarding revenue (value_1 q_act_jan)13User Value 27159502 Mio		l27		l27

AME NFR																				16695948			l28		r78 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 316 - AC Key figures Americas13Row Net forwarding revenue (value_1 q_act_jan)13User Value 166959483 Mio		l28		l28

Check																				00			l29		s79		l29		l29

Page 10: Full-year results 2017 - panalpina.com · GP/ton -14% -10% -10% ... of an offer to purchase any shares andneither it nor any part of it shall form the basis ... % 24.2% 60.1% 35.9%

in CHF million

OUTLOOK Market

minus AirOcean 3-4

Panalpina

APRIL 19 2018

MAY 8 2018

NEXT EVENTS

DISCLAIMER

APPENDIX

SNVeryHiddenParameterSheet

PAN_ISpQ_Group

image1png

SNVeryHiddenParameterSheet

PAN_ISpQ_AirFreight

image1png

SNVeryHiddenParameterSheet

PAN_ISpQ_OceanFreight

image1png

EBIT reported 18 (15) 09 05 18 24 31 27 (01) 81

SNVeryHiddenParameterSheet

PAN_ISpQ_Logistics

image1png

BALANCE SHEET

SNVeryHiddenParameterSheet

PAN_BalanceSheet

image1png

CASH FLOW

SNVeryHiddenParameterSheet

Tabele PAN_Cashflow

Slide Number 2
IFRS changes 2018
Next EVENTs
Disclaimer
Appendix
Balance sheet
Cash flow

	31-Dec-16		31-Dec-17		Change in

Cash flow before changes in working capital		1313		1536				r2 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Subtotal cash flow from operations gtgt (ltlt 2017 gtgt q_act_jan)13User Value 15298 Tsd			PY IS MANUAL

Changes in working capital		188		(480)				r3 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows131313267 Tsd - ltlt Increase (decrease) payables and accruals incl accrued cost of service gtgt (ltlt 2017 gtgt q_act_jan)13-695 Tsd - ltlt (Decrease) increase non-current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13256 Tsd - ltlt (Decrease) increase current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13-17508 Tsd - ltlt (Increase) decrease receivables other current assets and unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-4680 Tsd (Total)

Cash from operations		1501		1056				r4 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash generated from operations gtgt (ltlt 2017 gtgt q_act_jan)13User Value 10618 Tsd


Interest and income taxes paid		(394)		(383)				r6 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows1313-3709 Tsd - ltlt Income taxes paid gtgt (ltlt 2017 gtgt q_act_jan)13-122 Tsd - ltlt Interest paid gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-3831 Tsd (Total)

Net cash from operating activities		1107		673		-39			r7 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash from operating activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 6787 Tsd


Net cash from investing activities		(241)		(681)		183			r9 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in investing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -6870 Tsd


Free cash flow		866		(08)		-101			r11 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Free cash flow gtgt (ltlt 2017 gtgt q_act_jan)13User Value -083 Tsd


Net cash used in financing activities		(887)		(882)		-1			r13 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in financing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8818 Tsd


Net increase (decrease) in cash and cash equivalents		(21)		(890)				r15 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net increase (decrease) in cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8901 Tsd

Cash and cash equivalents at beginning of period		3923		3888				r16 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the beginning of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 38878 Tsd

Effect of exchange rate changes		(14)		111				r17 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Effect of exchange rate changes on cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 1108 Tsd

Cash and cash equivalents at end of period		3888		3109				r18 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the end of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd


Reported cash and cash equivalents at 31122016			3888				r21 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the beginning of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 38878 Tsd			Reported cash and cash equivalents at 31122016			3888

Profit YTD 122017			5746				r19 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Profit gtgt (ltlt 2017 gtgt q_act_jan)13User Value 5746 Tsd			Profit YTD 122017		3888		575

Other non-cash items (eg DampA)			9613				r23 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13132129 Tsd - ltlt Depreciation of property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)132157 Tsd - ltlt Amortization of intangible assets gtgt (ltlt 2017 gtgt q_act_jan)13-224 Tsd - ltlt Interest income and dividend on available-for-sale financial assets gtgt (ltlt 2017 gtgt q_act_jan)13-062 Tsd - ltlt Exchange differences gtgt (ltlt 2017 gtgt q_act_jan)13-033 Tsd - ltlt Loss (gain) on sales of property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)13000 Tsd - ltlt Gain on sales of financial assets gtgt (ltlt 2017 gtgt q_act_jan)13612 Tsd - ltlt Expenses for share-based compensation plans gtgt (ltlt 2017 gtgt q_act_jan)13564 Tsd - ltlt Other non-cash (income) and expenses gtgt (ltlt 2017 gtgt q_act_jan)134408 Tsd - ltlt Income tax expenses gtgt (ltlt 2017 gtgt q_act_jan)13---------------------139552 Tsd (Total)			Other non-cash items (eg DampA)		4462		961

Changes in working capital			-4798				r24 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows131313267 Tsd - ltlt Increase (decrease) payables and accruals incl accrued cost of service gtgt (ltlt 2017 gtgt q_act_jan)13-695 Tsd - ltlt (Decrease) increase non-current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13256 Tsd - ltlt (Decrease) increase current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13-17508 Tsd - ltlt (Increase) decrease receivables other current assets and unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-4680 Tsd (Total)			Changes in working capital		4944		480	neg

Interest and income taxes paid			-3831				r25 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows1313-3709 Tsd - ltlt Income taxes paid gtgt (ltlt 2017 gtgt q_act_jan)13-122 Tsd - ltlt Interest paid gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-3831 Tsd (Total)			Interest and income taxes paid		4561		383	neg

Net cash from investing activities			-6813				r26 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in investing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -6870 Tsd			Net cash from investing activities		3879		681	neg

Financing activitiesdividend			-8818				r27 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in financing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8818 Tsd			Financing activitiesdividend		2998		882	neg

Effect of exchange rate changes			1108				r28 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Effect of exchange rate changes on cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 1108 Tsd			Effect of exchange rate changes		2998		111

Reported cash and cash equivalents at 31122017			31085				r29 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the end of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd		PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Subtotal cash flow from operations gtgt (ltlt 2017 gtgt q_act_jan)13User Value 15298 Tsd		PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows131313267 Tsd - ltlt Increase (decrease) payables and accruals incl accrued cost of service gtgt (ltlt 2017 gtgt q_act_jan)13-695 Tsd - ltlt (Decrease) increase non-current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13256 Tsd - ltlt (Decrease) increase current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13-17508 Tsd - ltlt (Increase) decrease receivables other current assets and unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-4680 Tsd (Total)	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash generated from operations gtgt (ltlt 2017 gtgt q_act_jan)13User Value 10618 Tsd		PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows1313-3709 Tsd - ltlt Income taxes paid gtgt (ltlt 2017 gtgt q_act_jan)13-122 Tsd - ltlt Interest paid gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-3831 Tsd (Total)	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash from operating activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 6787 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in investing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -6870 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Free cash flow gtgt (ltlt 2017 gtgt q_act_jan)13User Value -083 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in financing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8818 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net increase (decrease) in cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8901 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the beginning of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 38878 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Effect of exchange rate changes on cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 1108 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the end of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the beginning of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 38878 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Profit gtgt (ltlt 2017 gtgt q_act_jan)13User Value 5746 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13132129 Tsd - ltlt Depreciation of property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)132157 Tsd - ltlt Amortization of intangible assets gtgt (ltlt 2017 gtgt q_act_jan)13-224 Tsd - ltlt Interest income and dividend on available-for-sale financial assets gtgt (ltlt 2017 gtgt q_act_jan)13-062 Tsd - ltlt Exchange differences gtgt (ltlt 2017 gtgt q_act_jan)13-033 Tsd - ltlt Loss (gain) on sales of property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)13000 Tsd - ltlt Gain on sales of financial assets gtgt (ltlt 2017 gtgt q_act_jan)13612 Tsd - ltlt Expenses for share-based compensation plans gtgt (ltlt 2017 gtgt q_act_jan)13564 Tsd - ltlt Other non-cash (income) and expenses gtgt (ltlt 2017 gtgt q_act_jan)134408 Tsd - ltlt Income tax expenses gtgt (ltlt 2017 gtgt q_act_jan)13---------------------139552 Tsd (Total)	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows131313267 Tsd - ltlt Increase (decrease) payables and accruals incl accrued cost of service gtgt (ltlt 2017 gtgt q_act_jan)13-695 Tsd - ltlt (Decrease) increase non-current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13256 Tsd - ltlt (Decrease) increase current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13-17508 Tsd - ltlt (Increase) decrease receivables other current assets and unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-4680 Tsd (Total)	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows1313-3709 Tsd - ltlt Income taxes paid gtgt (ltlt 2017 gtgt q_act_jan)13-122 Tsd - ltlt Interest paid gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-3831 Tsd (Total)	Reported cash and cash equivalents at 31122017	3109	3888

													484

													591

													(479)

													(331)

													(406)

													(882)

													93

													2946

	31-Dec-16		31-Dec-17		Change in

				CHF

Cash and cash equivalents		3888		3109		(779)		-20			r3 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd		3888	3999		111		3

Trade receivables unbilled forwarding services		9087		10970		1883		21			r4 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Trade receivables unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13User Value 109701 Tsd		9087	8693		-394		-4

Other current assets		1025		1322		297		29			r5 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other current assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 13217 Tsd		1025	1335		31		30

Property plant and equipment		635		967		332		52			r6 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)13User Value 9673 Tsd		635	651		16		3

Intangible assets		979		885		(95)		-10			r7 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Intangible assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 8845 Tsd		979	926		-53		-5

Other non-current assets		990		1138		148		15			r8 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other non-current assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 11382 Tsd		99	1073		83		8

Total assets		16606		18390		1784		11			r9 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 183903 Tsd		166060	166780		72		0

											0

Short-term borrowings		23		26		03		15			r11 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Short-term borrowings gtgt (ltlt 2017 gtgt q_act_jan)13User Value 262 Tsd		23	05		-18		-78

Trade payables accured cost of services		6524		7967		1443		22			r12 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Trade payables accured cost of services gtgt (ltlt 2017 gtgt q_act_jan)13User Value 79665 Tsd		6524	620		-324		-5

Other current liabilities		2439		2676		237		10			r13 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other current liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 26763 Tsd		2439	2592		153		6

Long-Term borrowings		00		32		32		na			r20 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Long-term borrowings gtgt (ltlt 2017 gtgt q_act_jan)13User Value 324 Tsd		0	12		12		na

Other long-term liabilities		1449		1546		97		7			r21 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other long-term liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 15459 Tsd		1449	1479		3		2

Total liabilities		10436		12247		1811		17			r14 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 122473 Tsd		104360	102880		-148		-1

Share capital		24		24		(00)		-1			r15 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Share capital gtgt (ltlt 2017 gtgt q_act_jan)13User Value 238 Tsd		24	24		0		0

Reserves treasury shares		6057		6056		(01)		-0			r16 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Reserves treasury shares gtgt (ltlt 2017 gtgt q_act_jan)13User Value 60534 Tsd		6057	6285		228		4

Non-controlling interests		89		63		(26)		-29			r17 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Non-controlling interests gtgt (ltlt 2017 gtgt q_act_jan)13User Value 659 Tsd		89	81		-08		-9

Total equity		6170		6143		(27)		-0			r18 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total equity gtgt (ltlt 2017 gtgt q_act_jan)13User Value 61430 Tsd		617	639		22		4

Total equity and liabilities		16606		18390		1784		11			r19 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total equity and liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 183903 Tsd		166060	166780		72		0

KPIs		31-Dec-16		31-Dec-17


Equity Ratio		372		334					s20 PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document Q2_2017_Quarter_Report13Chapter Consolidated Statement of Financial Position13Row ltlt Total equity and liabilities gtgt (ltlt June 30 2017 gtgt q_act_jan)13User Value 153472 Tsd

							PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Trade receivables unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13User Value 109701 Tsd		PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other current assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 13217 Tsd		PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)13User Value 9673 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Intangible assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 8845 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other non-current assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 11382 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 183903 Tsd		PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Short-term borrowings gtgt (ltlt 2017 gtgt q_act_jan)13User Value 262 Tsd		PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Trade payables accured cost of services gtgt (ltlt 2017 gtgt q_act_jan)13User Value 79665 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other current liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 26763 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Long-term borrowings gtgt (ltlt 2017 gtgt q_act_jan)13User Value 324 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other long-term liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 15459 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 122473 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Share capital gtgt (ltlt 2017 gtgt q_act_jan)13User Value 238 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Reserves treasury shares gtgt (ltlt 2017 gtgt q_act_jan)13User Value 60534 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Non-controlling interests gtgt (ltlt 2017 gtgt q_act_jan)13User Value 659 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total equity gtgt (ltlt 2017 gtgt q_act_jan)13User Value 61430 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total equity and liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 183903 Tsd	NWC-Intensity	18	15	mf24	Enterred by HPI on 14012018

DSO 3-m-rolling YTD		455		474					m22		Enterred by HPI on 14012018

DPO 3-m-rolling YTD		407		412					m23		Enterred by HPI on 14012018

2017	2016

																						Check

Logistics	Q1 2016	Q2 2016	HY 2016		Q3 2016		Q3YTD 2016		Q4 2016		FY 2016		Q1 2017		Q2 2017			HY 2017		Q3 2017			Q3YTD 2017		Q4 2017		FY 2017								CY

Net forwarding revenue	1402	1613	3015		1374		4389		1321		5709		1286		1377			2663		1394			4057		1330		5387			m4		m4		s4 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_3 gtgt q_act)13User Value 14141 Tsd	r4 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_3 gtgt q_act_jan)13User Value 53871 Tsd	00

Forwarding expenses	(420)	(607)	(1027)		(429)		(1456)		(397)		(1853)		(460)		(564)			(1024)		(580)			(1604)		(472)		(2076)			m5		m5		s5 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_3 gtgt q_act)13User Value -5564 Tsd	r5 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_3 gtgt q_act_jan)13User Value -20758 Tsd	00

Gross profit	982	1006	1989		944		2933		924		3857		825		813			1639		815			2454		858		3311			m6		m6		s6 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_3 gtgt q_act)13User Value 8576 Tsd	r6 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_3 gtgt q_act_jan)13User Value 33114 Tsd	00

Personnel expenses	(574)	(591)	(1166)		(528)		(1694)		(519)		(2213)		(479)		(461)			(940)		(469)			(1409)		(507)		(1916)			m7		m7		s7 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_3 gtgt q_act)13User Value -4045 Tsd	r7 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_3 gtgt q_act_jan)13User Value -19163 Tsd	00

Other operating expenses	(360)	(363)	(723)		(378)		(1102)		(367)		(1469)		(298)		(298)			(596)		(298)			(894)		(329)		(1223)			m8		m8		s8 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_3 gtgt q_act)13User Value -4415 Tsd	r8 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_3 gtgt q_act_jan)13User Value -12227 Tsd	00

EBITDA adjusted	48	52	100		38		138		37		175		48		54			103		48			151		22		172			m9		m9		s9 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_3 gtgt q_act)13User Value -479 Tsd	r9 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_3 gtgt q_act_jan)13User Value 1724 Tsd	00

Depreciation and amortization	(29)	(29)	(58)		(29)		(88)		(32)		(119)		(25)		(24)			(48)		(21)			(69)		(23)		(92)			m10		m10		s10 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_3 gtgt q_act)13User Value -125 Tsd	r10 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_3 gtgt q_act_jan)13User Value -918 Tsd	00

EBIT adjusted	18	23	41		09		50		05		56		24		31			54		27			81		(01)		81			m11		m11		s11 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act)13User Value -008 Tsd	r11 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act_jan)13User Value 807 Tsd	00

Non-recurring items

Restructuring expenses	00	(38)	(38)		00		(38)		00		(38)		00		00			00		00			00		00		00			m13		m13		s13	m13	00


EBIT reported	18	(15)	03		09		12		05		18		24		31			54		27			81		(01)		81			m15		m15		s15 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act)13User Value -008 Tsd	r15 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act_jan)13User Value 807 Tsd


GP Change YoY										-19		-18		-14		-16		-7		-14					s16	s16


															453

						10										15

GP control	000	000		000				000		(012)		(000)		000				000			000			000		s30		s30		s30		s30

EBITDA control	000	000		(000)				010		(002)		000		(000)				000			(000)			000		s31		s31		s31		s31

EBIT control	010	000		000				000		005		000		(000)			ERRORREF		000			000			000		s32		s32		s32		s32

2017	2016


Ocean Freight	Q1 2016	Q2 2016	HY 2016		Q3 2016	Q3YTD 2016			Q4 2016			FY 2016			Q1 2017			Q2 2017			HY 2017		Q3 2017			Q3YTD 2017		Q4 2017			FY 2017

Net forwarding revenue	5338	4921	10259		4955	15214			4770			19984			4915			5172			10087		5551			15637		5105			20743			m4		m4		s4 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_2 gtgt q_act)13User Value 55506 Tsd	r4 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_2 gtgt q_act_jan)13User Value 207428 Tsd	00	00	00	00

Forwarding expenses	(4157)	(3773)	(7930)		(3834)	(11764)			(3783)			(15547)			(3860)			(4081)			(7941)		(4463)			(12404)		(4067)			(16471)			m5		m5		s5 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_2 gtgt q_act)13User Value -44629 Tsd	r5 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_2 gtgt q_act_jan)13User Value -164707 Tsd	-00	00	00	00

Gross profit	1181	1148	2329		1121	3450			987			4438			1055			1091			2146		1088			3234		1038			4272			m6		m6		s6 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_2 gtgt q_act)13User Value 10877 Tsd	r6 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_2 gtgt q_act_jan)13User Value 42721 Tsd	00	00	00	00

Personnel expenses	(791)	(752)	(1543)		(755)	(2298)			(721)			(3019)			(779)			(784)			(1564)		(788)			(2352)		(837)			(3189)			m7		m7		s7 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_2 gtgt q_act)13User Value -7884 Tsd	r7 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_2 gtgt q_act_jan)13User Value -31889 Tsd	00	00	(00)	00

Other operating expenses	(305)	(288)	(594)		(274)	(868)			(275)			(1144)			(271)			(265)			(536)		(290)			(827)		(257)			(1083)			m8		m8		s8 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_2 gtgt q_act)13User Value -2905 Tsd	r8 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_2 gtgt q_act_jan)13User Value -10833 Tsd	00	(01)	(01)	00

EBITDA adjusted	84	108	192		92	284			(09)			275			05			41			46		09			55		(55)			(00)			m9		m9		s9 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_2 gtgt q_act)13User Value 089 Tsd	r9 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_2 gtgt q_act_jan)13User Value -001 Tsd	00	00	00	00

Depreciation and amortization	(41)	(42)	(83)		(41)	(124)			(42)			(166)			(36)			(36)			(72)		(38)			(110)		(41)			(151)			m10		m10		s10 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_2 gtgt q_act)13User Value -384 Tsd	r10 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_2 gtgt q_act_jan)13User Value -1508 Tsd	-00	00	00	00

EBIT adjusted	43	66	109		51	160			(51)			109			(32)			06			(26)		(29)			(55)		(96)			(151)			m11		m11		s11 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_2 gtgt q_act)13User Value -295 Tsd	r11 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_2 gtgt q_act_jan)13User Value -1509 Tsd	-00	00	00	00

in of gross profit	37	58	47		45	46			-51			25			-30			05			-12		-27			-17		-92			-35			m12		m12		s12	s12

Non-recurring items																									00		00		00			00

Restructuring expenses	00	(97)	(97)		0	(97)			(19)			(115)			00			00			00		00			00		00			00			m14		m14		s14	m14	00	00	01	00


EBIT reported	43	(30)	13		51	63			(69)			(06)			(32)			06			(26)		(29)			(55)		(96)			(151)			m16		m16		s16 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_2 gtgt q_act)13User Value -295 Tsd	r16 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_2 gtgt q_act_jan)13User Value -1509 Tsd	-00	00	(00)	00

in of gross profit	37	-26	05		45	18			-70			-01			-30			05			-12		-27			-17		-92			-35			m17		m17		s17	s17


Ocean Freight volumes (000 TEUs)	3482	3726	7208		3787	10995			3890			14885			3742			3828			7570		3856			11426		3779			15205			m19		m19		m19	m19	00	00	(00)	00

change YoY	-100	-82	-91		-88	-90			08			-66			75			27			50		18			39		-28			22			m20		m20		s20	s20

GPTEU (CHF)	339	308	323		296	314			254			298			282			285			283		282			283		275			281			m21		m21		m21	s21

change YoY	102	59	80		-16	47			-176			-11			-169			-75			-122		-47			-98		83			-58			m22		m22		s22	s22


GP change YoY								-11			-5			-8			-3			-6		519		-373					s23		s23


							-00298711145			00053228356					-00271124048				-00921686544

GP control	000	000		(000)			000			000			000			000					000			(000)			000			s30		s30		s30		s30

EBITDA control	010	000		000			000			(000)			(000)			(000)					000			000			(000)			s31		s31		s31		s31

EBIT control	000	000		000			000			(000)			(000)			000				000		000			000			(000)			s32		s32		s32		s32

2017	2016

																													Check

Air Freight	Q1 2016	Q2 2016	HY 2016		Q3 2016	Q3YTD 2016			Q4 2016			FY 2016			Q1 2017			Q2 2017		HY 2017			Q3 2017			Q3 YTD 2017			Q4 2017			FY 2017										CY

Net forwarding revenue	6332	6359	12691		6341	19032			7234			26267			6571			7000		13571			7389			20960			8238			29198			m4		m4		s4 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_1 gtgt q_act)13User Value 91229 Tsd		r4 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_1 gtgt q_act_jan)13User Value 291978 Tsd	00	00	(003)	00

Forwarding expenses	(4846)	(4800)	(9646)		(4853)	(14499)			(5816)			(20315)			(5125)			(5500)		(10625)			(5775)			(16400)			(6403)			(22803)			m5		m5		s5 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_1 gtgt q_act)13User Value -72887 Tsd		r5 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_1 gtgt q_act_jan)13User Value -228034 Tsd	00	00	00	00

Gross profit	1486	1559	3045		1489	4534			1418			5952			1447			1500		2946			1614			4560			1834			6394			m6		m6		s6 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_1 gtgt q_act)13User Value 18342 Tsd		r6 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_1 gtgt q_act_jan)13User Value 63944 Tsd	-00	00	00	00

Personnel expenses	(885)	(869)	(1754)		(847)	(2600)			(873)			(3473)			(905)			(916)		(1822)			(928)			(2750)			(1044)			(3793)			m7		m7		s7 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_1 gtgt q_act)13User Value -10893 Tsd		r7 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_1 gtgt q_act_jan)13User Value -37932 Tsd	-00	00	00	00

Other operating expenses	(371)	(359)	(730)		(318)	(1048)			(284)			(1333)			(324)			(317)		(641)			(337)			(978)			(334)			(1312)			m8		m8		s8 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_1 gtgt q_act)13User Value -2799 Tsd		r8 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_1 gtgt q_act_jan)13User Value -13116 Tsd	00	00	(00)	00

EBITDA adjusted	230	331	561		324	885			261			1146			218			266		484			349			833			457			1290			m9		m9		s9 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_1 gtgt q_act)13User Value 4650 Tsd		r9 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_1 gtgt q_act_jan)13User Value 12896 Tsd	00	00	(00)	00

Depreciation and amortization	(52)	(52)	(103)		(55)	(158)			(53)			(211)			(46)			(47)		(93)			(46)			(139)			(47)			(186)			m10		m10		s10 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_1 gtgt q_act)13User Value -558 Tsd		r10 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_1 gtgt q_act_jan)13User Value -1861 Tsd	00	01	01	00

EBIT adjusted	178	279	457		269	726			208			935			171			220		391			303			694			409			1103			m11		m11		s11 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act)13User Value 4092 Tsd		r11 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act_jan)13User Value 11035 Tsd	-00	00	00	00

in of gross profit	120	179	150		181	160			147			157			118			146		133			188			152			223			173			m12		m12		s12 PAC Hamon Pierrick Invalid Reference (value_1_PQACT02) 1313Reference could not be handled13Underlying Formula		s12

Non-recurring items																										00		00		00			00

Restructuring expenses	00	(127)	(127)		00	(127)			00			(127)			00			00		00			00			00			00			00			m14		m14		s14		m14	00	00	00	00


EBIT reported	178	153	331		269	600			208			808			171			220		391			303			694			409			1103			m16		m16		s16 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act)13User Value 4092 Tsd		r16 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act_jan)13User Value 11035 Tsd	-00	00	(00)	00

in of gross profit	120	98	109		181	132			147			136			118			146		133			188			152			223			173			m17		m17		s17		s17


Air Freight volumes (000 tons)	2161	2251	4412		2278	6690			2524			9214			2332			2399		4731			2489			7220			2739			9959			m19		m19		s19		m19	00	00	00	00

change YoY	54	111	82		99	88			141			102			79			66		72			93			79			85			81			m20		m20		s20		s20

GPton (CHF)	688	693	690		653	678			562			646			620			625		623			648			632			670			642			m21		m21		s21		s21

change YoY	-47	-36	-41		-73	-52			-140			-75			-98			-97		-98			-08			-68			192			-06			m22		m22		s22		s22


GP change YoY								-3			-4			-3			8		1			29			7					s23		s23

GP control	000	000		000			000			000			(000)			000				(000)				000		000		000		000			s30		s30		s30		s30

EBITDA control	000	000		000			(000)			000			000			(000)				000				000		(000)		000		000			s31		s31		s31		s31

EBIT control	000	000		000			000			(000)			000			(000)			000		000				000		000		000		(000)			s32		s32		s32		s32

2017		2016

																													Check CY

Group		Q1 2016		Q2 2016			HY 2016		Q3 2016		Q3YTD 2016		Q4 2016		FY 2016		Q1 2017		Q2 2017			HY 2017			Q3 2017			Q3YTD 2017		Q4 2017			FY 2017

Net forwarding revenue		13072		12894			25965		12670		38635		13325		51960		12772		13549			26321			14334			40655		14673			55328		s4 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Net forwarding revenue gtgt (ltlt 2017 gtgt q_act)13User Value 1433411124 Tsd		r4 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Net forwarding revenue gtgt (ltlt value_1 gtgt q_act_jan)13User Value 5532778504 Tsd		m4		m4		00		-01	-01	00

Forwarding expenses		(9423)		(9180)			(18602)		(9116)		(27718)		(9996)		(37714)		(9445)		(10145)			(19590)			(10818)			(30407)		(10942)			(41350)		s5 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Forwarding services from third parties gtgt (ltlt 2017 gtgt q_act)13User Value -1081765298 Tsd		r5 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Forwarding services from third parties gtgt (ltlt value_1 gtgt q_act_jan)13User Value -4134985568 Tsd		m5		m5		00		01	01	00

Gross profit		3649		3714			7363		3554		10917		3329		14246		3327		3404			6731			3516			10248		3730			13978		s6 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Gross profit gtgt (ltlt 2017 gtgt q_act)13User Value 351645826 Tsd		r6 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Gross profit gtgt (ltlt value_1 gtgt q_act_jan)13User Value 1397792936 Tsd		m6		m6		00		00	00	00

Personnel expenses		(2250)		(2213)			(4463)		(2129)		(6592)		(2113)		(8705)		(2164)		(2162)			(4326)			(2186)			(6511)		(2388)			(8898)		s7 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Personnel expenses gtgt (ltlt 2017 gtgt q_act)13User Value -218561825 Tsd		r7 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Personnel expenses gtgt (ltlt value_1 gtgt q_act_jan)13User Value -889847082 Tsd		m7		m7		00		00	00	00

Other operating expenses		(1037)		(1011)			(2047)		(971)		(3018)		(927)		(3945)		(893)		(880)			(1773)			(925)			(2698)		(919)			(3618)		s8 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Other operating expenses gtgt (ltlt 2017 gtgt q_act)13User Value -92494218 Tsd		r8 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Other operating expenses gtgt (ltlt value_1 gtgt q_act_jan)13User Value -361760468 Tsd		m8		m8		00		01	01	00

EBITDA adjusted		362		491			853		454		1307		289		1596		271		362			633			406			1039		423			1462		s9 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt EBITDA gtgt (ltlt 2017 gtgt q_act)13User Value 40589783 Tsd		r9 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt EBITDA gtgt (ltlt value_1 gtgt q_act_jan)13User Value 146185385 Tsd		m9		m9		00		00	00	00

Depreciation of property plant and equip		(62)		(62)			(125)		(62)		(187)		(71)		(258)		(53)		(54)			(107)			(50)			(156)		(56)			(213)		s10 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Depreciation of property plant and equipment gtgt (ltlt 2017 gtgt q_act)13User Value -4981553 Tsd		r10 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Depreciation of property plant and equipment gtgt (ltlt value_1 gtgt q_act_jan)13User Value -21293764 Tsd		m10		m10		-00		-01	-01	00

Amortization of intangible assets		(60)		(60)			(120)		(63)		(183)		(56)		(239)		(54)		(52)			(106)			(55)			(162)		(54)			(216)		s11 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Amortization of intangible assets gtgt (ltlt 2017 gtgt q_act)13User Value -5514918 Tsd		r11 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Amortization of intangible assets gtgt (ltlt value_1 gtgt q_act_jan)13User Value -21570493 Tsd		m11		m11		00		00	00	00

EBIT adjusted		240		368			608		329		936		163		1099		164		256			420			301			721		313			1033		s12 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Operating result (EBIT) gtgt (ltlt 2017 gtgt q_act)13User Value 30093312 Tsd		r12 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act_jan)13User Value 103321128 Tsd		m12		m12		00		00	-01	00

in of gross profit		66		99			83		92		86		49		77		49		75			62			86			70		84			74		s13		s13		m13		m13

Non-recurring items																											00		00		00		00

Restructuring expenses		00		(261)			(261)		00		(261)		(19)		(280)		00		00			00			00			00		00			00		s15 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Restructuring expenses gtgt (ltlt 2017 gtgt q_act)13User Value 0000000 Tsd		r15 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Restructuring expenses gtgt (ltlt value_1 gtgt q_act_jan)13User Value 0000000 Tsd		m15		m15		00		00	00	00


EBIT reported		240		107			347		329		675		144		820		164		256			420			301			721		313			1033		s17		s17		m17		m17		00		00	00	00

in of gross profit		66		29			47		92		62		43		58		49		75			62			86			70		84			74		s18		s18		m18		m18		-01		-00	-02

Financial result		(09)		07			(02)		(04)		(06)		02		(04)		02		01			03			(04)			(02)		(16)			(18)		s19 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13130939883 Tsd - ltlt Finance income gtgt (ltlt 2017 gtgt q_act)13-1343957 Tsd - ltlt Finance costs gtgt (ltlt 2017 gtgt q_act)13---------------------13-0404074 Tsd (Total)		r19 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13132749657 Tsd - ltlt Finance income gtgt (ltlt value_1 gtgt q_act_jan)13-4529105 Tsd - ltlt Finance costs gtgt (ltlt value_1 gtgt q_act_jan)13---------------------13-1779448 Tsd (Total)		m19		m19		00		00	00	00

Earnings before taxes (EBT)		231		114			345		325		670		146		816		165		257			422			297			719		296			1015		s20 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Profit before income tax (EBT) gtgt (ltlt 2017 gtgt q_act)13User Value 29689237 Tsd		r20 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Profit before income tax (EBT) gtgt (ltlt value_1 gtgt q_act_jan)13User Value 101541680 Tsd		m20		m20		00		00	00	00

Income tax expenses		(58)		(69)			(126)		(79)		(205)		(88)		(293)		(42)		(81)			(123)			(112)			(235)		(206)			(441)		s21 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Income tax expenses gtgt (ltlt 2017 gtgt q_act)13User Value -11228068 Tsd		r21 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Income tax expenses gtgt (ltlt value_1 gtgt q_act_jan)13User Value -44082152 Tsd		m21		m21		00		01	01	00

of EBT		250		602			367		242		306		601		359		252		316			291			378			327		694			434		s22		s22		m22		m22

Profit		173		45			218		246		465		58		523		124		176			299			185			484		91			575		s23 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Profit gtgt (ltlt 2017 gtgt q_act)13User Value 18461169 Tsd		r23 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Profit gtgt (ltlt value_1 gtgt q_act_jan)13User Value 57459528 Tsd		m23		m23		00		00	01	00

Earnings per share		075		021			096		106		201		027		229		054		075			129			079			208		040			248		s24 PAC Serova Elena (External) Referenced Value (value_1_PQACTJAN02)1313Document Q2_2017_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Basic gtgt (ltlt 2017 gtgt q_act_jan)13User Value 0000540 Tsd		s24 PAC Serova Elena (External) Referenced Value (value_1_PQACTJAN02)1313Document Q2_2017_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Basic gtgt (ltlt 2017 gtgt q_act_jan)13User Value 0000540 Tsd		m24		m24		00		00	00	00

			0		0				46460419259						0		0		0			0		0			0			m25		m25		l1	l1			00		00

Earnings per share 1000																0000788		0002078		0000788			0002478			rf28 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Basic gtgt (ltlt 2017 gtgt q_act)13User Value 0000788 Tsd		rf28 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Basic gtgt (ltlt value_1 gtgt q_act_jan)13User Value 0002478 Tsd		l2		l2

Total Operating Expenses																(3111)		(9209)		(3307)			(12516)			s25		s25		l3		l3

OOE YoY

	042


GP control		00		00		00		00		00	00	00		00		00		00			00		00		00			00		00		00		(00)		00			s30		s30	s30		s30

EBITDA control		00		(01)		00		00		00	00	00		(00)		00		(00)			00		00		(01)			00		00		(00)		00		(00)			s31		s31	s31		s31

EBIT control		00		01		00		00		00	00	00		(01)		00		00			(00)		00		(00)			00		00		00		00		00			s32		s32	s32		s32

Earnings before taxes (EBT)		00		00		00		00		00	00	00		00		00		00			00		00		01			00		00		(00)		(00)		00			s33		s33	s33		s33

Profit		00		00		00		01		00	00	00		00		00		00			00		00		(00)			(00)		00		00		(00)		00			s34		s34	s34		s34

Air GP																				6394449			l4		r40 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Gross profit (value_1 q_act_jan)13User Value 6394449 Mio		l4		l4

Ocean GP																				4272121			l5		r41 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_act_jan)13User Value 4272121 Mio		l5		l5

Logistics GP																				331136			l6		r42 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row Gross profit (value_1 q_act_jan)13User Value 3311360 Mio		l6		l6

Check																				00			l7		s43		l7		l7

Air EBIT																				1103462			l8		r44 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row EBIT adjusted (value_1 q_act_jan)13User Value 1103462 Mio		l8		l8

Ocean EBIT																				-150917			l9		r45 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_act_jan)13User Value -150917 Mio		l9		l9

Logistics EBIT																				80666			l10		r46 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row EBIT adjusted (value_1 q_act_jan)13User Value 80666 Mio		l10		l10

Check																				00			l11		s47		l11		l11

APAC GP																				34878			l12		r51 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 313 - AC Key figures APAC13Row Gross profit (value_1 q_act_jan)13User Value 34878 Mio		l12		l12

EUROPE GP																				53038			l13		r52 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 314 - AC Key figures Europe13Row Gross profit (value_1 q_act_jan)13User Value 53038 Mio		l13		l13

MEAC GP																				897489			l14		r53 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 315 - AC Key figures MEAC13Row Gross profit (value_1 q_act_jan)13User Value 8974886 Mio		l14		l14

AME GP																				4288802			l15		r54 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 316 - AC Key figures Americas13Row Gross profit (value_1 q_act_jan)13User Value 4288802 Mio		l15		l15

Check																				(00)			l16		s55		l16		l16

APAC EBIT																				7061			l17		r56 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 313 - AC Key figures APAC13Row EBIT (value_1 q_act_jan)13User Value 7061 Mio		l17		l17

EUROPE EBIT																				-122			l18		r57 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 314 - AC Key figures Europe13Row EBIT (value_1 q_act_jan)13User Value -122 Mio		l18		l18

MEAC EBIT																				20871			l19		r58 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 315 - AC Key figures MEAC13Row EBIT reported (value_1 q_act_jan)13User Value 208709 Mio		l19		l19

AME EBIT																				31847			l20		r59 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 316 - AC Key figures Americas13Row EBIT reported (value_1 q_act_jan)13User Value 3184697 Mio		l20		l20

Check																				00			l21		s60		l21		l21

Air NFR																				2919782			l31		r70 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Net forwarding revenue (value_1 q_act_jan)13User Value 29197820 Mio		l31		l31

Ocean NFR																				2074282			l22		r71 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Net forwarding revenue (value_1 q_act_jan)13User Value 20742820 Mio		l22		l22

Logistics NFR																				5387147			l23		r72 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row Net forwarding revenue (value_1 q_act_jan)13User Value 5387147 Mio		l23		l23

Check																				00			l24		s73		l24		l24

APAC NFR																				127363			l25		r75 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 313 - AC Key figures APAC13Row Net forwarding revenue (value_1 q_act_jan)13User Value 127363 Mio		l25		l25

EUROPE NFR																				231796			l26		r76 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 314 - AC Key figures Europe13Row Net forwarding revenue (value_1 q_act_jan)13User Value 231796 Mio		l26		l26

MEAC NFR																				271595			l27		r77 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 315 - AC Key figures MEAC13Row Net forwarding revenue (value_1 q_act_jan)13User Value 27159502 Mio		l27		l27

AME NFR																				16695948			l28		r78 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 316 - AC Key figures Americas13Row Net forwarding revenue (value_1 q_act_jan)13User Value 166959483 Mio		l28		l28

Check																				00			l29		s79		l29		l29

Page 11: Full-year results 2017 - panalpina.com · GP/ton -14% -10% -10% ... of an offer to purchase any shares andneither it nor any part of it shall form the basis ... % 24.2% 60.1% 35.9%

OUTLOOK Market

minus AirOcean 3-4

Panalpina

APRIL 19 2018

MAY 8 2018

NEXT EVENTS

DISCLAIMER

APPENDIX

SNVeryHiddenParameterSheet

PAN_ISpQ_Group

image1png

SNVeryHiddenParameterSheet

PAN_ISpQ_AirFreight

image1png

SNVeryHiddenParameterSheet

PAN_ISpQ_OceanFreight

image1png

EBIT reported 18 (15) 09 05 18 24 31 27 (01) 81

SNVeryHiddenParameterSheet

PAN_ISpQ_Logistics

image1png

BALANCE SHEET

SNVeryHiddenParameterSheet

PAN_BalanceSheet

image1png

CASH FLOW

SNVeryHiddenParameterSheet

Tabele PAN_Cashflow

Slide Number 2
IFRS changes 2018
Next EVENTs
Disclaimer
Appendix
Balance sheet
Cash flow

	31-Dec-16		31-Dec-17		Change in

Cash flow before changes in working capital		1313		1536				r2 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Subtotal cash flow from operations gtgt (ltlt 2017 gtgt q_act_jan)13User Value 15298 Tsd			PY IS MANUAL

Changes in working capital		188		(480)				r3 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows131313267 Tsd - ltlt Increase (decrease) payables and accruals incl accrued cost of service gtgt (ltlt 2017 gtgt q_act_jan)13-695 Tsd - ltlt (Decrease) increase non-current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13256 Tsd - ltlt (Decrease) increase current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13-17508 Tsd - ltlt (Increase) decrease receivables other current assets and unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-4680 Tsd (Total)

Cash from operations		1501		1056				r4 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash generated from operations gtgt (ltlt 2017 gtgt q_act_jan)13User Value 10618 Tsd


Interest and income taxes paid		(394)		(383)				r6 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows1313-3709 Tsd - ltlt Income taxes paid gtgt (ltlt 2017 gtgt q_act_jan)13-122 Tsd - ltlt Interest paid gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-3831 Tsd (Total)

Net cash from operating activities		1107		673		-39			r7 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash from operating activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 6787 Tsd


Net cash from investing activities		(241)		(681)		183			r9 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in investing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -6870 Tsd


Free cash flow		866		(08)		-101			r11 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Free cash flow gtgt (ltlt 2017 gtgt q_act_jan)13User Value -083 Tsd


Net cash used in financing activities		(887)		(882)		-1			r13 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in financing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8818 Tsd


Net increase (decrease) in cash and cash equivalents		(21)		(890)				r15 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net increase (decrease) in cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8901 Tsd

Cash and cash equivalents at beginning of period		3923		3888				r16 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the beginning of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 38878 Tsd

Effect of exchange rate changes		(14)		111				r17 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Effect of exchange rate changes on cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 1108 Tsd

Cash and cash equivalents at end of period		3888		3109				r18 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the end of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd


Reported cash and cash equivalents at 31122016			3888				r21 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the beginning of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 38878 Tsd			Reported cash and cash equivalents at 31122016			3888

Profit YTD 122017			5746				r19 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Profit gtgt (ltlt 2017 gtgt q_act_jan)13User Value 5746 Tsd			Profit YTD 122017		3888		575

Other non-cash items (eg DampA)			9613				r23 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13132129 Tsd - ltlt Depreciation of property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)132157 Tsd - ltlt Amortization of intangible assets gtgt (ltlt 2017 gtgt q_act_jan)13-224 Tsd - ltlt Interest income and dividend on available-for-sale financial assets gtgt (ltlt 2017 gtgt q_act_jan)13-062 Tsd - ltlt Exchange differences gtgt (ltlt 2017 gtgt q_act_jan)13-033 Tsd - ltlt Loss (gain) on sales of property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)13000 Tsd - ltlt Gain on sales of financial assets gtgt (ltlt 2017 gtgt q_act_jan)13612 Tsd - ltlt Expenses for share-based compensation plans gtgt (ltlt 2017 gtgt q_act_jan)13564 Tsd - ltlt Other non-cash (income) and expenses gtgt (ltlt 2017 gtgt q_act_jan)134408 Tsd - ltlt Income tax expenses gtgt (ltlt 2017 gtgt q_act_jan)13---------------------139552 Tsd (Total)			Other non-cash items (eg DampA)		4462		961

Changes in working capital			-4798				r24 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows131313267 Tsd - ltlt Increase (decrease) payables and accruals incl accrued cost of service gtgt (ltlt 2017 gtgt q_act_jan)13-695 Tsd - ltlt (Decrease) increase non-current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13256 Tsd - ltlt (Decrease) increase current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13-17508 Tsd - ltlt (Increase) decrease receivables other current assets and unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-4680 Tsd (Total)			Changes in working capital		4944		480	neg

Interest and income taxes paid			-3831				r25 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows1313-3709 Tsd - ltlt Income taxes paid gtgt (ltlt 2017 gtgt q_act_jan)13-122 Tsd - ltlt Interest paid gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-3831 Tsd (Total)			Interest and income taxes paid		4561		383	neg

Net cash from investing activities			-6813				r26 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in investing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -6870 Tsd			Net cash from investing activities		3879		681	neg

Financing activitiesdividend			-8818				r27 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in financing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8818 Tsd			Financing activitiesdividend		2998		882	neg

Effect of exchange rate changes			1108				r28 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Effect of exchange rate changes on cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 1108 Tsd			Effect of exchange rate changes		2998		111

Reported cash and cash equivalents at 31122017			31085				r29 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the end of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd		PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Subtotal cash flow from operations gtgt (ltlt 2017 gtgt q_act_jan)13User Value 15298 Tsd		PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows131313267 Tsd - ltlt Increase (decrease) payables and accruals incl accrued cost of service gtgt (ltlt 2017 gtgt q_act_jan)13-695 Tsd - ltlt (Decrease) increase non-current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13256 Tsd - ltlt (Decrease) increase current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13-17508 Tsd - ltlt (Increase) decrease receivables other current assets and unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-4680 Tsd (Total)	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash generated from operations gtgt (ltlt 2017 gtgt q_act_jan)13User Value 10618 Tsd		PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows1313-3709 Tsd - ltlt Income taxes paid gtgt (ltlt 2017 gtgt q_act_jan)13-122 Tsd - ltlt Interest paid gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-3831 Tsd (Total)	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash from operating activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 6787 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in investing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -6870 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Free cash flow gtgt (ltlt 2017 gtgt q_act_jan)13User Value -083 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in financing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8818 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net increase (decrease) in cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8901 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the beginning of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 38878 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Effect of exchange rate changes on cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 1108 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the end of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the beginning of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 38878 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Profit gtgt (ltlt 2017 gtgt q_act_jan)13User Value 5746 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13132129 Tsd - ltlt Depreciation of property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)132157 Tsd - ltlt Amortization of intangible assets gtgt (ltlt 2017 gtgt q_act_jan)13-224 Tsd - ltlt Interest income and dividend on available-for-sale financial assets gtgt (ltlt 2017 gtgt q_act_jan)13-062 Tsd - ltlt Exchange differences gtgt (ltlt 2017 gtgt q_act_jan)13-033 Tsd - ltlt Loss (gain) on sales of property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)13000 Tsd - ltlt Gain on sales of financial assets gtgt (ltlt 2017 gtgt q_act_jan)13612 Tsd - ltlt Expenses for share-based compensation plans gtgt (ltlt 2017 gtgt q_act_jan)13564 Tsd - ltlt Other non-cash (income) and expenses gtgt (ltlt 2017 gtgt q_act_jan)134408 Tsd - ltlt Income tax expenses gtgt (ltlt 2017 gtgt q_act_jan)13---------------------139552 Tsd (Total)	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows131313267 Tsd - ltlt Increase (decrease) payables and accruals incl accrued cost of service gtgt (ltlt 2017 gtgt q_act_jan)13-695 Tsd - ltlt (Decrease) increase non-current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13256 Tsd - ltlt (Decrease) increase current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13-17508 Tsd - ltlt (Increase) decrease receivables other current assets and unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-4680 Tsd (Total)	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows1313-3709 Tsd - ltlt Income taxes paid gtgt (ltlt 2017 gtgt q_act_jan)13-122 Tsd - ltlt Interest paid gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-3831 Tsd (Total)	Reported cash and cash equivalents at 31122017	3109	3888

													484

													591

													(479)

													(331)

													(406)

													(882)

													93

													2946

	31-Dec-16		31-Dec-17		Change in

				CHF

Cash and cash equivalents		3888		3109		(779)		-20			r3 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd		3888	3999		111		3

Trade receivables unbilled forwarding services		9087		10970		1883		21			r4 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Trade receivables unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13User Value 109701 Tsd		9087	8693		-394		-4

Other current assets		1025		1322		297		29			r5 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other current assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 13217 Tsd		1025	1335		31		30

Property plant and equipment		635		967		332		52			r6 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)13User Value 9673 Tsd		635	651		16		3

Intangible assets		979		885		(95)		-10			r7 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Intangible assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 8845 Tsd		979	926		-53		-5

Other non-current assets		990		1138		148		15			r8 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other non-current assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 11382 Tsd		99	1073		83		8

Total assets		16606		18390		1784		11			r9 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 183903 Tsd		166060	166780		72		0

											0

Short-term borrowings		23		26		03		15			r11 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Short-term borrowings gtgt (ltlt 2017 gtgt q_act_jan)13User Value 262 Tsd		23	05		-18		-78

Trade payables accured cost of services		6524		7967		1443		22			r12 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Trade payables accured cost of services gtgt (ltlt 2017 gtgt q_act_jan)13User Value 79665 Tsd		6524	620		-324		-5

Other current liabilities		2439		2676		237		10			r13 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other current liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 26763 Tsd		2439	2592		153		6

Long-Term borrowings		00		32		32		na			r20 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Long-term borrowings gtgt (ltlt 2017 gtgt q_act_jan)13User Value 324 Tsd		0	12		12		na

Other long-term liabilities		1449		1546		97		7			r21 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other long-term liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 15459 Tsd		1449	1479		3		2

Total liabilities		10436		12247		1811		17			r14 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 122473 Tsd		104360	102880		-148		-1

Share capital		24		24		(00)		-1			r15 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Share capital gtgt (ltlt 2017 gtgt q_act_jan)13User Value 238 Tsd		24	24		0		0

Reserves treasury shares		6057		6056		(01)		-0			r16 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Reserves treasury shares gtgt (ltlt 2017 gtgt q_act_jan)13User Value 60534 Tsd		6057	6285		228		4

Non-controlling interests		89		63		(26)		-29			r17 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Non-controlling interests gtgt (ltlt 2017 gtgt q_act_jan)13User Value 659 Tsd		89	81		-08		-9

Total equity		6170		6143		(27)		-0			r18 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total equity gtgt (ltlt 2017 gtgt q_act_jan)13User Value 61430 Tsd		617	639		22		4

Total equity and liabilities		16606		18390		1784		11			r19 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total equity and liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 183903 Tsd		166060	166780		72		0

KPIs		31-Dec-16		31-Dec-17


Equity Ratio		372		334					s20 PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document Q2_2017_Quarter_Report13Chapter Consolidated Statement of Financial Position13Row ltlt Total equity and liabilities gtgt (ltlt June 30 2017 gtgt q_act_jan)13User Value 153472 Tsd

							PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Trade receivables unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13User Value 109701 Tsd		PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other current assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 13217 Tsd		PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)13User Value 9673 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Intangible assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 8845 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other non-current assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 11382 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 183903 Tsd		PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Short-term borrowings gtgt (ltlt 2017 gtgt q_act_jan)13User Value 262 Tsd		PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Trade payables accured cost of services gtgt (ltlt 2017 gtgt q_act_jan)13User Value 79665 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other current liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 26763 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Long-term borrowings gtgt (ltlt 2017 gtgt q_act_jan)13User Value 324 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other long-term liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 15459 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 122473 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Share capital gtgt (ltlt 2017 gtgt q_act_jan)13User Value 238 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Reserves treasury shares gtgt (ltlt 2017 gtgt q_act_jan)13User Value 60534 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Non-controlling interests gtgt (ltlt 2017 gtgt q_act_jan)13User Value 659 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total equity gtgt (ltlt 2017 gtgt q_act_jan)13User Value 61430 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total equity and liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 183903 Tsd	NWC-Intensity	18	15	mf24	Enterred by HPI on 14012018

DSO 3-m-rolling YTD		455		474					m22		Enterred by HPI on 14012018

DPO 3-m-rolling YTD		407		412					m23		Enterred by HPI on 14012018

2017	2016

																						Check

Logistics	Q1 2016	Q2 2016	HY 2016		Q3 2016		Q3YTD 2016		Q4 2016		FY 2016		Q1 2017		Q2 2017			HY 2017		Q3 2017			Q3YTD 2017		Q4 2017		FY 2017								CY

Net forwarding revenue	1402	1613	3015		1374		4389		1321		5709		1286		1377			2663		1394			4057		1330		5387			m4		m4		s4 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_3 gtgt q_act)13User Value 14141 Tsd	r4 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_3 gtgt q_act_jan)13User Value 53871 Tsd	00

Forwarding expenses	(420)	(607)	(1027)		(429)		(1456)		(397)		(1853)		(460)		(564)			(1024)		(580)			(1604)		(472)		(2076)			m5		m5		s5 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_3 gtgt q_act)13User Value -5564 Tsd	r5 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_3 gtgt q_act_jan)13User Value -20758 Tsd	00

Gross profit	982	1006	1989		944		2933		924		3857		825		813			1639		815			2454		858		3311			m6		m6		s6 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_3 gtgt q_act)13User Value 8576 Tsd	r6 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_3 gtgt q_act_jan)13User Value 33114 Tsd	00

Personnel expenses	(574)	(591)	(1166)		(528)		(1694)		(519)		(2213)		(479)		(461)			(940)		(469)			(1409)		(507)		(1916)			m7		m7		s7 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_3 gtgt q_act)13User Value -4045 Tsd	r7 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_3 gtgt q_act_jan)13User Value -19163 Tsd	00

Other operating expenses	(360)	(363)	(723)		(378)		(1102)		(367)		(1469)		(298)		(298)			(596)		(298)			(894)		(329)		(1223)			m8		m8		s8 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_3 gtgt q_act)13User Value -4415 Tsd	r8 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_3 gtgt q_act_jan)13User Value -12227 Tsd	00

EBITDA adjusted	48	52	100		38		138		37		175		48		54			103		48			151		22		172			m9		m9		s9 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_3 gtgt q_act)13User Value -479 Tsd	r9 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_3 gtgt q_act_jan)13User Value 1724 Tsd	00

Depreciation and amortization	(29)	(29)	(58)		(29)		(88)		(32)		(119)		(25)		(24)			(48)		(21)			(69)		(23)		(92)			m10		m10		s10 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_3 gtgt q_act)13User Value -125 Tsd	r10 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_3 gtgt q_act_jan)13User Value -918 Tsd	00

EBIT adjusted	18	23	41		09		50		05		56		24		31			54		27			81		(01)		81			m11		m11		s11 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act)13User Value -008 Tsd	r11 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act_jan)13User Value 807 Tsd	00

Non-recurring items

Restructuring expenses	00	(38)	(38)		00		(38)		00		(38)		00		00			00		00			00		00		00			m13		m13		s13	m13	00


EBIT reported	18	(15)	03		09		12		05		18		24		31			54		27			81		(01)		81			m15		m15		s15 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act)13User Value -008 Tsd	r15 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act_jan)13User Value 807 Tsd


GP Change YoY										-19		-18		-14		-16		-7		-14					s16	s16


															453

						10										15

GP control	000	000		000				000		(012)		(000)		000				000			000			000		s30		s30		s30		s30

EBITDA control	000	000		(000)				010		(002)		000		(000)				000			(000)			000		s31		s31		s31		s31

EBIT control	010	000		000				000		005		000		(000)			ERRORREF		000			000			000		s32		s32		s32		s32

2017	2016


Ocean Freight	Q1 2016	Q2 2016	HY 2016		Q3 2016	Q3YTD 2016			Q4 2016			FY 2016			Q1 2017			Q2 2017			HY 2017		Q3 2017			Q3YTD 2017		Q4 2017			FY 2017

Net forwarding revenue	5338	4921	10259		4955	15214			4770			19984			4915			5172			10087		5551			15637		5105			20743			m4		m4		s4 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_2 gtgt q_act)13User Value 55506 Tsd	r4 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_2 gtgt q_act_jan)13User Value 207428 Tsd	00	00	00	00

Forwarding expenses	(4157)	(3773)	(7930)		(3834)	(11764)			(3783)			(15547)			(3860)			(4081)			(7941)		(4463)			(12404)		(4067)			(16471)			m5		m5		s5 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_2 gtgt q_act)13User Value -44629 Tsd	r5 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_2 gtgt q_act_jan)13User Value -164707 Tsd	-00	00	00	00

Gross profit	1181	1148	2329		1121	3450			987			4438			1055			1091			2146		1088			3234		1038			4272			m6		m6		s6 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_2 gtgt q_act)13User Value 10877 Tsd	r6 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_2 gtgt q_act_jan)13User Value 42721 Tsd	00	00	00	00

Personnel expenses	(791)	(752)	(1543)		(755)	(2298)			(721)			(3019)			(779)			(784)			(1564)		(788)			(2352)		(837)			(3189)			m7		m7		s7 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_2 gtgt q_act)13User Value -7884 Tsd	r7 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_2 gtgt q_act_jan)13User Value -31889 Tsd	00	00	(00)	00

Other operating expenses	(305)	(288)	(594)		(274)	(868)			(275)			(1144)			(271)			(265)			(536)		(290)			(827)		(257)			(1083)			m8		m8		s8 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_2 gtgt q_act)13User Value -2905 Tsd	r8 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_2 gtgt q_act_jan)13User Value -10833 Tsd	00	(01)	(01)	00

EBITDA adjusted	84	108	192		92	284			(09)			275			05			41			46		09			55		(55)			(00)			m9		m9		s9 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_2 gtgt q_act)13User Value 089 Tsd	r9 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_2 gtgt q_act_jan)13User Value -001 Tsd	00	00	00	00

Depreciation and amortization	(41)	(42)	(83)		(41)	(124)			(42)			(166)			(36)			(36)			(72)		(38)			(110)		(41)			(151)			m10		m10		s10 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_2 gtgt q_act)13User Value -384 Tsd	r10 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_2 gtgt q_act_jan)13User Value -1508 Tsd	-00	00	00	00

EBIT adjusted	43	66	109		51	160			(51)			109			(32)			06			(26)		(29)			(55)		(96)			(151)			m11		m11		s11 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_2 gtgt q_act)13User Value -295 Tsd	r11 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_2 gtgt q_act_jan)13User Value -1509 Tsd	-00	00	00	00

in of gross profit	37	58	47		45	46			-51			25			-30			05			-12		-27			-17		-92			-35			m12		m12		s12	s12

Non-recurring items																									00		00		00			00

Restructuring expenses	00	(97)	(97)		0	(97)			(19)			(115)			00			00			00		00			00		00			00			m14		m14		s14	m14	00	00	01	00


EBIT reported	43	(30)	13		51	63			(69)			(06)			(32)			06			(26)		(29)			(55)		(96)			(151)			m16		m16		s16 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_2 gtgt q_act)13User Value -295 Tsd	r16 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_2 gtgt q_act_jan)13User Value -1509 Tsd	-00	00	(00)	00

in of gross profit	37	-26	05		45	18			-70			-01			-30			05			-12		-27			-17		-92			-35			m17		m17		s17	s17


Ocean Freight volumes (000 TEUs)	3482	3726	7208		3787	10995			3890			14885			3742			3828			7570		3856			11426		3779			15205			m19		m19		m19	m19	00	00	(00)	00

change YoY	-100	-82	-91		-88	-90			08			-66			75			27			50		18			39		-28			22			m20		m20		s20	s20

GPTEU (CHF)	339	308	323		296	314			254			298			282			285			283		282			283		275			281			m21		m21		m21	s21

change YoY	102	59	80		-16	47			-176			-11			-169			-75			-122		-47			-98		83			-58			m22		m22		s22	s22


GP change YoY								-11			-5			-8			-3			-6		519		-373					s23		s23


							-00298711145			00053228356					-00271124048				-00921686544

GP control	000	000		(000)			000			000			000			000					000			(000)			000			s30		s30		s30		s30

EBITDA control	010	000		000			000			(000)			(000)			(000)					000			000			(000)			s31		s31		s31		s31

EBIT control	000	000		000			000			(000)			(000)			000				000		000			000			(000)			s32		s32		s32		s32

2017	2016

																													Check

Air Freight	Q1 2016	Q2 2016	HY 2016		Q3 2016	Q3YTD 2016			Q4 2016			FY 2016			Q1 2017			Q2 2017		HY 2017			Q3 2017			Q3 YTD 2017			Q4 2017			FY 2017										CY

Net forwarding revenue	6332	6359	12691		6341	19032			7234			26267			6571			7000		13571			7389			20960			8238			29198			m4		m4		s4 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_1 gtgt q_act)13User Value 91229 Tsd		r4 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_1 gtgt q_act_jan)13User Value 291978 Tsd	00	00	(003)	00

Forwarding expenses	(4846)	(4800)	(9646)		(4853)	(14499)			(5816)			(20315)			(5125)			(5500)		(10625)			(5775)			(16400)			(6403)			(22803)			m5		m5		s5 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_1 gtgt q_act)13User Value -72887 Tsd		r5 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_1 gtgt q_act_jan)13User Value -228034 Tsd	00	00	00	00

Gross profit	1486	1559	3045		1489	4534			1418			5952			1447			1500		2946			1614			4560			1834			6394			m6		m6		s6 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_1 gtgt q_act)13User Value 18342 Tsd		r6 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_1 gtgt q_act_jan)13User Value 63944 Tsd	-00	00	00	00

Personnel expenses	(885)	(869)	(1754)		(847)	(2600)			(873)			(3473)			(905)			(916)		(1822)			(928)			(2750)			(1044)			(3793)			m7		m7		s7 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_1 gtgt q_act)13User Value -10893 Tsd		r7 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_1 gtgt q_act_jan)13User Value -37932 Tsd	-00	00	00	00

Other operating expenses	(371)	(359)	(730)		(318)	(1048)			(284)			(1333)			(324)			(317)		(641)			(337)			(978)			(334)			(1312)			m8		m8		s8 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_1 gtgt q_act)13User Value -2799 Tsd		r8 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_1 gtgt q_act_jan)13User Value -13116 Tsd	00	00	(00)	00

EBITDA adjusted	230	331	561		324	885			261			1146			218			266		484			349			833			457			1290			m9		m9		s9 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_1 gtgt q_act)13User Value 4650 Tsd		r9 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_1 gtgt q_act_jan)13User Value 12896 Tsd	00	00	(00)	00

Depreciation and amortization	(52)	(52)	(103)		(55)	(158)			(53)			(211)			(46)			(47)		(93)			(46)			(139)			(47)			(186)			m10		m10		s10 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_1 gtgt q_act)13User Value -558 Tsd		r10 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_1 gtgt q_act_jan)13User Value -1861 Tsd	00	01	01	00

EBIT adjusted	178	279	457		269	726			208			935			171			220		391			303			694			409			1103			m11		m11		s11 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act)13User Value 4092 Tsd		r11 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act_jan)13User Value 11035 Tsd	-00	00	00	00

in of gross profit	120	179	150		181	160			147			157			118			146		133			188			152			223			173			m12		m12		s12 PAC Hamon Pierrick Invalid Reference (value_1_PQACT02) 1313Reference could not be handled13Underlying Formula		s12

Non-recurring items																										00		00		00			00

Restructuring expenses	00	(127)	(127)		00	(127)			00			(127)			00			00		00			00			00			00			00			m14		m14		s14		m14	00	00	00	00


EBIT reported	178	153	331		269	600			208			808			171			220		391			303			694			409			1103			m16		m16		s16 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act)13User Value 4092 Tsd		r16 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act_jan)13User Value 11035 Tsd	-00	00	(00)	00

in of gross profit	120	98	109		181	132			147			136			118			146		133			188			152			223			173			m17		m17		s17		s17


Air Freight volumes (000 tons)	2161	2251	4412		2278	6690			2524			9214			2332			2399		4731			2489			7220			2739			9959			m19		m19		s19		m19	00	00	00	00

change YoY	54	111	82		99	88			141			102			79			66		72			93			79			85			81			m20		m20		s20		s20

GPton (CHF)	688	693	690		653	678			562			646			620			625		623			648			632			670			642			m21		m21		s21		s21

change YoY	-47	-36	-41		-73	-52			-140			-75			-98			-97		-98			-08			-68			192			-06			m22		m22		s22		s22


GP change YoY								-3			-4			-3			8		1			29			7					s23		s23

GP control	000	000		000			000			000			(000)			000				(000)				000		000		000		000			s30		s30		s30		s30

EBITDA control	000	000		000			(000)			000			000			(000)				000				000		(000)		000		000			s31		s31		s31		s31

EBIT control	000	000		000			000			(000)			000			(000)			000		000				000		000		000		(000)			s32		s32		s32		s32

2017		2016

																													Check CY

Group		Q1 2016		Q2 2016			HY 2016		Q3 2016		Q3YTD 2016		Q4 2016		FY 2016		Q1 2017		Q2 2017			HY 2017			Q3 2017			Q3YTD 2017		Q4 2017			FY 2017

Net forwarding revenue		13072		12894			25965		12670		38635		13325		51960		12772		13549			26321			14334			40655		14673			55328		s4 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Net forwarding revenue gtgt (ltlt 2017 gtgt q_act)13User Value 1433411124 Tsd		r4 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Net forwarding revenue gtgt (ltlt value_1 gtgt q_act_jan)13User Value 5532778504 Tsd		m4		m4		00		-01	-01	00

Forwarding expenses		(9423)		(9180)			(18602)		(9116)		(27718)		(9996)		(37714)		(9445)		(10145)			(19590)			(10818)			(30407)		(10942)			(41350)		s5 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Forwarding services from third parties gtgt (ltlt 2017 gtgt q_act)13User Value -1081765298 Tsd		r5 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Forwarding services from third parties gtgt (ltlt value_1 gtgt q_act_jan)13User Value -4134985568 Tsd		m5		m5		00		01	01	00

Gross profit		3649		3714			7363		3554		10917		3329		14246		3327		3404			6731			3516			10248		3730			13978		s6 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Gross profit gtgt (ltlt 2017 gtgt q_act)13User Value 351645826 Tsd		r6 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Gross profit gtgt (ltlt value_1 gtgt q_act_jan)13User Value 1397792936 Tsd		m6		m6		00		00	00	00

Personnel expenses		(2250)		(2213)			(4463)		(2129)		(6592)		(2113)		(8705)		(2164)		(2162)			(4326)			(2186)			(6511)		(2388)			(8898)		s7 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Personnel expenses gtgt (ltlt 2017 gtgt q_act)13User Value -218561825 Tsd		r7 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Personnel expenses gtgt (ltlt value_1 gtgt q_act_jan)13User Value -889847082 Tsd		m7		m7		00		00	00	00

Other operating expenses		(1037)		(1011)			(2047)		(971)		(3018)		(927)		(3945)		(893)		(880)			(1773)			(925)			(2698)		(919)			(3618)		s8 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Other operating expenses gtgt (ltlt 2017 gtgt q_act)13User Value -92494218 Tsd		r8 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Other operating expenses gtgt (ltlt value_1 gtgt q_act_jan)13User Value -361760468 Tsd		m8		m8		00		01	01	00

EBITDA adjusted		362		491			853		454		1307		289		1596		271		362			633			406			1039		423			1462		s9 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt EBITDA gtgt (ltlt 2017 gtgt q_act)13User Value 40589783 Tsd		r9 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt EBITDA gtgt (ltlt value_1 gtgt q_act_jan)13User Value 146185385 Tsd		m9		m9		00		00	00	00

Depreciation of property plant and equip		(62)		(62)			(125)		(62)		(187)		(71)		(258)		(53)		(54)			(107)			(50)			(156)		(56)			(213)		s10 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Depreciation of property plant and equipment gtgt (ltlt 2017 gtgt q_act)13User Value -4981553 Tsd		r10 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Depreciation of property plant and equipment gtgt (ltlt value_1 gtgt q_act_jan)13User Value -21293764 Tsd		m10		m10		-00		-01	-01	00

Amortization of intangible assets		(60)		(60)			(120)		(63)		(183)		(56)		(239)		(54)		(52)			(106)			(55)			(162)		(54)			(216)		s11 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Amortization of intangible assets gtgt (ltlt 2017 gtgt q_act)13User Value -5514918 Tsd		r11 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Amortization of intangible assets gtgt (ltlt value_1 gtgt q_act_jan)13User Value -21570493 Tsd		m11		m11		00		00	00	00

EBIT adjusted		240		368			608		329		936		163		1099		164		256			420			301			721		313			1033		s12 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Operating result (EBIT) gtgt (ltlt 2017 gtgt q_act)13User Value 30093312 Tsd		r12 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act_jan)13User Value 103321128 Tsd		m12		m12		00		00	-01	00

in of gross profit		66		99			83		92		86		49		77		49		75			62			86			70		84			74		s13		s13		m13		m13

Non-recurring items																											00		00		00		00

Restructuring expenses		00		(261)			(261)		00		(261)		(19)		(280)		00		00			00			00			00		00			00		s15 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Restructuring expenses gtgt (ltlt 2017 gtgt q_act)13User Value 0000000 Tsd		r15 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Restructuring expenses gtgt (ltlt value_1 gtgt q_act_jan)13User Value 0000000 Tsd		m15		m15		00		00	00	00


EBIT reported		240		107			347		329		675		144		820		164		256			420			301			721		313			1033		s17		s17		m17		m17		00		00	00	00

in of gross profit		66		29			47		92		62		43		58		49		75			62			86			70		84			74		s18		s18		m18		m18		-01		-00	-02

Financial result		(09)		07			(02)		(04)		(06)		02		(04)		02		01			03			(04)			(02)		(16)			(18)		s19 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13130939883 Tsd - ltlt Finance income gtgt (ltlt 2017 gtgt q_act)13-1343957 Tsd - ltlt Finance costs gtgt (ltlt 2017 gtgt q_act)13---------------------13-0404074 Tsd (Total)		r19 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13132749657 Tsd - ltlt Finance income gtgt (ltlt value_1 gtgt q_act_jan)13-4529105 Tsd - ltlt Finance costs gtgt (ltlt value_1 gtgt q_act_jan)13---------------------13-1779448 Tsd (Total)		m19		m19		00		00	00	00

Earnings before taxes (EBT)		231		114			345		325		670		146		816		165		257			422			297			719		296			1015		s20 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Profit before income tax (EBT) gtgt (ltlt 2017 gtgt q_act)13User Value 29689237 Tsd		r20 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Profit before income tax (EBT) gtgt (ltlt value_1 gtgt q_act_jan)13User Value 101541680 Tsd		m20		m20		00		00	00	00

Income tax expenses		(58)		(69)			(126)		(79)		(205)		(88)		(293)		(42)		(81)			(123)			(112)			(235)		(206)			(441)		s21 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Income tax expenses gtgt (ltlt 2017 gtgt q_act)13User Value -11228068 Tsd		r21 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Income tax expenses gtgt (ltlt value_1 gtgt q_act_jan)13User Value -44082152 Tsd		m21		m21		00		01	01	00

of EBT		250		602			367		242		306		601		359		252		316			291			378			327		694			434		s22		s22		m22		m22

Profit		173		45			218		246		465		58		523		124		176			299			185			484		91			575		s23 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Profit gtgt (ltlt 2017 gtgt q_act)13User Value 18461169 Tsd		r23 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Profit gtgt (ltlt value_1 gtgt q_act_jan)13User Value 57459528 Tsd		m23		m23		00		00	01	00

Earnings per share		075		021			096		106		201		027		229		054		075			129			079			208		040			248		s24 PAC Serova Elena (External) Referenced Value (value_1_PQACTJAN02)1313Document Q2_2017_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Basic gtgt (ltlt 2017 gtgt q_act_jan)13User Value 0000540 Tsd		s24 PAC Serova Elena (External) Referenced Value (value_1_PQACTJAN02)1313Document Q2_2017_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Basic gtgt (ltlt 2017 gtgt q_act_jan)13User Value 0000540 Tsd		m24		m24		00		00	00	00

			0		0				46460419259						0		0		0			0		0			0			m25		m25		l1	l1			00		00

Earnings per share 1000																0000788		0002078		0000788			0002478			rf28 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Basic gtgt (ltlt 2017 gtgt q_act)13User Value 0000788 Tsd		rf28 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Basic gtgt (ltlt value_1 gtgt q_act_jan)13User Value 0002478 Tsd		l2		l2

Total Operating Expenses																(3111)		(9209)		(3307)			(12516)			s25		s25		l3		l3

OOE YoY

	042


GP control		00		00		00		00		00	00	00		00		00		00			00		00		00			00		00		00		(00)		00			s30		s30	s30		s30

EBITDA control		00		(01)		00		00		00	00	00		(00)		00		(00)			00		00		(01)			00		00		(00)		00		(00)			s31		s31	s31		s31

EBIT control		00		01		00		00		00	00	00		(01)		00		00			(00)		00		(00)			00		00		00		00		00			s32		s32	s32		s32

Earnings before taxes (EBT)		00		00		00		00		00	00	00		00		00		00			00		00		01			00		00		(00)		(00)		00			s33		s33	s33		s33

Profit		00		00		00		01		00	00	00		00		00		00			00		00		(00)			(00)		00		00		(00)		00			s34		s34	s34		s34

Air GP																				6394449			l4		r40 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Gross profit (value_1 q_act_jan)13User Value 6394449 Mio		l4		l4

Ocean GP																				4272121			l5		r41 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_act_jan)13User Value 4272121 Mio		l5		l5

Logistics GP																				331136			l6		r42 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row Gross profit (value_1 q_act_jan)13User Value 3311360 Mio		l6		l6

Check																				00			l7		s43		l7		l7

Air EBIT																				1103462			l8		r44 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row EBIT adjusted (value_1 q_act_jan)13User Value 1103462 Mio		l8		l8

Ocean EBIT																				-150917			l9		r45 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_act_jan)13User Value -150917 Mio		l9		l9

Logistics EBIT																				80666			l10		r46 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row EBIT adjusted (value_1 q_act_jan)13User Value 80666 Mio		l10		l10

Check																				00			l11		s47		l11		l11

APAC GP																				34878			l12		r51 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 313 - AC Key figures APAC13Row Gross profit (value_1 q_act_jan)13User Value 34878 Mio		l12		l12

EUROPE GP																				53038			l13		r52 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 314 - AC Key figures Europe13Row Gross profit (value_1 q_act_jan)13User Value 53038 Mio		l13		l13

MEAC GP																				897489			l14		r53 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 315 - AC Key figures MEAC13Row Gross profit (value_1 q_act_jan)13User Value 8974886 Mio		l14		l14

AME GP																				4288802			l15		r54 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 316 - AC Key figures Americas13Row Gross profit (value_1 q_act_jan)13User Value 4288802 Mio		l15		l15

Check																				(00)			l16		s55		l16		l16

APAC EBIT																				7061			l17		r56 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 313 - AC Key figures APAC13Row EBIT (value_1 q_act_jan)13User Value 7061 Mio		l17		l17

EUROPE EBIT																				-122			l18		r57 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 314 - AC Key figures Europe13Row EBIT (value_1 q_act_jan)13User Value -122 Mio		l18		l18

MEAC EBIT																				20871			l19		r58 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 315 - AC Key figures MEAC13Row EBIT reported (value_1 q_act_jan)13User Value 208709 Mio		l19		l19

AME EBIT																				31847			l20		r59 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 316 - AC Key figures Americas13Row EBIT reported (value_1 q_act_jan)13User Value 3184697 Mio		l20		l20

Check																				00			l21		s60		l21		l21

Air NFR																				2919782			l31		r70 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Net forwarding revenue (value_1 q_act_jan)13User Value 29197820 Mio		l31		l31

Ocean NFR																				2074282			l22		r71 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Net forwarding revenue (value_1 q_act_jan)13User Value 20742820 Mio		l22		l22

Logistics NFR																				5387147			l23		r72 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row Net forwarding revenue (value_1 q_act_jan)13User Value 5387147 Mio		l23		l23

Check																				00			l24		s73		l24		l24

APAC NFR																				127363			l25		r75 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 313 - AC Key figures APAC13Row Net forwarding revenue (value_1 q_act_jan)13User Value 127363 Mio		l25		l25

EUROPE NFR																				231796			l26		r76 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 314 - AC Key figures Europe13Row Net forwarding revenue (value_1 q_act_jan)13User Value 231796 Mio		l26		l26

MEAC NFR																				271595			l27		r77 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 315 - AC Key figures MEAC13Row Net forwarding revenue (value_1 q_act_jan)13User Value 27159502 Mio		l27		l27

AME NFR																				16695948			l28		r78 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 316 - AC Key figures Americas13Row Net forwarding revenue (value_1 q_act_jan)13User Value 166959483 Mio		l28		l28

Check																				00			l29		s79		l29		l29

Page 12: Full-year results 2017 - panalpina.com · GP/ton -14% -10% -10% ... of an offer to purchase any shares andneither it nor any part of it shall form the basis ... % 24.2% 60.1% 35.9%

OUTLOOK Market

minus AirOcean 3-4

Panalpina

APRIL 19 2018

MAY 8 2018

NEXT EVENTS

DISCLAIMER

APPENDIX

SNVeryHiddenParameterSheet

PAN_ISpQ_Group

image1png

SNVeryHiddenParameterSheet

PAN_ISpQ_AirFreight

image1png

SNVeryHiddenParameterSheet

PAN_ISpQ_OceanFreight

image1png

EBIT reported 18 (15) 09 05 18 24 31 27 (01) 81

SNVeryHiddenParameterSheet

PAN_ISpQ_Logistics

image1png

BALANCE SHEET

SNVeryHiddenParameterSheet

PAN_BalanceSheet

image1png

CASH FLOW

SNVeryHiddenParameterSheet

Tabele PAN_Cashflow

Slide Number 2
IFRS changes 2018
Next EVENTs
Disclaimer
Appendix
Balance sheet
Cash flow

	31-Dec-16		31-Dec-17		Change in

Cash flow before changes in working capital		1313		1536				r2 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Subtotal cash flow from operations gtgt (ltlt 2017 gtgt q_act_jan)13User Value 15298 Tsd			PY IS MANUAL

Changes in working capital		188		(480)				r3 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows131313267 Tsd - ltlt Increase (decrease) payables and accruals incl accrued cost of service gtgt (ltlt 2017 gtgt q_act_jan)13-695 Tsd - ltlt (Decrease) increase non-current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13256 Tsd - ltlt (Decrease) increase current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13-17508 Tsd - ltlt (Increase) decrease receivables other current assets and unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-4680 Tsd (Total)

Cash from operations		1501		1056				r4 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash generated from operations gtgt (ltlt 2017 gtgt q_act_jan)13User Value 10618 Tsd


Interest and income taxes paid		(394)		(383)				r6 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows1313-3709 Tsd - ltlt Income taxes paid gtgt (ltlt 2017 gtgt q_act_jan)13-122 Tsd - ltlt Interest paid gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-3831 Tsd (Total)

Net cash from operating activities		1107		673		-39			r7 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash from operating activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 6787 Tsd


Net cash from investing activities		(241)		(681)		183			r9 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in investing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -6870 Tsd


Free cash flow		866		(08)		-101			r11 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Free cash flow gtgt (ltlt 2017 gtgt q_act_jan)13User Value -083 Tsd


Net cash used in financing activities		(887)		(882)		-1			r13 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in financing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8818 Tsd


Net increase (decrease) in cash and cash equivalents		(21)		(890)				r15 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net increase (decrease) in cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8901 Tsd

Cash and cash equivalents at beginning of period		3923		3888				r16 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the beginning of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 38878 Tsd

Effect of exchange rate changes		(14)		111				r17 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Effect of exchange rate changes on cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 1108 Tsd

Cash and cash equivalents at end of period		3888		3109				r18 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the end of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd


Reported cash and cash equivalents at 31122016			3888				r21 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the beginning of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 38878 Tsd			Reported cash and cash equivalents at 31122016			3888

Profit YTD 122017			5746				r19 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Profit gtgt (ltlt 2017 gtgt q_act_jan)13User Value 5746 Tsd			Profit YTD 122017		3888		575

Other non-cash items (eg DampA)			9613				r23 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13132129 Tsd - ltlt Depreciation of property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)132157 Tsd - ltlt Amortization of intangible assets gtgt (ltlt 2017 gtgt q_act_jan)13-224 Tsd - ltlt Interest income and dividend on available-for-sale financial assets gtgt (ltlt 2017 gtgt q_act_jan)13-062 Tsd - ltlt Exchange differences gtgt (ltlt 2017 gtgt q_act_jan)13-033 Tsd - ltlt Loss (gain) on sales of property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)13000 Tsd - ltlt Gain on sales of financial assets gtgt (ltlt 2017 gtgt q_act_jan)13612 Tsd - ltlt Expenses for share-based compensation plans gtgt (ltlt 2017 gtgt q_act_jan)13564 Tsd - ltlt Other non-cash (income) and expenses gtgt (ltlt 2017 gtgt q_act_jan)134408 Tsd - ltlt Income tax expenses gtgt (ltlt 2017 gtgt q_act_jan)13---------------------139552 Tsd (Total)			Other non-cash items (eg DampA)		4462		961

Changes in working capital			-4798				r24 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows131313267 Tsd - ltlt Increase (decrease) payables and accruals incl accrued cost of service gtgt (ltlt 2017 gtgt q_act_jan)13-695 Tsd - ltlt (Decrease) increase non-current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13256 Tsd - ltlt (Decrease) increase current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13-17508 Tsd - ltlt (Increase) decrease receivables other current assets and unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-4680 Tsd (Total)			Changes in working capital		4944		480	neg

Interest and income taxes paid			-3831				r25 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows1313-3709 Tsd - ltlt Income taxes paid gtgt (ltlt 2017 gtgt q_act_jan)13-122 Tsd - ltlt Interest paid gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-3831 Tsd (Total)			Interest and income taxes paid		4561		383	neg

Net cash from investing activities			-6813				r26 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in investing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -6870 Tsd			Net cash from investing activities		3879		681	neg

Financing activitiesdividend			-8818				r27 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in financing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8818 Tsd			Financing activitiesdividend		2998		882	neg

Effect of exchange rate changes			1108				r28 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Effect of exchange rate changes on cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 1108 Tsd			Effect of exchange rate changes		2998		111

Reported cash and cash equivalents at 31122017			31085				r29 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the end of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd		PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Subtotal cash flow from operations gtgt (ltlt 2017 gtgt q_act_jan)13User Value 15298 Tsd		PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows131313267 Tsd - ltlt Increase (decrease) payables and accruals incl accrued cost of service gtgt (ltlt 2017 gtgt q_act_jan)13-695 Tsd - ltlt (Decrease) increase non-current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13256 Tsd - ltlt (Decrease) increase current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13-17508 Tsd - ltlt (Increase) decrease receivables other current assets and unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-4680 Tsd (Total)	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash generated from operations gtgt (ltlt 2017 gtgt q_act_jan)13User Value 10618 Tsd		PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows1313-3709 Tsd - ltlt Income taxes paid gtgt (ltlt 2017 gtgt q_act_jan)13-122 Tsd - ltlt Interest paid gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-3831 Tsd (Total)	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash from operating activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 6787 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in investing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -6870 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Free cash flow gtgt (ltlt 2017 gtgt q_act_jan)13User Value -083 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in financing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8818 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net increase (decrease) in cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8901 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the beginning of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 38878 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Effect of exchange rate changes on cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 1108 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the end of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the beginning of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 38878 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Profit gtgt (ltlt 2017 gtgt q_act_jan)13User Value 5746 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13132129 Tsd - ltlt Depreciation of property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)132157 Tsd - ltlt Amortization of intangible assets gtgt (ltlt 2017 gtgt q_act_jan)13-224 Tsd - ltlt Interest income and dividend on available-for-sale financial assets gtgt (ltlt 2017 gtgt q_act_jan)13-062 Tsd - ltlt Exchange differences gtgt (ltlt 2017 gtgt q_act_jan)13-033 Tsd - ltlt Loss (gain) on sales of property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)13000 Tsd - ltlt Gain on sales of financial assets gtgt (ltlt 2017 gtgt q_act_jan)13612 Tsd - ltlt Expenses for share-based compensation plans gtgt (ltlt 2017 gtgt q_act_jan)13564 Tsd - ltlt Other non-cash (income) and expenses gtgt (ltlt 2017 gtgt q_act_jan)134408 Tsd - ltlt Income tax expenses gtgt (ltlt 2017 gtgt q_act_jan)13---------------------139552 Tsd (Total)	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows131313267 Tsd - ltlt Increase (decrease) payables and accruals incl accrued cost of service gtgt (ltlt 2017 gtgt q_act_jan)13-695 Tsd - ltlt (Decrease) increase non-current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13256 Tsd - ltlt (Decrease) increase current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13-17508 Tsd - ltlt (Increase) decrease receivables other current assets and unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-4680 Tsd (Total)	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows1313-3709 Tsd - ltlt Income taxes paid gtgt (ltlt 2017 gtgt q_act_jan)13-122 Tsd - ltlt Interest paid gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-3831 Tsd (Total)	Reported cash and cash equivalents at 31122017	3109	3888

													484

													591

													(479)

													(331)

													(406)

													(882)

													93

													2946

	31-Dec-16		31-Dec-17		Change in

				CHF

Cash and cash equivalents		3888		3109		(779)		-20			r3 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd		3888	3999		111		3

Trade receivables unbilled forwarding services		9087		10970		1883		21			r4 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Trade receivables unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13User Value 109701 Tsd		9087	8693		-394		-4

Other current assets		1025		1322		297		29			r5 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other current assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 13217 Tsd		1025	1335		31		30

Property plant and equipment		635		967		332		52			r6 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)13User Value 9673 Tsd		635	651		16		3

Intangible assets		979		885		(95)		-10			r7 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Intangible assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 8845 Tsd		979	926		-53		-5

Other non-current assets		990		1138		148		15			r8 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other non-current assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 11382 Tsd		99	1073		83		8

Total assets		16606		18390		1784		11			r9 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 183903 Tsd		166060	166780		72		0

											0

Short-term borrowings		23		26		03		15			r11 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Short-term borrowings gtgt (ltlt 2017 gtgt q_act_jan)13User Value 262 Tsd		23	05		-18		-78

Trade payables accured cost of services		6524		7967		1443		22			r12 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Trade payables accured cost of services gtgt (ltlt 2017 gtgt q_act_jan)13User Value 79665 Tsd		6524	620		-324		-5

Other current liabilities		2439		2676		237		10			r13 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other current liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 26763 Tsd		2439	2592		153		6

Long-Term borrowings		00		32		32		na			r20 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Long-term borrowings gtgt (ltlt 2017 gtgt q_act_jan)13User Value 324 Tsd		0	12		12		na

Other long-term liabilities		1449		1546		97		7			r21 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other long-term liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 15459 Tsd		1449	1479		3		2

Total liabilities		10436		12247		1811		17			r14 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 122473 Tsd		104360	102880		-148		-1

Share capital		24		24		(00)		-1			r15 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Share capital gtgt (ltlt 2017 gtgt q_act_jan)13User Value 238 Tsd		24	24		0		0

Reserves treasury shares		6057		6056		(01)		-0			r16 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Reserves treasury shares gtgt (ltlt 2017 gtgt q_act_jan)13User Value 60534 Tsd		6057	6285		228		4

Non-controlling interests		89		63		(26)		-29			r17 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Non-controlling interests gtgt (ltlt 2017 gtgt q_act_jan)13User Value 659 Tsd		89	81		-08		-9

Total equity		6170		6143		(27)		-0			r18 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total equity gtgt (ltlt 2017 gtgt q_act_jan)13User Value 61430 Tsd		617	639		22		4

Total equity and liabilities		16606		18390		1784		11			r19 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total equity and liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 183903 Tsd		166060	166780		72		0

KPIs		31-Dec-16		31-Dec-17


Equity Ratio		372		334					s20 PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document Q2_2017_Quarter_Report13Chapter Consolidated Statement of Financial Position13Row ltlt Total equity and liabilities gtgt (ltlt June 30 2017 gtgt q_act_jan)13User Value 153472 Tsd

							PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Trade receivables unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13User Value 109701 Tsd		PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other current assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 13217 Tsd		PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)13User Value 9673 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Intangible assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 8845 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other non-current assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 11382 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 183903 Tsd		PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Short-term borrowings gtgt (ltlt 2017 gtgt q_act_jan)13User Value 262 Tsd		PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Trade payables accured cost of services gtgt (ltlt 2017 gtgt q_act_jan)13User Value 79665 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other current liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 26763 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Long-term borrowings gtgt (ltlt 2017 gtgt q_act_jan)13User Value 324 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other long-term liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 15459 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 122473 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Share capital gtgt (ltlt 2017 gtgt q_act_jan)13User Value 238 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Reserves treasury shares gtgt (ltlt 2017 gtgt q_act_jan)13User Value 60534 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Non-controlling interests gtgt (ltlt 2017 gtgt q_act_jan)13User Value 659 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total equity gtgt (ltlt 2017 gtgt q_act_jan)13User Value 61430 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total equity and liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 183903 Tsd	NWC-Intensity	18	15	mf24	Enterred by HPI on 14012018

DSO 3-m-rolling YTD		455		474					m22		Enterred by HPI on 14012018

DPO 3-m-rolling YTD		407		412					m23		Enterred by HPI on 14012018

2017	2016

																						Check

Logistics	Q1 2016	Q2 2016	HY 2016		Q3 2016		Q3YTD 2016		Q4 2016		FY 2016		Q1 2017		Q2 2017			HY 2017		Q3 2017			Q3YTD 2017		Q4 2017		FY 2017								CY

Net forwarding revenue	1402	1613	3015		1374		4389		1321		5709		1286		1377			2663		1394			4057		1330		5387			m4		m4		s4 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_3 gtgt q_act)13User Value 14141 Tsd	r4 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_3 gtgt q_act_jan)13User Value 53871 Tsd	00

Forwarding expenses	(420)	(607)	(1027)		(429)		(1456)		(397)		(1853)		(460)		(564)			(1024)		(580)			(1604)		(472)		(2076)			m5		m5		s5 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_3 gtgt q_act)13User Value -5564 Tsd	r5 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_3 gtgt q_act_jan)13User Value -20758 Tsd	00

Gross profit	982	1006	1989		944		2933		924		3857		825		813			1639		815			2454		858		3311			m6		m6		s6 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_3 gtgt q_act)13User Value 8576 Tsd	r6 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_3 gtgt q_act_jan)13User Value 33114 Tsd	00

Personnel expenses	(574)	(591)	(1166)		(528)		(1694)		(519)		(2213)		(479)		(461)			(940)		(469)			(1409)		(507)		(1916)			m7		m7		s7 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_3 gtgt q_act)13User Value -4045 Tsd	r7 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_3 gtgt q_act_jan)13User Value -19163 Tsd	00

Other operating expenses	(360)	(363)	(723)		(378)		(1102)		(367)		(1469)		(298)		(298)			(596)		(298)			(894)		(329)		(1223)			m8		m8		s8 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_3 gtgt q_act)13User Value -4415 Tsd	r8 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_3 gtgt q_act_jan)13User Value -12227 Tsd	00

EBITDA adjusted	48	52	100		38		138		37		175		48		54			103		48			151		22		172			m9		m9		s9 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_3 gtgt q_act)13User Value -479 Tsd	r9 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_3 gtgt q_act_jan)13User Value 1724 Tsd	00

Depreciation and amortization	(29)	(29)	(58)		(29)		(88)		(32)		(119)		(25)		(24)			(48)		(21)			(69)		(23)		(92)			m10		m10		s10 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_3 gtgt q_act)13User Value -125 Tsd	r10 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_3 gtgt q_act_jan)13User Value -918 Tsd	00

EBIT adjusted	18	23	41		09		50		05		56		24		31			54		27			81		(01)		81			m11		m11		s11 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act)13User Value -008 Tsd	r11 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act_jan)13User Value 807 Tsd	00

Non-recurring items

Restructuring expenses	00	(38)	(38)		00		(38)		00		(38)		00		00			00		00			00		00		00			m13		m13		s13	m13	00


EBIT reported	18	(15)	03		09		12		05		18		24		31			54		27			81		(01)		81			m15		m15		s15 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act)13User Value -008 Tsd	r15 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act_jan)13User Value 807 Tsd


GP Change YoY										-19		-18		-14		-16		-7		-14					s16	s16


															453

						10										15

GP control	000	000		000				000		(012)		(000)		000				000			000			000		s30		s30		s30		s30

EBITDA control	000	000		(000)				010		(002)		000		(000)				000			(000)			000		s31		s31		s31		s31

EBIT control	010	000		000				000		005		000		(000)			ERRORREF		000			000			000		s32		s32		s32		s32

2017	2016


Ocean Freight	Q1 2016	Q2 2016	HY 2016		Q3 2016	Q3YTD 2016			Q4 2016			FY 2016			Q1 2017			Q2 2017			HY 2017		Q3 2017			Q3YTD 2017		Q4 2017			FY 2017

Net forwarding revenue	5338	4921	10259		4955	15214			4770			19984			4915			5172			10087		5551			15637		5105			20743			m4		m4		s4 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_2 gtgt q_act)13User Value 55506 Tsd	r4 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_2 gtgt q_act_jan)13User Value 207428 Tsd	00	00	00	00

Forwarding expenses	(4157)	(3773)	(7930)		(3834)	(11764)			(3783)			(15547)			(3860)			(4081)			(7941)		(4463)			(12404)		(4067)			(16471)			m5		m5		s5 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_2 gtgt q_act)13User Value -44629 Tsd	r5 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_2 gtgt q_act_jan)13User Value -164707 Tsd	-00	00	00	00

Gross profit	1181	1148	2329		1121	3450			987			4438			1055			1091			2146		1088			3234		1038			4272			m6		m6		s6 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_2 gtgt q_act)13User Value 10877 Tsd	r6 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_2 gtgt q_act_jan)13User Value 42721 Tsd	00	00	00	00

Personnel expenses	(791)	(752)	(1543)		(755)	(2298)			(721)			(3019)			(779)			(784)			(1564)		(788)			(2352)		(837)			(3189)			m7		m7		s7 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_2 gtgt q_act)13User Value -7884 Tsd	r7 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_2 gtgt q_act_jan)13User Value -31889 Tsd	00	00	(00)	00

Other operating expenses	(305)	(288)	(594)		(274)	(868)			(275)			(1144)			(271)			(265)			(536)		(290)			(827)		(257)			(1083)			m8		m8		s8 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_2 gtgt q_act)13User Value -2905 Tsd	r8 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_2 gtgt q_act_jan)13User Value -10833 Tsd	00	(01)	(01)	00

EBITDA adjusted	84	108	192		92	284			(09)			275			05			41			46		09			55		(55)			(00)			m9		m9		s9 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_2 gtgt q_act)13User Value 089 Tsd	r9 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_2 gtgt q_act_jan)13User Value -001 Tsd	00	00	00	00

Depreciation and amortization	(41)	(42)	(83)		(41)	(124)			(42)			(166)			(36)			(36)			(72)		(38)			(110)		(41)			(151)			m10		m10		s10 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_2 gtgt q_act)13User Value -384 Tsd	r10 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_2 gtgt q_act_jan)13User Value -1508 Tsd	-00	00	00	00

EBIT adjusted	43	66	109		51	160			(51)			109			(32)			06			(26)		(29)			(55)		(96)			(151)			m11		m11		s11 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_2 gtgt q_act)13User Value -295 Tsd	r11 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_2 gtgt q_act_jan)13User Value -1509 Tsd	-00	00	00	00

in of gross profit	37	58	47		45	46			-51			25			-30			05			-12		-27			-17		-92			-35			m12		m12		s12	s12

Non-recurring items																									00		00		00			00

Restructuring expenses	00	(97)	(97)		0	(97)			(19)			(115)			00			00			00		00			00		00			00			m14		m14		s14	m14	00	00	01	00


EBIT reported	43	(30)	13		51	63			(69)			(06)			(32)			06			(26)		(29)			(55)		(96)			(151)			m16		m16		s16 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_2 gtgt q_act)13User Value -295 Tsd	r16 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_2 gtgt q_act_jan)13User Value -1509 Tsd	-00	00	(00)	00

in of gross profit	37	-26	05		45	18			-70			-01			-30			05			-12		-27			-17		-92			-35			m17		m17		s17	s17


Ocean Freight volumes (000 TEUs)	3482	3726	7208		3787	10995			3890			14885			3742			3828			7570		3856			11426		3779			15205			m19		m19		m19	m19	00	00	(00)	00

change YoY	-100	-82	-91		-88	-90			08			-66			75			27			50		18			39		-28			22			m20		m20		s20	s20

GPTEU (CHF)	339	308	323		296	314			254			298			282			285			283		282			283		275			281			m21		m21		m21	s21

change YoY	102	59	80		-16	47			-176			-11			-169			-75			-122		-47			-98		83			-58			m22		m22		s22	s22


GP change YoY								-11			-5			-8			-3			-6		519		-373					s23		s23


							-00298711145			00053228356					-00271124048				-00921686544

GP control	000	000		(000)			000			000			000			000					000			(000)			000			s30		s30		s30		s30

EBITDA control	010	000		000			000			(000)			(000)			(000)					000			000			(000)			s31		s31		s31		s31

EBIT control	000	000		000			000			(000)			(000)			000				000		000			000			(000)			s32		s32		s32		s32

2017	2016

																													Check

Air Freight	Q1 2016	Q2 2016	HY 2016		Q3 2016	Q3YTD 2016			Q4 2016			FY 2016			Q1 2017			Q2 2017		HY 2017			Q3 2017			Q3 YTD 2017			Q4 2017			FY 2017										CY

Net forwarding revenue	6332	6359	12691		6341	19032			7234			26267			6571			7000		13571			7389			20960			8238			29198			m4		m4		s4 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_1 gtgt q_act)13User Value 91229 Tsd		r4 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_1 gtgt q_act_jan)13User Value 291978 Tsd	00	00	(003)	00

Forwarding expenses	(4846)	(4800)	(9646)		(4853)	(14499)			(5816)			(20315)			(5125)			(5500)		(10625)			(5775)			(16400)			(6403)			(22803)			m5		m5		s5 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_1 gtgt q_act)13User Value -72887 Tsd		r5 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_1 gtgt q_act_jan)13User Value -228034 Tsd	00	00	00	00

Gross profit	1486	1559	3045		1489	4534			1418			5952			1447			1500		2946			1614			4560			1834			6394			m6		m6		s6 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_1 gtgt q_act)13User Value 18342 Tsd		r6 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_1 gtgt q_act_jan)13User Value 63944 Tsd	-00	00	00	00

Personnel expenses	(885)	(869)	(1754)		(847)	(2600)			(873)			(3473)			(905)			(916)		(1822)			(928)			(2750)			(1044)			(3793)			m7		m7		s7 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_1 gtgt q_act)13User Value -10893 Tsd		r7 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_1 gtgt q_act_jan)13User Value -37932 Tsd	-00	00	00	00

Other operating expenses	(371)	(359)	(730)		(318)	(1048)			(284)			(1333)			(324)			(317)		(641)			(337)			(978)			(334)			(1312)			m8		m8		s8 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_1 gtgt q_act)13User Value -2799 Tsd		r8 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_1 gtgt q_act_jan)13User Value -13116 Tsd	00	00	(00)	00

EBITDA adjusted	230	331	561		324	885			261			1146			218			266		484			349			833			457			1290			m9		m9		s9 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_1 gtgt q_act)13User Value 4650 Tsd		r9 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_1 gtgt q_act_jan)13User Value 12896 Tsd	00	00	(00)	00

Depreciation and amortization	(52)	(52)	(103)		(55)	(158)			(53)			(211)			(46)			(47)		(93)			(46)			(139)			(47)			(186)			m10		m10		s10 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_1 gtgt q_act)13User Value -558 Tsd		r10 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_1 gtgt q_act_jan)13User Value -1861 Tsd	00	01	01	00

EBIT adjusted	178	279	457		269	726			208			935			171			220		391			303			694			409			1103			m11		m11		s11 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act)13User Value 4092 Tsd		r11 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act_jan)13User Value 11035 Tsd	-00	00	00	00

in of gross profit	120	179	150		181	160			147			157			118			146		133			188			152			223			173			m12		m12		s12 PAC Hamon Pierrick Invalid Reference (value_1_PQACT02) 1313Reference could not be handled13Underlying Formula		s12

Non-recurring items																										00		00		00			00

Restructuring expenses	00	(127)	(127)		00	(127)			00			(127)			00			00		00			00			00			00			00			m14		m14		s14		m14	00	00	00	00


EBIT reported	178	153	331		269	600			208			808			171			220		391			303			694			409			1103			m16		m16		s16 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act)13User Value 4092 Tsd		r16 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act_jan)13User Value 11035 Tsd	-00	00	(00)	00

in of gross profit	120	98	109		181	132			147			136			118			146		133			188			152			223			173			m17		m17		s17		s17


Air Freight volumes (000 tons)	2161	2251	4412		2278	6690			2524			9214			2332			2399		4731			2489			7220			2739			9959			m19		m19		s19		m19	00	00	00	00

change YoY	54	111	82		99	88			141			102			79			66		72			93			79			85			81			m20		m20		s20		s20

GPton (CHF)	688	693	690		653	678			562			646			620			625		623			648			632			670			642			m21		m21		s21		s21

change YoY	-47	-36	-41		-73	-52			-140			-75			-98			-97		-98			-08			-68			192			-06			m22		m22		s22		s22


GP change YoY								-3			-4			-3			8		1			29			7					s23		s23

GP control	000	000		000			000			000			(000)			000				(000)				000		000		000		000			s30		s30		s30		s30

EBITDA control	000	000		000			(000)			000			000			(000)				000				000		(000)		000		000			s31		s31		s31		s31

EBIT control	000	000		000			000			(000)			000			(000)			000		000				000		000		000		(000)			s32		s32		s32		s32

2017		2016

																													Check CY

Group		Q1 2016		Q2 2016			HY 2016		Q3 2016		Q3YTD 2016		Q4 2016		FY 2016		Q1 2017		Q2 2017			HY 2017			Q3 2017			Q3YTD 2017		Q4 2017			FY 2017

Net forwarding revenue		13072		12894			25965		12670		38635		13325		51960		12772		13549			26321			14334			40655		14673			55328		s4 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Net forwarding revenue gtgt (ltlt 2017 gtgt q_act)13User Value 1433411124 Tsd		r4 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Net forwarding revenue gtgt (ltlt value_1 gtgt q_act_jan)13User Value 5532778504 Tsd		m4		m4		00		-01	-01	00

Forwarding expenses		(9423)		(9180)			(18602)		(9116)		(27718)		(9996)		(37714)		(9445)		(10145)			(19590)			(10818)			(30407)		(10942)			(41350)		s5 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Forwarding services from third parties gtgt (ltlt 2017 gtgt q_act)13User Value -1081765298 Tsd		r5 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Forwarding services from third parties gtgt (ltlt value_1 gtgt q_act_jan)13User Value -4134985568 Tsd		m5		m5		00		01	01	00

Gross profit		3649		3714			7363		3554		10917		3329		14246		3327		3404			6731			3516			10248		3730			13978		s6 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Gross profit gtgt (ltlt 2017 gtgt q_act)13User Value 351645826 Tsd		r6 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Gross profit gtgt (ltlt value_1 gtgt q_act_jan)13User Value 1397792936 Tsd		m6		m6		00		00	00	00

Personnel expenses		(2250)		(2213)			(4463)		(2129)		(6592)		(2113)		(8705)		(2164)		(2162)			(4326)			(2186)			(6511)		(2388)			(8898)		s7 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Personnel expenses gtgt (ltlt 2017 gtgt q_act)13User Value -218561825 Tsd		r7 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Personnel expenses gtgt (ltlt value_1 gtgt q_act_jan)13User Value -889847082 Tsd		m7		m7		00		00	00	00

Other operating expenses		(1037)		(1011)			(2047)		(971)		(3018)		(927)		(3945)		(893)		(880)			(1773)			(925)			(2698)		(919)			(3618)		s8 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Other operating expenses gtgt (ltlt 2017 gtgt q_act)13User Value -92494218 Tsd		r8 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Other operating expenses gtgt (ltlt value_1 gtgt q_act_jan)13User Value -361760468 Tsd		m8		m8		00		01	01	00

EBITDA adjusted		362		491			853		454		1307		289		1596		271		362			633			406			1039		423			1462		s9 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt EBITDA gtgt (ltlt 2017 gtgt q_act)13User Value 40589783 Tsd		r9 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt EBITDA gtgt (ltlt value_1 gtgt q_act_jan)13User Value 146185385 Tsd		m9		m9		00		00	00	00

Depreciation of property plant and equip		(62)		(62)			(125)		(62)		(187)		(71)		(258)		(53)		(54)			(107)			(50)			(156)		(56)			(213)		s10 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Depreciation of property plant and equipment gtgt (ltlt 2017 gtgt q_act)13User Value -4981553 Tsd		r10 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Depreciation of property plant and equipment gtgt (ltlt value_1 gtgt q_act_jan)13User Value -21293764 Tsd		m10		m10		-00		-01	-01	00

Amortization of intangible assets		(60)		(60)			(120)		(63)		(183)		(56)		(239)		(54)		(52)			(106)			(55)			(162)		(54)			(216)		s11 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Amortization of intangible assets gtgt (ltlt 2017 gtgt q_act)13User Value -5514918 Tsd		r11 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Amortization of intangible assets gtgt (ltlt value_1 gtgt q_act_jan)13User Value -21570493 Tsd		m11		m11		00		00	00	00

EBIT adjusted		240		368			608		329		936		163		1099		164		256			420			301			721		313			1033		s12 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Operating result (EBIT) gtgt (ltlt 2017 gtgt q_act)13User Value 30093312 Tsd		r12 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act_jan)13User Value 103321128 Tsd		m12		m12		00		00	-01	00

in of gross profit		66		99			83		92		86		49		77		49		75			62			86			70		84			74		s13		s13		m13		m13

Non-recurring items																											00		00		00		00

Restructuring expenses		00		(261)			(261)		00		(261)		(19)		(280)		00		00			00			00			00		00			00		s15 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Restructuring expenses gtgt (ltlt 2017 gtgt q_act)13User Value 0000000 Tsd		r15 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Restructuring expenses gtgt (ltlt value_1 gtgt q_act_jan)13User Value 0000000 Tsd		m15		m15		00		00	00	00


EBIT reported		240		107			347		329		675		144		820		164		256			420			301			721		313			1033		s17		s17		m17		m17		00		00	00	00

in of gross profit		66		29			47		92		62		43		58		49		75			62			86			70		84			74		s18		s18		m18		m18		-01		-00	-02

Financial result		(09)		07			(02)		(04)		(06)		02		(04)		02		01			03			(04)			(02)		(16)			(18)		s19 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13130939883 Tsd - ltlt Finance income gtgt (ltlt 2017 gtgt q_act)13-1343957 Tsd - ltlt Finance costs gtgt (ltlt 2017 gtgt q_act)13---------------------13-0404074 Tsd (Total)		r19 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13132749657 Tsd - ltlt Finance income gtgt (ltlt value_1 gtgt q_act_jan)13-4529105 Tsd - ltlt Finance costs gtgt (ltlt value_1 gtgt q_act_jan)13---------------------13-1779448 Tsd (Total)		m19		m19		00		00	00	00

Earnings before taxes (EBT)		231		114			345		325		670		146		816		165		257			422			297			719		296			1015		s20 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Profit before income tax (EBT) gtgt (ltlt 2017 gtgt q_act)13User Value 29689237 Tsd		r20 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Profit before income tax (EBT) gtgt (ltlt value_1 gtgt q_act_jan)13User Value 101541680 Tsd		m20		m20		00		00	00	00

Income tax expenses		(58)		(69)			(126)		(79)		(205)		(88)		(293)		(42)		(81)			(123)			(112)			(235)		(206)			(441)		s21 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Income tax expenses gtgt (ltlt 2017 gtgt q_act)13User Value -11228068 Tsd		r21 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Income tax expenses gtgt (ltlt value_1 gtgt q_act_jan)13User Value -44082152 Tsd		m21		m21		00		01	01	00

of EBT		250		602			367		242		306		601		359		252		316			291			378			327		694			434		s22		s22		m22		m22

Profit		173		45			218		246		465		58		523		124		176			299			185			484		91			575		s23 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Profit gtgt (ltlt 2017 gtgt q_act)13User Value 18461169 Tsd		r23 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Profit gtgt (ltlt value_1 gtgt q_act_jan)13User Value 57459528 Tsd		m23		m23		00		00	01	00

Earnings per share		075		021			096		106		201		027		229		054		075			129			079			208		040			248		s24 PAC Serova Elena (External) Referenced Value (value_1_PQACTJAN02)1313Document Q2_2017_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Basic gtgt (ltlt 2017 gtgt q_act_jan)13User Value 0000540 Tsd		s24 PAC Serova Elena (External) Referenced Value (value_1_PQACTJAN02)1313Document Q2_2017_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Basic gtgt (ltlt 2017 gtgt q_act_jan)13User Value 0000540 Tsd		m24		m24		00		00	00	00

			0		0				46460419259						0		0		0			0		0			0			m25		m25		l1	l1			00		00

Earnings per share 1000																0000788		0002078		0000788			0002478			rf28 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Basic gtgt (ltlt 2017 gtgt q_act)13User Value 0000788 Tsd		rf28 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Basic gtgt (ltlt value_1 gtgt q_act_jan)13User Value 0002478 Tsd		l2		l2

Total Operating Expenses																(3111)		(9209)		(3307)			(12516)			s25		s25		l3		l3

OOE YoY

	042


GP control		00		00		00		00		00	00	00		00		00		00			00		00		00			00		00		00		(00)		00			s30		s30	s30		s30

EBITDA control		00		(01)		00		00		00	00	00		(00)		00		(00)			00		00		(01)			00		00		(00)		00		(00)			s31		s31	s31		s31

EBIT control		00		01		00		00		00	00	00		(01)		00		00			(00)		00		(00)			00		00		00		00		00			s32		s32	s32		s32

Earnings before taxes (EBT)		00		00		00		00		00	00	00		00		00		00			00		00		01			00		00		(00)		(00)		00			s33		s33	s33		s33

Profit		00		00		00		01		00	00	00		00		00		00			00		00		(00)			(00)		00		00		(00)		00			s34		s34	s34		s34

Air GP																				6394449			l4		r40 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Gross profit (value_1 q_act_jan)13User Value 6394449 Mio		l4		l4

Ocean GP																				4272121			l5		r41 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_act_jan)13User Value 4272121 Mio		l5		l5

Logistics GP																				331136			l6		r42 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row Gross profit (value_1 q_act_jan)13User Value 3311360 Mio		l6		l6

Check																				00			l7		s43		l7		l7

Air EBIT																				1103462			l8		r44 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row EBIT adjusted (value_1 q_act_jan)13User Value 1103462 Mio		l8		l8

Ocean EBIT																				-150917			l9		r45 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_act_jan)13User Value -150917 Mio		l9		l9

Logistics EBIT																				80666			l10		r46 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row EBIT adjusted (value_1 q_act_jan)13User Value 80666 Mio		l10		l10

Check																				00			l11		s47		l11		l11

APAC GP																				34878			l12		r51 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 313 - AC Key figures APAC13Row Gross profit (value_1 q_act_jan)13User Value 34878 Mio		l12		l12

EUROPE GP																				53038			l13		r52 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 314 - AC Key figures Europe13Row Gross profit (value_1 q_act_jan)13User Value 53038 Mio		l13		l13

MEAC GP																				897489			l14		r53 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 315 - AC Key figures MEAC13Row Gross profit (value_1 q_act_jan)13User Value 8974886 Mio		l14		l14

AME GP																				4288802			l15		r54 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 316 - AC Key figures Americas13Row Gross profit (value_1 q_act_jan)13User Value 4288802 Mio		l15		l15

Check																				(00)			l16		s55		l16		l16

APAC EBIT																				7061			l17		r56 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 313 - AC Key figures APAC13Row EBIT (value_1 q_act_jan)13User Value 7061 Mio		l17		l17

EUROPE EBIT																				-122			l18		r57 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 314 - AC Key figures Europe13Row EBIT (value_1 q_act_jan)13User Value -122 Mio		l18		l18

MEAC EBIT																				20871			l19		r58 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 315 - AC Key figures MEAC13Row EBIT reported (value_1 q_act_jan)13User Value 208709 Mio		l19		l19

AME EBIT																				31847			l20		r59 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 316 - AC Key figures Americas13Row EBIT reported (value_1 q_act_jan)13User Value 3184697 Mio		l20		l20

Check																				00			l21		s60		l21		l21

Air NFR																				2919782			l31		r70 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Net forwarding revenue (value_1 q_act_jan)13User Value 29197820 Mio		l31		l31

Ocean NFR																				2074282			l22		r71 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Net forwarding revenue (value_1 q_act_jan)13User Value 20742820 Mio		l22		l22

Logistics NFR																				5387147			l23		r72 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row Net forwarding revenue (value_1 q_act_jan)13User Value 5387147 Mio		l23		l23

Check																				00			l24		s73		l24		l24

APAC NFR																				127363			l25		r75 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 313 - AC Key figures APAC13Row Net forwarding revenue (value_1 q_act_jan)13User Value 127363 Mio		l25		l25

EUROPE NFR																				231796			l26		r76 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 314 - AC Key figures Europe13Row Net forwarding revenue (value_1 q_act_jan)13User Value 231796 Mio		l26		l26

MEAC NFR																				271595			l27		r77 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 315 - AC Key figures MEAC13Row Net forwarding revenue (value_1 q_act_jan)13User Value 27159502 Mio		l27		l27

AME NFR																				16695948			l28		r78 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 316 - AC Key figures Americas13Row Net forwarding revenue (value_1 q_act_jan)13User Value 166959483 Mio		l28		l28

Check																				00			l29		s79		l29		l29

Page 13: Full-year results 2017 - panalpina.com · GP/ton -14% -10% -10% ... of an offer to purchase any shares andneither it nor any part of it shall form the basis ... % 24.2% 60.1% 35.9%

OUTLOOK Market

minus AirOcean 3-4

Panalpina

APRIL 19 2018

MAY 8 2018

NEXT EVENTS

DISCLAIMER

APPENDIX

SNVeryHiddenParameterSheet

PAN_ISpQ_Group

image1png

SNVeryHiddenParameterSheet

PAN_ISpQ_AirFreight

image1png

SNVeryHiddenParameterSheet

PAN_ISpQ_OceanFreight

image1png

EBIT reported 18 (15) 09 05 18 24 31 27 (01) 81

SNVeryHiddenParameterSheet

PAN_ISpQ_Logistics

image1png

BALANCE SHEET

SNVeryHiddenParameterSheet

PAN_BalanceSheet

image1png

CASH FLOW

SNVeryHiddenParameterSheet

Tabele PAN_Cashflow

Slide Number 2
IFRS changes 2018
Next EVENTs
Disclaimer
Appendix
Balance sheet
Cash flow

	31-Dec-16		31-Dec-17		Change in

Cash flow before changes in working capital		1313		1536				r2 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Subtotal cash flow from operations gtgt (ltlt 2017 gtgt q_act_jan)13User Value 15298 Tsd			PY IS MANUAL

Changes in working capital		188		(480)				r3 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows131313267 Tsd - ltlt Increase (decrease) payables and accruals incl accrued cost of service gtgt (ltlt 2017 gtgt q_act_jan)13-695 Tsd - ltlt (Decrease) increase non-current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13256 Tsd - ltlt (Decrease) increase current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13-17508 Tsd - ltlt (Increase) decrease receivables other current assets and unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-4680 Tsd (Total)

Cash from operations		1501		1056				r4 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash generated from operations gtgt (ltlt 2017 gtgt q_act_jan)13User Value 10618 Tsd


Interest and income taxes paid		(394)		(383)				r6 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows1313-3709 Tsd - ltlt Income taxes paid gtgt (ltlt 2017 gtgt q_act_jan)13-122 Tsd - ltlt Interest paid gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-3831 Tsd (Total)

Net cash from operating activities		1107		673		-39			r7 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash from operating activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 6787 Tsd


Net cash from investing activities		(241)		(681)		183			r9 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in investing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -6870 Tsd


Free cash flow		866		(08)		-101			r11 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Free cash flow gtgt (ltlt 2017 gtgt q_act_jan)13User Value -083 Tsd


Net cash used in financing activities		(887)		(882)		-1			r13 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in financing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8818 Tsd


Net increase (decrease) in cash and cash equivalents		(21)		(890)				r15 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net increase (decrease) in cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8901 Tsd

Cash and cash equivalents at beginning of period		3923		3888				r16 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the beginning of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 38878 Tsd

Effect of exchange rate changes		(14)		111				r17 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Effect of exchange rate changes on cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 1108 Tsd

Cash and cash equivalents at end of period		3888		3109				r18 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the end of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd


Reported cash and cash equivalents at 31122016			3888				r21 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the beginning of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 38878 Tsd			Reported cash and cash equivalents at 31122016			3888

Profit YTD 122017			5746				r19 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Profit gtgt (ltlt 2017 gtgt q_act_jan)13User Value 5746 Tsd			Profit YTD 122017		3888		575

Other non-cash items (eg DampA)			9613				r23 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13132129 Tsd - ltlt Depreciation of property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)132157 Tsd - ltlt Amortization of intangible assets gtgt (ltlt 2017 gtgt q_act_jan)13-224 Tsd - ltlt Interest income and dividend on available-for-sale financial assets gtgt (ltlt 2017 gtgt q_act_jan)13-062 Tsd - ltlt Exchange differences gtgt (ltlt 2017 gtgt q_act_jan)13-033 Tsd - ltlt Loss (gain) on sales of property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)13000 Tsd - ltlt Gain on sales of financial assets gtgt (ltlt 2017 gtgt q_act_jan)13612 Tsd - ltlt Expenses for share-based compensation plans gtgt (ltlt 2017 gtgt q_act_jan)13564 Tsd - ltlt Other non-cash (income) and expenses gtgt (ltlt 2017 gtgt q_act_jan)134408 Tsd - ltlt Income tax expenses gtgt (ltlt 2017 gtgt q_act_jan)13---------------------139552 Tsd (Total)			Other non-cash items (eg DampA)		4462		961

Changes in working capital			-4798				r24 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows131313267 Tsd - ltlt Increase (decrease) payables and accruals incl accrued cost of service gtgt (ltlt 2017 gtgt q_act_jan)13-695 Tsd - ltlt (Decrease) increase non-current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13256 Tsd - ltlt (Decrease) increase current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13-17508 Tsd - ltlt (Increase) decrease receivables other current assets and unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-4680 Tsd (Total)			Changes in working capital		4944		480	neg

Interest and income taxes paid			-3831				r25 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows1313-3709 Tsd - ltlt Income taxes paid gtgt (ltlt 2017 gtgt q_act_jan)13-122 Tsd - ltlt Interest paid gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-3831 Tsd (Total)			Interest and income taxes paid		4561		383	neg

Net cash from investing activities			-6813				r26 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in investing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -6870 Tsd			Net cash from investing activities		3879		681	neg

Financing activitiesdividend			-8818				r27 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in financing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8818 Tsd			Financing activitiesdividend		2998		882	neg

Effect of exchange rate changes			1108				r28 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Effect of exchange rate changes on cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 1108 Tsd			Effect of exchange rate changes		2998		111

Reported cash and cash equivalents at 31122017			31085				r29 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the end of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd		PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Subtotal cash flow from operations gtgt (ltlt 2017 gtgt q_act_jan)13User Value 15298 Tsd		PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows131313267 Tsd - ltlt Increase (decrease) payables and accruals incl accrued cost of service gtgt (ltlt 2017 gtgt q_act_jan)13-695 Tsd - ltlt (Decrease) increase non-current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13256 Tsd - ltlt (Decrease) increase current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13-17508 Tsd - ltlt (Increase) decrease receivables other current assets and unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-4680 Tsd (Total)	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash generated from operations gtgt (ltlt 2017 gtgt q_act_jan)13User Value 10618 Tsd		PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows1313-3709 Tsd - ltlt Income taxes paid gtgt (ltlt 2017 gtgt q_act_jan)13-122 Tsd - ltlt Interest paid gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-3831 Tsd (Total)	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash from operating activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 6787 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in investing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -6870 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Free cash flow gtgt (ltlt 2017 gtgt q_act_jan)13User Value -083 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in financing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8818 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net increase (decrease) in cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8901 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the beginning of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 38878 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Effect of exchange rate changes on cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 1108 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the end of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the beginning of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 38878 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Profit gtgt (ltlt 2017 gtgt q_act_jan)13User Value 5746 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13132129 Tsd - ltlt Depreciation of property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)132157 Tsd - ltlt Amortization of intangible assets gtgt (ltlt 2017 gtgt q_act_jan)13-224 Tsd - ltlt Interest income and dividend on available-for-sale financial assets gtgt (ltlt 2017 gtgt q_act_jan)13-062 Tsd - ltlt Exchange differences gtgt (ltlt 2017 gtgt q_act_jan)13-033 Tsd - ltlt Loss (gain) on sales of property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)13000 Tsd - ltlt Gain on sales of financial assets gtgt (ltlt 2017 gtgt q_act_jan)13612 Tsd - ltlt Expenses for share-based compensation plans gtgt (ltlt 2017 gtgt q_act_jan)13564 Tsd - ltlt Other non-cash (income) and expenses gtgt (ltlt 2017 gtgt q_act_jan)134408 Tsd - ltlt Income tax expenses gtgt (ltlt 2017 gtgt q_act_jan)13---------------------139552 Tsd (Total)	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows131313267 Tsd - ltlt Increase (decrease) payables and accruals incl accrued cost of service gtgt (ltlt 2017 gtgt q_act_jan)13-695 Tsd - ltlt (Decrease) increase non-current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13256 Tsd - ltlt (Decrease) increase current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13-17508 Tsd - ltlt (Increase) decrease receivables other current assets and unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-4680 Tsd (Total)	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows1313-3709 Tsd - ltlt Income taxes paid gtgt (ltlt 2017 gtgt q_act_jan)13-122 Tsd - ltlt Interest paid gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-3831 Tsd (Total)	Reported cash and cash equivalents at 31122017	3109	3888

													484

													591

													(479)

													(331)

													(406)

													(882)

													93

													2946

	31-Dec-16		31-Dec-17		Change in

				CHF

Cash and cash equivalents		3888		3109		(779)		-20			r3 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd		3888	3999		111		3

Trade receivables unbilled forwarding services		9087		10970		1883		21			r4 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Trade receivables unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13User Value 109701 Tsd		9087	8693		-394		-4

Other current assets		1025		1322		297		29			r5 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other current assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 13217 Tsd		1025	1335		31		30

Property plant and equipment		635		967		332		52			r6 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)13User Value 9673 Tsd		635	651		16		3

Intangible assets		979		885		(95)		-10			r7 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Intangible assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 8845 Tsd		979	926		-53		-5

Other non-current assets		990		1138		148		15			r8 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other non-current assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 11382 Tsd		99	1073		83		8

Total assets		16606		18390		1784		11			r9 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 183903 Tsd		166060	166780		72		0

											0

Short-term borrowings		23		26		03		15			r11 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Short-term borrowings gtgt (ltlt 2017 gtgt q_act_jan)13User Value 262 Tsd		23	05		-18		-78

Trade payables accured cost of services		6524		7967		1443		22			r12 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Trade payables accured cost of services gtgt (ltlt 2017 gtgt q_act_jan)13User Value 79665 Tsd		6524	620		-324		-5

Other current liabilities		2439		2676		237		10			r13 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other current liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 26763 Tsd		2439	2592		153		6

Long-Term borrowings		00		32		32		na			r20 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Long-term borrowings gtgt (ltlt 2017 gtgt q_act_jan)13User Value 324 Tsd		0	12		12		na

Other long-term liabilities		1449		1546		97		7			r21 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other long-term liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 15459 Tsd		1449	1479		3		2

Total liabilities		10436		12247		1811		17			r14 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 122473 Tsd		104360	102880		-148		-1

Share capital		24		24		(00)		-1			r15 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Share capital gtgt (ltlt 2017 gtgt q_act_jan)13User Value 238 Tsd		24	24		0		0

Reserves treasury shares		6057		6056		(01)		-0			r16 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Reserves treasury shares gtgt (ltlt 2017 gtgt q_act_jan)13User Value 60534 Tsd		6057	6285		228		4

Non-controlling interests		89		63		(26)		-29			r17 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Non-controlling interests gtgt (ltlt 2017 gtgt q_act_jan)13User Value 659 Tsd		89	81		-08		-9

Total equity		6170		6143		(27)		-0			r18 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total equity gtgt (ltlt 2017 gtgt q_act_jan)13User Value 61430 Tsd		617	639		22		4

Total equity and liabilities		16606		18390		1784		11			r19 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total equity and liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 183903 Tsd		166060	166780		72		0

KPIs		31-Dec-16		31-Dec-17


Equity Ratio		372		334					s20 PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document Q2_2017_Quarter_Report13Chapter Consolidated Statement of Financial Position13Row ltlt Total equity and liabilities gtgt (ltlt June 30 2017 gtgt q_act_jan)13User Value 153472 Tsd

							PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Trade receivables unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13User Value 109701 Tsd		PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other current assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 13217 Tsd		PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)13User Value 9673 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Intangible assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 8845 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other non-current assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 11382 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 183903 Tsd		PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Short-term borrowings gtgt (ltlt 2017 gtgt q_act_jan)13User Value 262 Tsd		PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Trade payables accured cost of services gtgt (ltlt 2017 gtgt q_act_jan)13User Value 79665 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other current liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 26763 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Long-term borrowings gtgt (ltlt 2017 gtgt q_act_jan)13User Value 324 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other long-term liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 15459 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 122473 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Share capital gtgt (ltlt 2017 gtgt q_act_jan)13User Value 238 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Reserves treasury shares gtgt (ltlt 2017 gtgt q_act_jan)13User Value 60534 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Non-controlling interests gtgt (ltlt 2017 gtgt q_act_jan)13User Value 659 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total equity gtgt (ltlt 2017 gtgt q_act_jan)13User Value 61430 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total equity and liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 183903 Tsd	NWC-Intensity	18	15	mf24	Enterred by HPI on 14012018

DSO 3-m-rolling YTD		455		474					m22		Enterred by HPI on 14012018

DPO 3-m-rolling YTD		407		412					m23		Enterred by HPI on 14012018

2017	2016

																						Check

Logistics	Q1 2016	Q2 2016	HY 2016		Q3 2016		Q3YTD 2016		Q4 2016		FY 2016		Q1 2017		Q2 2017			HY 2017		Q3 2017			Q3YTD 2017		Q4 2017		FY 2017								CY

Net forwarding revenue	1402	1613	3015		1374		4389		1321		5709		1286		1377			2663		1394			4057		1330		5387			m4		m4		s4 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_3 gtgt q_act)13User Value 14141 Tsd	r4 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_3 gtgt q_act_jan)13User Value 53871 Tsd	00

Forwarding expenses	(420)	(607)	(1027)		(429)		(1456)		(397)		(1853)		(460)		(564)			(1024)		(580)			(1604)		(472)		(2076)			m5		m5		s5 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_3 gtgt q_act)13User Value -5564 Tsd	r5 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_3 gtgt q_act_jan)13User Value -20758 Tsd	00

Gross profit	982	1006	1989		944		2933		924		3857		825		813			1639		815			2454		858		3311			m6		m6		s6 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_3 gtgt q_act)13User Value 8576 Tsd	r6 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_3 gtgt q_act_jan)13User Value 33114 Tsd	00

Personnel expenses	(574)	(591)	(1166)		(528)		(1694)		(519)		(2213)		(479)		(461)			(940)		(469)			(1409)		(507)		(1916)			m7		m7		s7 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_3 gtgt q_act)13User Value -4045 Tsd	r7 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_3 gtgt q_act_jan)13User Value -19163 Tsd	00

Other operating expenses	(360)	(363)	(723)		(378)		(1102)		(367)		(1469)		(298)		(298)			(596)		(298)			(894)		(329)		(1223)			m8		m8		s8 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_3 gtgt q_act)13User Value -4415 Tsd	r8 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_3 gtgt q_act_jan)13User Value -12227 Tsd	00

EBITDA adjusted	48	52	100		38		138		37		175		48		54			103		48			151		22		172			m9		m9		s9 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_3 gtgt q_act)13User Value -479 Tsd	r9 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_3 gtgt q_act_jan)13User Value 1724 Tsd	00

Depreciation and amortization	(29)	(29)	(58)		(29)		(88)		(32)		(119)		(25)		(24)			(48)		(21)			(69)		(23)		(92)			m10		m10		s10 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_3 gtgt q_act)13User Value -125 Tsd	r10 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_3 gtgt q_act_jan)13User Value -918 Tsd	00

EBIT adjusted	18	23	41		09		50		05		56		24		31			54		27			81		(01)		81			m11		m11		s11 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act)13User Value -008 Tsd	r11 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act_jan)13User Value 807 Tsd	00

Non-recurring items

Restructuring expenses	00	(38)	(38)		00		(38)		00		(38)		00		00			00		00			00		00		00			m13		m13		s13	m13	00


EBIT reported	18	(15)	03		09		12		05		18		24		31			54		27			81		(01)		81			m15		m15		s15 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act)13User Value -008 Tsd	r15 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act_jan)13User Value 807 Tsd


GP Change YoY										-19		-18		-14		-16		-7		-14					s16	s16


															453

						10										15

GP control	000	000		000				000		(012)		(000)		000				000			000			000		s30		s30		s30		s30

EBITDA control	000	000		(000)				010		(002)		000		(000)				000			(000)			000		s31		s31		s31		s31

EBIT control	010	000		000				000		005		000		(000)			ERRORREF		000			000			000		s32		s32		s32		s32

2017	2016


Ocean Freight	Q1 2016	Q2 2016	HY 2016		Q3 2016	Q3YTD 2016			Q4 2016			FY 2016			Q1 2017			Q2 2017			HY 2017		Q3 2017			Q3YTD 2017		Q4 2017			FY 2017

Net forwarding revenue	5338	4921	10259		4955	15214			4770			19984			4915			5172			10087		5551			15637		5105			20743			m4		m4		s4 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_2 gtgt q_act)13User Value 55506 Tsd	r4 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_2 gtgt q_act_jan)13User Value 207428 Tsd	00	00	00	00

Forwarding expenses	(4157)	(3773)	(7930)		(3834)	(11764)			(3783)			(15547)			(3860)			(4081)			(7941)		(4463)			(12404)		(4067)			(16471)			m5		m5		s5 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_2 gtgt q_act)13User Value -44629 Tsd	r5 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_2 gtgt q_act_jan)13User Value -164707 Tsd	-00	00	00	00

Gross profit	1181	1148	2329		1121	3450			987			4438			1055			1091			2146		1088			3234		1038			4272			m6		m6		s6 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_2 gtgt q_act)13User Value 10877 Tsd	r6 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_2 gtgt q_act_jan)13User Value 42721 Tsd	00	00	00	00

Personnel expenses	(791)	(752)	(1543)		(755)	(2298)			(721)			(3019)			(779)			(784)			(1564)		(788)			(2352)		(837)			(3189)			m7		m7		s7 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_2 gtgt q_act)13User Value -7884 Tsd	r7 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_2 gtgt q_act_jan)13User Value -31889 Tsd	00	00	(00)	00

Other operating expenses	(305)	(288)	(594)		(274)	(868)			(275)			(1144)			(271)			(265)			(536)		(290)			(827)		(257)			(1083)			m8		m8		s8 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_2 gtgt q_act)13User Value -2905 Tsd	r8 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_2 gtgt q_act_jan)13User Value -10833 Tsd	00	(01)	(01)	00

EBITDA adjusted	84	108	192		92	284			(09)			275			05			41			46		09			55		(55)			(00)			m9		m9		s9 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_2 gtgt q_act)13User Value 089 Tsd	r9 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_2 gtgt q_act_jan)13User Value -001 Tsd	00	00	00	00

Depreciation and amortization	(41)	(42)	(83)		(41)	(124)			(42)			(166)			(36)			(36)			(72)		(38)			(110)		(41)			(151)			m10		m10		s10 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_2 gtgt q_act)13User Value -384 Tsd	r10 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_2 gtgt q_act_jan)13User Value -1508 Tsd	-00	00	00	00

EBIT adjusted	43	66	109		51	160			(51)			109			(32)			06			(26)		(29)			(55)		(96)			(151)			m11		m11		s11 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_2 gtgt q_act)13User Value -295 Tsd	r11 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_2 gtgt q_act_jan)13User Value -1509 Tsd	-00	00	00	00

in of gross profit	37	58	47		45	46			-51			25			-30			05			-12		-27			-17		-92			-35			m12		m12		s12	s12

Non-recurring items																									00		00		00			00

Restructuring expenses	00	(97)	(97)		0	(97)			(19)			(115)			00			00			00		00			00		00			00			m14		m14		s14	m14	00	00	01	00


EBIT reported	43	(30)	13		51	63			(69)			(06)			(32)			06			(26)		(29)			(55)		(96)			(151)			m16		m16		s16 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_2 gtgt q_act)13User Value -295 Tsd	r16 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_2 gtgt q_act_jan)13User Value -1509 Tsd	-00	00	(00)	00

in of gross profit	37	-26	05		45	18			-70			-01			-30			05			-12		-27			-17		-92			-35			m17		m17		s17	s17


Ocean Freight volumes (000 TEUs)	3482	3726	7208		3787	10995			3890			14885			3742			3828			7570		3856			11426		3779			15205			m19		m19		m19	m19	00	00	(00)	00

change YoY	-100	-82	-91		-88	-90			08			-66			75			27			50		18			39		-28			22			m20		m20		s20	s20

GPTEU (CHF)	339	308	323		296	314			254			298			282			285			283		282			283		275			281			m21		m21		m21	s21

change YoY	102	59	80		-16	47			-176			-11			-169			-75			-122		-47			-98		83			-58			m22		m22		s22	s22


GP change YoY								-11			-5			-8			-3			-6		519		-373					s23		s23


							-00298711145			00053228356					-00271124048				-00921686544

GP control	000	000		(000)			000			000			000			000					000			(000)			000			s30		s30		s30		s30

EBITDA control	010	000		000			000			(000)			(000)			(000)					000			000			(000)			s31		s31		s31		s31

EBIT control	000	000		000			000			(000)			(000)			000				000		000			000			(000)			s32		s32		s32		s32

2017	2016

																													Check

Air Freight	Q1 2016	Q2 2016	HY 2016		Q3 2016	Q3YTD 2016			Q4 2016			FY 2016			Q1 2017			Q2 2017		HY 2017			Q3 2017			Q3 YTD 2017			Q4 2017			FY 2017										CY

Net forwarding revenue	6332	6359	12691		6341	19032			7234			26267			6571			7000		13571			7389			20960			8238			29198			m4		m4		s4 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_1 gtgt q_act)13User Value 91229 Tsd		r4 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_1 gtgt q_act_jan)13User Value 291978 Tsd	00	00	(003)	00

Forwarding expenses	(4846)	(4800)	(9646)		(4853)	(14499)			(5816)			(20315)			(5125)			(5500)		(10625)			(5775)			(16400)			(6403)			(22803)			m5		m5		s5 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_1 gtgt q_act)13User Value -72887 Tsd		r5 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_1 gtgt q_act_jan)13User Value -228034 Tsd	00	00	00	00

Gross profit	1486	1559	3045		1489	4534			1418			5952			1447			1500		2946			1614			4560			1834			6394			m6		m6		s6 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_1 gtgt q_act)13User Value 18342 Tsd		r6 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_1 gtgt q_act_jan)13User Value 63944 Tsd	-00	00	00	00

Personnel expenses	(885)	(869)	(1754)		(847)	(2600)			(873)			(3473)			(905)			(916)		(1822)			(928)			(2750)			(1044)			(3793)			m7		m7		s7 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_1 gtgt q_act)13User Value -10893 Tsd		r7 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_1 gtgt q_act_jan)13User Value -37932 Tsd	-00	00	00	00

Other operating expenses	(371)	(359)	(730)		(318)	(1048)			(284)			(1333)			(324)			(317)		(641)			(337)			(978)			(334)			(1312)			m8		m8		s8 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_1 gtgt q_act)13User Value -2799 Tsd		r8 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_1 gtgt q_act_jan)13User Value -13116 Tsd	00	00	(00)	00

EBITDA adjusted	230	331	561		324	885			261			1146			218			266		484			349			833			457			1290			m9		m9		s9 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_1 gtgt q_act)13User Value 4650 Tsd		r9 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_1 gtgt q_act_jan)13User Value 12896 Tsd	00	00	(00)	00

Depreciation and amortization	(52)	(52)	(103)		(55)	(158)			(53)			(211)			(46)			(47)		(93)			(46)			(139)			(47)			(186)			m10		m10		s10 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_1 gtgt q_act)13User Value -558 Tsd		r10 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_1 gtgt q_act_jan)13User Value -1861 Tsd	00	01	01	00

EBIT adjusted	178	279	457		269	726			208			935			171			220		391			303			694			409			1103			m11		m11		s11 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act)13User Value 4092 Tsd		r11 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act_jan)13User Value 11035 Tsd	-00	00	00	00

in of gross profit	120	179	150		181	160			147			157			118			146		133			188			152			223			173			m12		m12		s12 PAC Hamon Pierrick Invalid Reference (value_1_PQACT02) 1313Reference could not be handled13Underlying Formula		s12

Non-recurring items																										00		00		00			00

Restructuring expenses	00	(127)	(127)		00	(127)			00			(127)			00			00		00			00			00			00			00			m14		m14		s14		m14	00	00	00	00


EBIT reported	178	153	331		269	600			208			808			171			220		391			303			694			409			1103			m16		m16		s16 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act)13User Value 4092 Tsd		r16 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act_jan)13User Value 11035 Tsd	-00	00	(00)	00

in of gross profit	120	98	109		181	132			147			136			118			146		133			188			152			223			173			m17		m17		s17		s17


Air Freight volumes (000 tons)	2161	2251	4412		2278	6690			2524			9214			2332			2399		4731			2489			7220			2739			9959			m19		m19		s19		m19	00	00	00	00

change YoY	54	111	82		99	88			141			102			79			66		72			93			79			85			81			m20		m20		s20		s20

GPton (CHF)	688	693	690		653	678			562			646			620			625		623			648			632			670			642			m21		m21		s21		s21

change YoY	-47	-36	-41		-73	-52			-140			-75			-98			-97		-98			-08			-68			192			-06			m22		m22		s22		s22


GP change YoY								-3			-4			-3			8		1			29			7					s23		s23

GP control	000	000		000			000			000			(000)			000				(000)				000		000		000		000			s30		s30		s30		s30

EBITDA control	000	000		000			(000)			000			000			(000)				000				000		(000)		000		000			s31		s31		s31		s31

EBIT control	000	000		000			000			(000)			000			(000)			000		000				000		000		000		(000)			s32		s32		s32		s32

2017		2016

																													Check CY

Group		Q1 2016		Q2 2016			HY 2016		Q3 2016		Q3YTD 2016		Q4 2016		FY 2016		Q1 2017		Q2 2017			HY 2017			Q3 2017			Q3YTD 2017		Q4 2017			FY 2017

Net forwarding revenue		13072		12894			25965		12670		38635		13325		51960		12772		13549			26321			14334			40655		14673			55328		s4 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Net forwarding revenue gtgt (ltlt 2017 gtgt q_act)13User Value 1433411124 Tsd		r4 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Net forwarding revenue gtgt (ltlt value_1 gtgt q_act_jan)13User Value 5532778504 Tsd		m4		m4		00		-01	-01	00

Forwarding expenses		(9423)		(9180)			(18602)		(9116)		(27718)		(9996)		(37714)		(9445)		(10145)			(19590)			(10818)			(30407)		(10942)			(41350)		s5 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Forwarding services from third parties gtgt (ltlt 2017 gtgt q_act)13User Value -1081765298 Tsd		r5 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Forwarding services from third parties gtgt (ltlt value_1 gtgt q_act_jan)13User Value -4134985568 Tsd		m5		m5		00		01	01	00

Gross profit		3649		3714			7363		3554		10917		3329		14246		3327		3404			6731			3516			10248		3730			13978		s6 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Gross profit gtgt (ltlt 2017 gtgt q_act)13User Value 351645826 Tsd		r6 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Gross profit gtgt (ltlt value_1 gtgt q_act_jan)13User Value 1397792936 Tsd		m6		m6		00		00	00	00

Personnel expenses		(2250)		(2213)			(4463)		(2129)		(6592)		(2113)		(8705)		(2164)		(2162)			(4326)			(2186)			(6511)		(2388)			(8898)		s7 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Personnel expenses gtgt (ltlt 2017 gtgt q_act)13User Value -218561825 Tsd		r7 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Personnel expenses gtgt (ltlt value_1 gtgt q_act_jan)13User Value -889847082 Tsd		m7		m7		00		00	00	00

Other operating expenses		(1037)		(1011)			(2047)		(971)		(3018)		(927)		(3945)		(893)		(880)			(1773)			(925)			(2698)		(919)			(3618)		s8 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Other operating expenses gtgt (ltlt 2017 gtgt q_act)13User Value -92494218 Tsd		r8 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Other operating expenses gtgt (ltlt value_1 gtgt q_act_jan)13User Value -361760468 Tsd		m8		m8		00		01	01	00

EBITDA adjusted		362		491			853		454		1307		289		1596		271		362			633			406			1039		423			1462		s9 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt EBITDA gtgt (ltlt 2017 gtgt q_act)13User Value 40589783 Tsd		r9 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt EBITDA gtgt (ltlt value_1 gtgt q_act_jan)13User Value 146185385 Tsd		m9		m9		00		00	00	00

Depreciation of property plant and equip		(62)		(62)			(125)		(62)		(187)		(71)		(258)		(53)		(54)			(107)			(50)			(156)		(56)			(213)		s10 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Depreciation of property plant and equipment gtgt (ltlt 2017 gtgt q_act)13User Value -4981553 Tsd		r10 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Depreciation of property plant and equipment gtgt (ltlt value_1 gtgt q_act_jan)13User Value -21293764 Tsd		m10		m10		-00		-01	-01	00

Amortization of intangible assets		(60)		(60)			(120)		(63)		(183)		(56)		(239)		(54)		(52)			(106)			(55)			(162)		(54)			(216)		s11 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Amortization of intangible assets gtgt (ltlt 2017 gtgt q_act)13User Value -5514918 Tsd		r11 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Amortization of intangible assets gtgt (ltlt value_1 gtgt q_act_jan)13User Value -21570493 Tsd		m11		m11		00		00	00	00

EBIT adjusted		240		368			608		329		936		163		1099		164		256			420			301			721		313			1033		s12 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Operating result (EBIT) gtgt (ltlt 2017 gtgt q_act)13User Value 30093312 Tsd		r12 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act_jan)13User Value 103321128 Tsd		m12		m12		00		00	-01	00

in of gross profit		66		99			83		92		86		49		77		49		75			62			86			70		84			74		s13		s13		m13		m13

Non-recurring items																											00		00		00		00

Restructuring expenses		00		(261)			(261)		00		(261)		(19)		(280)		00		00			00			00			00		00			00		s15 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Restructuring expenses gtgt (ltlt 2017 gtgt q_act)13User Value 0000000 Tsd		r15 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Restructuring expenses gtgt (ltlt value_1 gtgt q_act_jan)13User Value 0000000 Tsd		m15		m15		00		00	00	00


EBIT reported		240		107			347		329		675		144		820		164		256			420			301			721		313			1033		s17		s17		m17		m17		00		00	00	00

in of gross profit		66		29			47		92		62		43		58		49		75			62			86			70		84			74		s18		s18		m18		m18		-01		-00	-02

Financial result		(09)		07			(02)		(04)		(06)		02		(04)		02		01			03			(04)			(02)		(16)			(18)		s19 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13130939883 Tsd - ltlt Finance income gtgt (ltlt 2017 gtgt q_act)13-1343957 Tsd - ltlt Finance costs gtgt (ltlt 2017 gtgt q_act)13---------------------13-0404074 Tsd (Total)		r19 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13132749657 Tsd - ltlt Finance income gtgt (ltlt value_1 gtgt q_act_jan)13-4529105 Tsd - ltlt Finance costs gtgt (ltlt value_1 gtgt q_act_jan)13---------------------13-1779448 Tsd (Total)		m19		m19		00		00	00	00

Earnings before taxes (EBT)		231		114			345		325		670		146		816		165		257			422			297			719		296			1015		s20 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Profit before income tax (EBT) gtgt (ltlt 2017 gtgt q_act)13User Value 29689237 Tsd		r20 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Profit before income tax (EBT) gtgt (ltlt value_1 gtgt q_act_jan)13User Value 101541680 Tsd		m20		m20		00		00	00	00

Income tax expenses		(58)		(69)			(126)		(79)		(205)		(88)		(293)		(42)		(81)			(123)			(112)			(235)		(206)			(441)		s21 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Income tax expenses gtgt (ltlt 2017 gtgt q_act)13User Value -11228068 Tsd		r21 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Income tax expenses gtgt (ltlt value_1 gtgt q_act_jan)13User Value -44082152 Tsd		m21		m21		00		01	01	00

of EBT		250		602			367		242		306		601		359		252		316			291			378			327		694			434		s22		s22		m22		m22

Profit		173		45			218		246		465		58		523		124		176			299			185			484		91			575		s23 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Profit gtgt (ltlt 2017 gtgt q_act)13User Value 18461169 Tsd		r23 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Profit gtgt (ltlt value_1 gtgt q_act_jan)13User Value 57459528 Tsd		m23		m23		00		00	01	00

Earnings per share		075		021			096		106		201		027		229		054		075			129			079			208		040			248		s24 PAC Serova Elena (External) Referenced Value (value_1_PQACTJAN02)1313Document Q2_2017_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Basic gtgt (ltlt 2017 gtgt q_act_jan)13User Value 0000540 Tsd		s24 PAC Serova Elena (External) Referenced Value (value_1_PQACTJAN02)1313Document Q2_2017_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Basic gtgt (ltlt 2017 gtgt q_act_jan)13User Value 0000540 Tsd		m24		m24		00		00	00	00

			0		0				46460419259						0		0		0			0		0			0			m25		m25		l1	l1			00		00

Earnings per share 1000																0000788		0002078		0000788			0002478			rf28 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Basic gtgt (ltlt 2017 gtgt q_act)13User Value 0000788 Tsd		rf28 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Basic gtgt (ltlt value_1 gtgt q_act_jan)13User Value 0002478 Tsd		l2		l2

Total Operating Expenses																(3111)		(9209)		(3307)			(12516)			s25		s25		l3		l3

OOE YoY

	042


GP control		00		00		00		00		00	00	00		00		00		00			00		00		00			00		00		00		(00)		00			s30		s30	s30		s30

EBITDA control		00		(01)		00		00		00	00	00		(00)		00		(00)			00		00		(01)			00		00		(00)		00		(00)			s31		s31	s31		s31

EBIT control		00		01		00		00		00	00	00		(01)		00		00			(00)		00		(00)			00		00		00		00		00			s32		s32	s32		s32

Earnings before taxes (EBT)		00		00		00		00		00	00	00		00		00		00			00		00		01			00		00		(00)		(00)		00			s33		s33	s33		s33

Profit		00		00		00		01		00	00	00		00		00		00			00		00		(00)			(00)		00		00		(00)		00			s34		s34	s34		s34

Air GP																				6394449			l4		r40 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Gross profit (value_1 q_act_jan)13User Value 6394449 Mio		l4		l4

Ocean GP																				4272121			l5		r41 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_act_jan)13User Value 4272121 Mio		l5		l5

Logistics GP																				331136			l6		r42 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row Gross profit (value_1 q_act_jan)13User Value 3311360 Mio		l6		l6

Check																				00			l7		s43		l7		l7

Air EBIT																				1103462			l8		r44 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row EBIT adjusted (value_1 q_act_jan)13User Value 1103462 Mio		l8		l8

Ocean EBIT																				-150917			l9		r45 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_act_jan)13User Value -150917 Mio		l9		l9

Logistics EBIT																				80666			l10		r46 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row EBIT adjusted (value_1 q_act_jan)13User Value 80666 Mio		l10		l10

Check																				00			l11		s47		l11		l11

APAC GP																				34878			l12		r51 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 313 - AC Key figures APAC13Row Gross profit (value_1 q_act_jan)13User Value 34878 Mio		l12		l12

EUROPE GP																				53038			l13		r52 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 314 - AC Key figures Europe13Row Gross profit (value_1 q_act_jan)13User Value 53038 Mio		l13		l13

MEAC GP																				897489			l14		r53 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 315 - AC Key figures MEAC13Row Gross profit (value_1 q_act_jan)13User Value 8974886 Mio		l14		l14

AME GP																				4288802			l15		r54 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 316 - AC Key figures Americas13Row Gross profit (value_1 q_act_jan)13User Value 4288802 Mio		l15		l15

Check																				(00)			l16		s55		l16		l16

APAC EBIT																				7061			l17		r56 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 313 - AC Key figures APAC13Row EBIT (value_1 q_act_jan)13User Value 7061 Mio		l17		l17

EUROPE EBIT																				-122			l18		r57 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 314 - AC Key figures Europe13Row EBIT (value_1 q_act_jan)13User Value -122 Mio		l18		l18

MEAC EBIT																				20871			l19		r58 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 315 - AC Key figures MEAC13Row EBIT reported (value_1 q_act_jan)13User Value 208709 Mio		l19		l19

AME EBIT																				31847			l20		r59 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 316 - AC Key figures Americas13Row EBIT reported (value_1 q_act_jan)13User Value 3184697 Mio		l20		l20

Check																				00			l21		s60		l21		l21

Air NFR																				2919782			l31		r70 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Net forwarding revenue (value_1 q_act_jan)13User Value 29197820 Mio		l31		l31

Ocean NFR																				2074282			l22		r71 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Net forwarding revenue (value_1 q_act_jan)13User Value 20742820 Mio		l22		l22

Logistics NFR																				5387147			l23		r72 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row Net forwarding revenue (value_1 q_act_jan)13User Value 5387147 Mio		l23		l23

Check																				00			l24		s73		l24		l24

APAC NFR																				127363			l25		r75 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 313 - AC Key figures APAC13Row Net forwarding revenue (value_1 q_act_jan)13User Value 127363 Mio		l25		l25

EUROPE NFR																				231796			l26		r76 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 314 - AC Key figures Europe13Row Net forwarding revenue (value_1 q_act_jan)13User Value 231796 Mio		l26		l26

MEAC NFR																				271595			l27		r77 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 315 - AC Key figures MEAC13Row Net forwarding revenue (value_1 q_act_jan)13User Value 27159502 Mio		l27		l27

AME NFR																				16695948			l28		r78 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 316 - AC Key figures Americas13Row Net forwarding revenue (value_1 q_act_jan)13User Value 166959483 Mio		l28		l28

Check																				00			l29		s79		l29		l29

Page 14: Full-year results 2017 - panalpina.com · GP/ton -14% -10% -10% ... of an offer to purchase any shares andneither it nor any part of it shall form the basis ... % 24.2% 60.1% 35.9%

OUTLOOK Market

minus AirOcean 3-4

Panalpina

APRIL 19 2018

MAY 8 2018

NEXT EVENTS

DISCLAIMER

APPENDIX

SNVeryHiddenParameterSheet

PAN_ISpQ_Group

image1png

SNVeryHiddenParameterSheet

PAN_ISpQ_AirFreight

image1png

SNVeryHiddenParameterSheet

PAN_ISpQ_OceanFreight

image1png

EBIT reported 18 (15) 09 05 18 24 31 27 (01) 81

SNVeryHiddenParameterSheet

PAN_ISpQ_Logistics

image1png

BALANCE SHEET

SNVeryHiddenParameterSheet

PAN_BalanceSheet

image1png

CASH FLOW

SNVeryHiddenParameterSheet

Tabele PAN_Cashflow

Slide Number 2
IFRS changes 2018
Next EVENTs
Disclaimer
Appendix
Balance sheet
Cash flow

	31-Dec-16		31-Dec-17		Change in

Cash flow before changes in working capital		1313		1536				r2 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Subtotal cash flow from operations gtgt (ltlt 2017 gtgt q_act_jan)13User Value 15298 Tsd			PY IS MANUAL

Changes in working capital		188		(480)				r3 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows131313267 Tsd - ltlt Increase (decrease) payables and accruals incl accrued cost of service gtgt (ltlt 2017 gtgt q_act_jan)13-695 Tsd - ltlt (Decrease) increase non-current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13256 Tsd - ltlt (Decrease) increase current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13-17508 Tsd - ltlt (Increase) decrease receivables other current assets and unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-4680 Tsd (Total)

Cash from operations		1501		1056				r4 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash generated from operations gtgt (ltlt 2017 gtgt q_act_jan)13User Value 10618 Tsd


Interest and income taxes paid		(394)		(383)				r6 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows1313-3709 Tsd - ltlt Income taxes paid gtgt (ltlt 2017 gtgt q_act_jan)13-122 Tsd - ltlt Interest paid gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-3831 Tsd (Total)

Net cash from operating activities		1107		673		-39			r7 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash from operating activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 6787 Tsd


Net cash from investing activities		(241)		(681)		183			r9 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in investing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -6870 Tsd


Free cash flow		866		(08)		-101			r11 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Free cash flow gtgt (ltlt 2017 gtgt q_act_jan)13User Value -083 Tsd


Net cash used in financing activities		(887)		(882)		-1			r13 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in financing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8818 Tsd


Net increase (decrease) in cash and cash equivalents		(21)		(890)				r15 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net increase (decrease) in cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8901 Tsd

Cash and cash equivalents at beginning of period		3923		3888				r16 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the beginning of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 38878 Tsd

Effect of exchange rate changes		(14)		111				r17 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Effect of exchange rate changes on cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 1108 Tsd

Cash and cash equivalents at end of period		3888		3109				r18 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the end of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd


Reported cash and cash equivalents at 31122016			3888				r21 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the beginning of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 38878 Tsd			Reported cash and cash equivalents at 31122016			3888

Profit YTD 122017			5746				r19 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Profit gtgt (ltlt 2017 gtgt q_act_jan)13User Value 5746 Tsd			Profit YTD 122017		3888		575

Other non-cash items (eg DampA)			9613				r23 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13132129 Tsd - ltlt Depreciation of property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)132157 Tsd - ltlt Amortization of intangible assets gtgt (ltlt 2017 gtgt q_act_jan)13-224 Tsd - ltlt Interest income and dividend on available-for-sale financial assets gtgt (ltlt 2017 gtgt q_act_jan)13-062 Tsd - ltlt Exchange differences gtgt (ltlt 2017 gtgt q_act_jan)13-033 Tsd - ltlt Loss (gain) on sales of property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)13000 Tsd - ltlt Gain on sales of financial assets gtgt (ltlt 2017 gtgt q_act_jan)13612 Tsd - ltlt Expenses for share-based compensation plans gtgt (ltlt 2017 gtgt q_act_jan)13564 Tsd - ltlt Other non-cash (income) and expenses gtgt (ltlt 2017 gtgt q_act_jan)134408 Tsd - ltlt Income tax expenses gtgt (ltlt 2017 gtgt q_act_jan)13---------------------139552 Tsd (Total)			Other non-cash items (eg DampA)		4462		961

Changes in working capital			-4798				r24 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows131313267 Tsd - ltlt Increase (decrease) payables and accruals incl accrued cost of service gtgt (ltlt 2017 gtgt q_act_jan)13-695 Tsd - ltlt (Decrease) increase non-current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13256 Tsd - ltlt (Decrease) increase current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13-17508 Tsd - ltlt (Increase) decrease receivables other current assets and unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-4680 Tsd (Total)			Changes in working capital		4944		480	neg

Interest and income taxes paid			-3831				r25 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows1313-3709 Tsd - ltlt Income taxes paid gtgt (ltlt 2017 gtgt q_act_jan)13-122 Tsd - ltlt Interest paid gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-3831 Tsd (Total)			Interest and income taxes paid		4561		383	neg

Net cash from investing activities			-6813				r26 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in investing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -6870 Tsd			Net cash from investing activities		3879		681	neg

Financing activitiesdividend			-8818				r27 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in financing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8818 Tsd			Financing activitiesdividend		2998		882	neg

Effect of exchange rate changes			1108				r28 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Effect of exchange rate changes on cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 1108 Tsd			Effect of exchange rate changes		2998		111

Reported cash and cash equivalents at 31122017			31085				r29 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the end of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd		PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Subtotal cash flow from operations gtgt (ltlt 2017 gtgt q_act_jan)13User Value 15298 Tsd		PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows131313267 Tsd - ltlt Increase (decrease) payables and accruals incl accrued cost of service gtgt (ltlt 2017 gtgt q_act_jan)13-695 Tsd - ltlt (Decrease) increase non-current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13256 Tsd - ltlt (Decrease) increase current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13-17508 Tsd - ltlt (Increase) decrease receivables other current assets and unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-4680 Tsd (Total)	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash generated from operations gtgt (ltlt 2017 gtgt q_act_jan)13User Value 10618 Tsd		PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows1313-3709 Tsd - ltlt Income taxes paid gtgt (ltlt 2017 gtgt q_act_jan)13-122 Tsd - ltlt Interest paid gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-3831 Tsd (Total)	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash from operating activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 6787 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in investing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -6870 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Free cash flow gtgt (ltlt 2017 gtgt q_act_jan)13User Value -083 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in financing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8818 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net increase (decrease) in cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8901 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the beginning of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 38878 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Effect of exchange rate changes on cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 1108 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the end of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the beginning of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 38878 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Profit gtgt (ltlt 2017 gtgt q_act_jan)13User Value 5746 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13132129 Tsd - ltlt Depreciation of property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)132157 Tsd - ltlt Amortization of intangible assets gtgt (ltlt 2017 gtgt q_act_jan)13-224 Tsd - ltlt Interest income and dividend on available-for-sale financial assets gtgt (ltlt 2017 gtgt q_act_jan)13-062 Tsd - ltlt Exchange differences gtgt (ltlt 2017 gtgt q_act_jan)13-033 Tsd - ltlt Loss (gain) on sales of property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)13000 Tsd - ltlt Gain on sales of financial assets gtgt (ltlt 2017 gtgt q_act_jan)13612 Tsd - ltlt Expenses for share-based compensation plans gtgt (ltlt 2017 gtgt q_act_jan)13564 Tsd - ltlt Other non-cash (income) and expenses gtgt (ltlt 2017 gtgt q_act_jan)134408 Tsd - ltlt Income tax expenses gtgt (ltlt 2017 gtgt q_act_jan)13---------------------139552 Tsd (Total)	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows131313267 Tsd - ltlt Increase (decrease) payables and accruals incl accrued cost of service gtgt (ltlt 2017 gtgt q_act_jan)13-695 Tsd - ltlt (Decrease) increase non-current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13256 Tsd - ltlt (Decrease) increase current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13-17508 Tsd - ltlt (Increase) decrease receivables other current assets and unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-4680 Tsd (Total)	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows1313-3709 Tsd - ltlt Income taxes paid gtgt (ltlt 2017 gtgt q_act_jan)13-122 Tsd - ltlt Interest paid gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-3831 Tsd (Total)	Reported cash and cash equivalents at 31122017	3109	3888

													484

													591

													(479)

													(331)

													(406)

													(882)

													93

													2946

	31-Dec-16		31-Dec-17		Change in

				CHF

Cash and cash equivalents		3888		3109		(779)		-20			r3 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd		3888	3999		111		3

Trade receivables unbilled forwarding services		9087		10970		1883		21			r4 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Trade receivables unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13User Value 109701 Tsd		9087	8693		-394		-4

Other current assets		1025		1322		297		29			r5 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other current assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 13217 Tsd		1025	1335		31		30

Property plant and equipment		635		967		332		52			r6 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)13User Value 9673 Tsd		635	651		16		3

Intangible assets		979		885		(95)		-10			r7 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Intangible assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 8845 Tsd		979	926		-53		-5

Other non-current assets		990		1138		148		15			r8 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other non-current assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 11382 Tsd		99	1073		83		8

Total assets		16606		18390		1784		11			r9 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 183903 Tsd		166060	166780		72		0

											0

Short-term borrowings		23		26		03		15			r11 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Short-term borrowings gtgt (ltlt 2017 gtgt q_act_jan)13User Value 262 Tsd		23	05		-18		-78

Trade payables accured cost of services		6524		7967		1443		22			r12 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Trade payables accured cost of services gtgt (ltlt 2017 gtgt q_act_jan)13User Value 79665 Tsd		6524	620		-324		-5

Other current liabilities		2439		2676		237		10			r13 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other current liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 26763 Tsd		2439	2592		153		6

Long-Term borrowings		00		32		32		na			r20 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Long-term borrowings gtgt (ltlt 2017 gtgt q_act_jan)13User Value 324 Tsd		0	12		12		na

Other long-term liabilities		1449		1546		97		7			r21 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other long-term liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 15459 Tsd		1449	1479		3		2

Total liabilities		10436		12247		1811		17			r14 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 122473 Tsd		104360	102880		-148		-1

Share capital		24		24		(00)		-1			r15 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Share capital gtgt (ltlt 2017 gtgt q_act_jan)13User Value 238 Tsd		24	24		0		0

Reserves treasury shares		6057		6056		(01)		-0			r16 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Reserves treasury shares gtgt (ltlt 2017 gtgt q_act_jan)13User Value 60534 Tsd		6057	6285		228		4

Non-controlling interests		89		63		(26)		-29			r17 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Non-controlling interests gtgt (ltlt 2017 gtgt q_act_jan)13User Value 659 Tsd		89	81		-08		-9

Total equity		6170		6143		(27)		-0			r18 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total equity gtgt (ltlt 2017 gtgt q_act_jan)13User Value 61430 Tsd		617	639		22		4

Total equity and liabilities		16606		18390		1784		11			r19 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total equity and liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 183903 Tsd		166060	166780		72		0

KPIs		31-Dec-16		31-Dec-17


Equity Ratio		372		334					s20 PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document Q2_2017_Quarter_Report13Chapter Consolidated Statement of Financial Position13Row ltlt Total equity and liabilities gtgt (ltlt June 30 2017 gtgt q_act_jan)13User Value 153472 Tsd

							PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Trade receivables unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13User Value 109701 Tsd		PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other current assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 13217 Tsd		PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)13User Value 9673 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Intangible assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 8845 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other non-current assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 11382 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 183903 Tsd		PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Short-term borrowings gtgt (ltlt 2017 gtgt q_act_jan)13User Value 262 Tsd		PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Trade payables accured cost of services gtgt (ltlt 2017 gtgt q_act_jan)13User Value 79665 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other current liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 26763 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Long-term borrowings gtgt (ltlt 2017 gtgt q_act_jan)13User Value 324 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other long-term liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 15459 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 122473 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Share capital gtgt (ltlt 2017 gtgt q_act_jan)13User Value 238 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Reserves treasury shares gtgt (ltlt 2017 gtgt q_act_jan)13User Value 60534 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Non-controlling interests gtgt (ltlt 2017 gtgt q_act_jan)13User Value 659 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total equity gtgt (ltlt 2017 gtgt q_act_jan)13User Value 61430 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total equity and liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 183903 Tsd	NWC-Intensity	18	15	mf24	Enterred by HPI on 14012018

DSO 3-m-rolling YTD		455		474					m22		Enterred by HPI on 14012018

DPO 3-m-rolling YTD		407		412					m23		Enterred by HPI on 14012018

2017	2016

																						Check

Logistics	Q1 2016	Q2 2016	HY 2016		Q3 2016		Q3YTD 2016		Q4 2016		FY 2016		Q1 2017		Q2 2017			HY 2017		Q3 2017			Q3YTD 2017		Q4 2017		FY 2017								CY

Net forwarding revenue	1402	1613	3015		1374		4389		1321		5709		1286		1377			2663		1394			4057		1330		5387			m4		m4		s4 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_3 gtgt q_act)13User Value 14141 Tsd	r4 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_3 gtgt q_act_jan)13User Value 53871 Tsd	00

Forwarding expenses	(420)	(607)	(1027)		(429)		(1456)		(397)		(1853)		(460)		(564)			(1024)		(580)			(1604)		(472)		(2076)			m5		m5		s5 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_3 gtgt q_act)13User Value -5564 Tsd	r5 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_3 gtgt q_act_jan)13User Value -20758 Tsd	00

Gross profit	982	1006	1989		944		2933		924		3857		825		813			1639		815			2454		858		3311			m6		m6		s6 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_3 gtgt q_act)13User Value 8576 Tsd	r6 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_3 gtgt q_act_jan)13User Value 33114 Tsd	00

Personnel expenses	(574)	(591)	(1166)		(528)		(1694)		(519)		(2213)		(479)		(461)			(940)		(469)			(1409)		(507)		(1916)			m7		m7		s7 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_3 gtgt q_act)13User Value -4045 Tsd	r7 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_3 gtgt q_act_jan)13User Value -19163 Tsd	00

Other operating expenses	(360)	(363)	(723)		(378)		(1102)		(367)		(1469)		(298)		(298)			(596)		(298)			(894)		(329)		(1223)			m8		m8		s8 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_3 gtgt q_act)13User Value -4415 Tsd	r8 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_3 gtgt q_act_jan)13User Value -12227 Tsd	00

EBITDA adjusted	48	52	100		38		138		37		175		48		54			103		48			151		22		172			m9		m9		s9 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_3 gtgt q_act)13User Value -479 Tsd	r9 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_3 gtgt q_act_jan)13User Value 1724 Tsd	00

Depreciation and amortization	(29)	(29)	(58)		(29)		(88)		(32)		(119)		(25)		(24)			(48)		(21)			(69)		(23)		(92)			m10		m10		s10 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_3 gtgt q_act)13User Value -125 Tsd	r10 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_3 gtgt q_act_jan)13User Value -918 Tsd	00

EBIT adjusted	18	23	41		09		50		05		56		24		31			54		27			81		(01)		81			m11		m11		s11 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act)13User Value -008 Tsd	r11 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act_jan)13User Value 807 Tsd	00

Non-recurring items

Restructuring expenses	00	(38)	(38)		00		(38)		00		(38)		00		00			00		00			00		00		00			m13		m13		s13	m13	00


EBIT reported	18	(15)	03		09		12		05		18		24		31			54		27			81		(01)		81			m15		m15		s15 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act)13User Value -008 Tsd	r15 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act_jan)13User Value 807 Tsd


GP Change YoY										-19		-18		-14		-16		-7		-14					s16	s16


															453

						10										15

GP control	000	000		000				000		(012)		(000)		000				000			000			000		s30		s30		s30		s30

EBITDA control	000	000		(000)				010		(002)		000		(000)				000			(000)			000		s31		s31		s31		s31

EBIT control	010	000		000				000		005		000		(000)			ERRORREF		000			000			000		s32		s32		s32		s32

2017	2016


Ocean Freight	Q1 2016	Q2 2016	HY 2016		Q3 2016	Q3YTD 2016			Q4 2016			FY 2016			Q1 2017			Q2 2017			HY 2017		Q3 2017			Q3YTD 2017		Q4 2017			FY 2017

Net forwarding revenue	5338	4921	10259		4955	15214			4770			19984			4915			5172			10087		5551			15637		5105			20743			m4		m4		s4 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_2 gtgt q_act)13User Value 55506 Tsd	r4 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_2 gtgt q_act_jan)13User Value 207428 Tsd	00	00	00	00

Forwarding expenses	(4157)	(3773)	(7930)		(3834)	(11764)			(3783)			(15547)			(3860)			(4081)			(7941)		(4463)			(12404)		(4067)			(16471)			m5		m5		s5 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_2 gtgt q_act)13User Value -44629 Tsd	r5 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_2 gtgt q_act_jan)13User Value -164707 Tsd	-00	00	00	00

Gross profit	1181	1148	2329		1121	3450			987			4438			1055			1091			2146		1088			3234		1038			4272			m6		m6		s6 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_2 gtgt q_act)13User Value 10877 Tsd	r6 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_2 gtgt q_act_jan)13User Value 42721 Tsd	00	00	00	00

Personnel expenses	(791)	(752)	(1543)		(755)	(2298)			(721)			(3019)			(779)			(784)			(1564)		(788)			(2352)		(837)			(3189)			m7		m7		s7 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_2 gtgt q_act)13User Value -7884 Tsd	r7 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_2 gtgt q_act_jan)13User Value -31889 Tsd	00	00	(00)	00

Other operating expenses	(305)	(288)	(594)		(274)	(868)			(275)			(1144)			(271)			(265)			(536)		(290)			(827)		(257)			(1083)			m8		m8		s8 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_2 gtgt q_act)13User Value -2905 Tsd	r8 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_2 gtgt q_act_jan)13User Value -10833 Tsd	00	(01)	(01)	00

EBITDA adjusted	84	108	192		92	284			(09)			275			05			41			46		09			55		(55)			(00)			m9		m9		s9 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_2 gtgt q_act)13User Value 089 Tsd	r9 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_2 gtgt q_act_jan)13User Value -001 Tsd	00	00	00	00

Depreciation and amortization	(41)	(42)	(83)		(41)	(124)			(42)			(166)			(36)			(36)			(72)		(38)			(110)		(41)			(151)			m10		m10		s10 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_2 gtgt q_act)13User Value -384 Tsd	r10 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_2 gtgt q_act_jan)13User Value -1508 Tsd	-00	00	00	00

EBIT adjusted	43	66	109		51	160			(51)			109			(32)			06			(26)		(29)			(55)		(96)			(151)			m11		m11		s11 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_2 gtgt q_act)13User Value -295 Tsd	r11 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_2 gtgt q_act_jan)13User Value -1509 Tsd	-00	00	00	00

in of gross profit	37	58	47		45	46			-51			25			-30			05			-12		-27			-17		-92			-35			m12		m12		s12	s12

Non-recurring items																									00		00		00			00

Restructuring expenses	00	(97)	(97)		0	(97)			(19)			(115)			00			00			00		00			00		00			00			m14		m14		s14	m14	00	00	01	00


EBIT reported	43	(30)	13		51	63			(69)			(06)			(32)			06			(26)		(29)			(55)		(96)			(151)			m16		m16		s16 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_2 gtgt q_act)13User Value -295 Tsd	r16 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_2 gtgt q_act_jan)13User Value -1509 Tsd	-00	00	(00)	00

in of gross profit	37	-26	05		45	18			-70			-01			-30			05			-12		-27			-17		-92			-35			m17		m17		s17	s17


Ocean Freight volumes (000 TEUs)	3482	3726	7208		3787	10995			3890			14885			3742			3828			7570		3856			11426		3779			15205			m19		m19		m19	m19	00	00	(00)	00

change YoY	-100	-82	-91		-88	-90			08			-66			75			27			50		18			39		-28			22			m20		m20		s20	s20

GPTEU (CHF)	339	308	323		296	314			254			298			282			285			283		282			283		275			281			m21		m21		m21	s21

change YoY	102	59	80		-16	47			-176			-11			-169			-75			-122		-47			-98		83			-58			m22		m22		s22	s22


GP change YoY								-11			-5			-8			-3			-6		519		-373					s23		s23


							-00298711145			00053228356					-00271124048				-00921686544

GP control	000	000		(000)			000			000			000			000					000			(000)			000			s30		s30		s30		s30

EBITDA control	010	000		000			000			(000)			(000)			(000)					000			000			(000)			s31		s31		s31		s31

EBIT control	000	000		000			000			(000)			(000)			000				000		000			000			(000)			s32		s32		s32		s32

2017	2016

																													Check

Air Freight	Q1 2016	Q2 2016	HY 2016		Q3 2016	Q3YTD 2016			Q4 2016			FY 2016			Q1 2017			Q2 2017		HY 2017			Q3 2017			Q3 YTD 2017			Q4 2017			FY 2017										CY

Net forwarding revenue	6332	6359	12691		6341	19032			7234			26267			6571			7000		13571			7389			20960			8238			29198			m4		m4		s4 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_1 gtgt q_act)13User Value 91229 Tsd		r4 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_1 gtgt q_act_jan)13User Value 291978 Tsd	00	00	(003)	00

Forwarding expenses	(4846)	(4800)	(9646)		(4853)	(14499)			(5816)			(20315)			(5125)			(5500)		(10625)			(5775)			(16400)			(6403)			(22803)			m5		m5		s5 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_1 gtgt q_act)13User Value -72887 Tsd		r5 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_1 gtgt q_act_jan)13User Value -228034 Tsd	00	00	00	00

Gross profit	1486	1559	3045		1489	4534			1418			5952			1447			1500		2946			1614			4560			1834			6394			m6		m6		s6 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_1 gtgt q_act)13User Value 18342 Tsd		r6 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_1 gtgt q_act_jan)13User Value 63944 Tsd	-00	00	00	00

Personnel expenses	(885)	(869)	(1754)		(847)	(2600)			(873)			(3473)			(905)			(916)		(1822)			(928)			(2750)			(1044)			(3793)			m7		m7		s7 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_1 gtgt q_act)13User Value -10893 Tsd		r7 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_1 gtgt q_act_jan)13User Value -37932 Tsd	-00	00	00	00

Other operating expenses	(371)	(359)	(730)		(318)	(1048)			(284)			(1333)			(324)			(317)		(641)			(337)			(978)			(334)			(1312)			m8		m8		s8 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_1 gtgt q_act)13User Value -2799 Tsd		r8 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_1 gtgt q_act_jan)13User Value -13116 Tsd	00	00	(00)	00

EBITDA adjusted	230	331	561		324	885			261			1146			218			266		484			349			833			457			1290			m9		m9		s9 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_1 gtgt q_act)13User Value 4650 Tsd		r9 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_1 gtgt q_act_jan)13User Value 12896 Tsd	00	00	(00)	00

Depreciation and amortization	(52)	(52)	(103)		(55)	(158)			(53)			(211)			(46)			(47)		(93)			(46)			(139)			(47)			(186)			m10		m10		s10 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_1 gtgt q_act)13User Value -558 Tsd		r10 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_1 gtgt q_act_jan)13User Value -1861 Tsd	00	01	01	00

EBIT adjusted	178	279	457		269	726			208			935			171			220		391			303			694			409			1103			m11		m11		s11 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act)13User Value 4092 Tsd		r11 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act_jan)13User Value 11035 Tsd	-00	00	00	00

in of gross profit	120	179	150		181	160			147			157			118			146		133			188			152			223			173			m12		m12		s12 PAC Hamon Pierrick Invalid Reference (value_1_PQACT02) 1313Reference could not be handled13Underlying Formula		s12

Non-recurring items																										00		00		00			00

Restructuring expenses	00	(127)	(127)		00	(127)			00			(127)			00			00		00			00			00			00			00			m14		m14		s14		m14	00	00	00	00


EBIT reported	178	153	331		269	600			208			808			171			220		391			303			694			409			1103			m16		m16		s16 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act)13User Value 4092 Tsd		r16 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act_jan)13User Value 11035 Tsd	-00	00	(00)	00

in of gross profit	120	98	109		181	132			147			136			118			146		133			188			152			223			173			m17		m17		s17		s17


Air Freight volumes (000 tons)	2161	2251	4412		2278	6690			2524			9214			2332			2399		4731			2489			7220			2739			9959			m19		m19		s19		m19	00	00	00	00

change YoY	54	111	82		99	88			141			102			79			66		72			93			79			85			81			m20		m20		s20		s20

GPton (CHF)	688	693	690		653	678			562			646			620			625		623			648			632			670			642			m21		m21		s21		s21

change YoY	-47	-36	-41		-73	-52			-140			-75			-98			-97		-98			-08			-68			192			-06			m22		m22		s22		s22


GP change YoY								-3			-4			-3			8		1			29			7					s23		s23

GP control	000	000		000			000			000			(000)			000				(000)				000		000		000		000			s30		s30		s30		s30

EBITDA control	000	000		000			(000)			000			000			(000)				000				000		(000)		000		000			s31		s31		s31		s31

EBIT control	000	000		000			000			(000)			000			(000)			000		000				000		000		000		(000)			s32		s32		s32		s32

2017		2016

																													Check CY

Group		Q1 2016		Q2 2016			HY 2016		Q3 2016		Q3YTD 2016		Q4 2016		FY 2016		Q1 2017		Q2 2017			HY 2017			Q3 2017			Q3YTD 2017		Q4 2017			FY 2017

Net forwarding revenue		13072		12894			25965		12670		38635		13325		51960		12772		13549			26321			14334			40655		14673			55328		s4 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Net forwarding revenue gtgt (ltlt 2017 gtgt q_act)13User Value 1433411124 Tsd		r4 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Net forwarding revenue gtgt (ltlt value_1 gtgt q_act_jan)13User Value 5532778504 Tsd		m4		m4		00		-01	-01	00

Forwarding expenses		(9423)		(9180)			(18602)		(9116)		(27718)		(9996)		(37714)		(9445)		(10145)			(19590)			(10818)			(30407)		(10942)			(41350)		s5 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Forwarding services from third parties gtgt (ltlt 2017 gtgt q_act)13User Value -1081765298 Tsd		r5 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Forwarding services from third parties gtgt (ltlt value_1 gtgt q_act_jan)13User Value -4134985568 Tsd		m5		m5		00		01	01	00

Gross profit		3649		3714			7363		3554		10917		3329		14246		3327		3404			6731			3516			10248		3730			13978		s6 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Gross profit gtgt (ltlt 2017 gtgt q_act)13User Value 351645826 Tsd		r6 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Gross profit gtgt (ltlt value_1 gtgt q_act_jan)13User Value 1397792936 Tsd		m6		m6		00		00	00	00

Personnel expenses		(2250)		(2213)			(4463)		(2129)		(6592)		(2113)		(8705)		(2164)		(2162)			(4326)			(2186)			(6511)		(2388)			(8898)		s7 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Personnel expenses gtgt (ltlt 2017 gtgt q_act)13User Value -218561825 Tsd		r7 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Personnel expenses gtgt (ltlt value_1 gtgt q_act_jan)13User Value -889847082 Tsd		m7		m7		00		00	00	00

Other operating expenses		(1037)		(1011)			(2047)		(971)		(3018)		(927)		(3945)		(893)		(880)			(1773)			(925)			(2698)		(919)			(3618)		s8 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Other operating expenses gtgt (ltlt 2017 gtgt q_act)13User Value -92494218 Tsd		r8 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Other operating expenses gtgt (ltlt value_1 gtgt q_act_jan)13User Value -361760468 Tsd		m8		m8		00		01	01	00

EBITDA adjusted		362		491			853		454		1307		289		1596		271		362			633			406			1039		423			1462		s9 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt EBITDA gtgt (ltlt 2017 gtgt q_act)13User Value 40589783 Tsd		r9 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt EBITDA gtgt (ltlt value_1 gtgt q_act_jan)13User Value 146185385 Tsd		m9		m9		00		00	00	00

Depreciation of property plant and equip		(62)		(62)			(125)		(62)		(187)		(71)		(258)		(53)		(54)			(107)			(50)			(156)		(56)			(213)		s10 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Depreciation of property plant and equipment gtgt (ltlt 2017 gtgt q_act)13User Value -4981553 Tsd		r10 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Depreciation of property plant and equipment gtgt (ltlt value_1 gtgt q_act_jan)13User Value -21293764 Tsd		m10		m10		-00		-01	-01	00

Amortization of intangible assets		(60)		(60)			(120)		(63)		(183)		(56)		(239)		(54)		(52)			(106)			(55)			(162)		(54)			(216)		s11 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Amortization of intangible assets gtgt (ltlt 2017 gtgt q_act)13User Value -5514918 Tsd		r11 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Amortization of intangible assets gtgt (ltlt value_1 gtgt q_act_jan)13User Value -21570493 Tsd		m11		m11		00		00	00	00

EBIT adjusted		240		368			608		329		936		163		1099		164		256			420			301			721		313			1033		s12 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Operating result (EBIT) gtgt (ltlt 2017 gtgt q_act)13User Value 30093312 Tsd		r12 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act_jan)13User Value 103321128 Tsd		m12		m12		00		00	-01	00

in of gross profit		66		99			83		92		86		49		77		49		75			62			86			70		84			74		s13		s13		m13		m13

Non-recurring items																											00		00		00		00

Restructuring expenses		00		(261)			(261)		00		(261)		(19)		(280)		00		00			00			00			00		00			00		s15 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Restructuring expenses gtgt (ltlt 2017 gtgt q_act)13User Value 0000000 Tsd		r15 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Restructuring expenses gtgt (ltlt value_1 gtgt q_act_jan)13User Value 0000000 Tsd		m15		m15		00		00	00	00


EBIT reported		240		107			347		329		675		144		820		164		256			420			301			721		313			1033		s17		s17		m17		m17		00		00	00	00

in of gross profit		66		29			47		92		62		43		58		49		75			62			86			70		84			74		s18		s18		m18		m18		-01		-00	-02

Financial result		(09)		07			(02)		(04)		(06)		02		(04)		02		01			03			(04)			(02)		(16)			(18)		s19 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13130939883 Tsd - ltlt Finance income gtgt (ltlt 2017 gtgt q_act)13-1343957 Tsd - ltlt Finance costs gtgt (ltlt 2017 gtgt q_act)13---------------------13-0404074 Tsd (Total)		r19 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13132749657 Tsd - ltlt Finance income gtgt (ltlt value_1 gtgt q_act_jan)13-4529105 Tsd - ltlt Finance costs gtgt (ltlt value_1 gtgt q_act_jan)13---------------------13-1779448 Tsd (Total)		m19		m19		00		00	00	00

Earnings before taxes (EBT)		231		114			345		325		670		146		816		165		257			422			297			719		296			1015		s20 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Profit before income tax (EBT) gtgt (ltlt 2017 gtgt q_act)13User Value 29689237 Tsd		r20 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Profit before income tax (EBT) gtgt (ltlt value_1 gtgt q_act_jan)13User Value 101541680 Tsd		m20		m20		00		00	00	00

Income tax expenses		(58)		(69)			(126)		(79)		(205)		(88)		(293)		(42)		(81)			(123)			(112)			(235)		(206)			(441)		s21 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Income tax expenses gtgt (ltlt 2017 gtgt q_act)13User Value -11228068 Tsd		r21 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Income tax expenses gtgt (ltlt value_1 gtgt q_act_jan)13User Value -44082152 Tsd		m21		m21		00		01	01	00

of EBT		250		602			367		242		306		601		359		252		316			291			378			327		694			434		s22		s22		m22		m22

Profit		173		45			218		246		465		58		523		124		176			299			185			484		91			575		s23 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Profit gtgt (ltlt 2017 gtgt q_act)13User Value 18461169 Tsd		r23 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Profit gtgt (ltlt value_1 gtgt q_act_jan)13User Value 57459528 Tsd		m23		m23		00		00	01	00

Earnings per share		075		021			096		106		201		027		229		054		075			129			079			208		040			248		s24 PAC Serova Elena (External) Referenced Value (value_1_PQACTJAN02)1313Document Q2_2017_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Basic gtgt (ltlt 2017 gtgt q_act_jan)13User Value 0000540 Tsd		s24 PAC Serova Elena (External) Referenced Value (value_1_PQACTJAN02)1313Document Q2_2017_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Basic gtgt (ltlt 2017 gtgt q_act_jan)13User Value 0000540 Tsd		m24		m24		00		00	00	00

			0		0				46460419259						0		0		0			0		0			0			m25		m25		l1	l1			00		00

Earnings per share 1000																0000788		0002078		0000788			0002478			rf28 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Basic gtgt (ltlt 2017 gtgt q_act)13User Value 0000788 Tsd		rf28 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Basic gtgt (ltlt value_1 gtgt q_act_jan)13User Value 0002478 Tsd		l2		l2

Total Operating Expenses																(3111)		(9209)		(3307)			(12516)			s25		s25		l3		l3

OOE YoY

	042


GP control		00		00		00		00		00	00	00		00		00		00			00		00		00			00		00		00		(00)		00			s30		s30	s30		s30

EBITDA control		00		(01)		00		00		00	00	00		(00)		00		(00)			00		00		(01)			00		00		(00)		00		(00)			s31		s31	s31		s31

EBIT control		00		01		00		00		00	00	00		(01)		00		00			(00)		00		(00)			00		00		00		00		00			s32		s32	s32		s32

Earnings before taxes (EBT)		00		00		00		00		00	00	00		00		00		00			00		00		01			00		00		(00)		(00)		00			s33		s33	s33		s33

Profit		00		00		00		01		00	00	00		00		00		00			00		00		(00)			(00)		00		00		(00)		00			s34		s34	s34		s34

Air GP																				6394449			l4		r40 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Gross profit (value_1 q_act_jan)13User Value 6394449 Mio		l4		l4

Ocean GP																				4272121			l5		r41 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_act_jan)13User Value 4272121 Mio		l5		l5

Logistics GP																				331136			l6		r42 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row Gross profit (value_1 q_act_jan)13User Value 3311360 Mio		l6		l6

Check																				00			l7		s43		l7		l7

Air EBIT																				1103462			l8		r44 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row EBIT adjusted (value_1 q_act_jan)13User Value 1103462 Mio		l8		l8

Ocean EBIT																				-150917			l9		r45 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_act_jan)13User Value -150917 Mio		l9		l9

Logistics EBIT																				80666			l10		r46 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row EBIT adjusted (value_1 q_act_jan)13User Value 80666 Mio		l10		l10

Check																				00			l11		s47		l11		l11

APAC GP																				34878			l12		r51 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 313 - AC Key figures APAC13Row Gross profit (value_1 q_act_jan)13User Value 34878 Mio		l12		l12

EUROPE GP																				53038			l13		r52 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 314 - AC Key figures Europe13Row Gross profit (value_1 q_act_jan)13User Value 53038 Mio		l13		l13

MEAC GP																				897489			l14		r53 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 315 - AC Key figures MEAC13Row Gross profit (value_1 q_act_jan)13User Value 8974886 Mio		l14		l14

AME GP																				4288802			l15		r54 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 316 - AC Key figures Americas13Row Gross profit (value_1 q_act_jan)13User Value 4288802 Mio		l15		l15

Check																				(00)			l16		s55		l16		l16

APAC EBIT																				7061			l17		r56 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 313 - AC Key figures APAC13Row EBIT (value_1 q_act_jan)13User Value 7061 Mio		l17		l17

EUROPE EBIT																				-122			l18		r57 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 314 - AC Key figures Europe13Row EBIT (value_1 q_act_jan)13User Value -122 Mio		l18		l18

MEAC EBIT																				20871			l19		r58 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 315 - AC Key figures MEAC13Row EBIT reported (value_1 q_act_jan)13User Value 208709 Mio		l19		l19

AME EBIT																				31847			l20		r59 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 316 - AC Key figures Americas13Row EBIT reported (value_1 q_act_jan)13User Value 3184697 Mio		l20		l20

Check																				00			l21		s60		l21		l21

Air NFR																				2919782			l31		r70 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Net forwarding revenue (value_1 q_act_jan)13User Value 29197820 Mio		l31		l31

Ocean NFR																				2074282			l22		r71 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Net forwarding revenue (value_1 q_act_jan)13User Value 20742820 Mio		l22		l22

Logistics NFR																				5387147			l23		r72 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row Net forwarding revenue (value_1 q_act_jan)13User Value 5387147 Mio		l23		l23

Check																				00			l24		s73		l24		l24

APAC NFR																				127363			l25		r75 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 313 - AC Key figures APAC13Row Net forwarding revenue (value_1 q_act_jan)13User Value 127363 Mio		l25		l25

EUROPE NFR																				231796			l26		r76 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 314 - AC Key figures Europe13Row Net forwarding revenue (value_1 q_act_jan)13User Value 231796 Mio		l26		l26

MEAC NFR																				271595			l27		r77 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 315 - AC Key figures MEAC13Row Net forwarding revenue (value_1 q_act_jan)13User Value 27159502 Mio		l27		l27

AME NFR																				16695948			l28		r78 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 316 - AC Key figures Americas13Row Net forwarding revenue (value_1 q_act_jan)13User Value 166959483 Mio		l28		l28

Check																				00			l29		s79		l29		l29

Page 15: Full-year results 2017 - panalpina.com · GP/ton -14% -10% -10% ... of an offer to purchase any shares andneither it nor any part of it shall form the basis ... % 24.2% 60.1% 35.9%

APRIL 19 2018

MAY 8 2018

NEXT EVENTS

DISCLAIMER

APPENDIX

SNVeryHiddenParameterSheet

PAN_ISpQ_Group

image1png

SNVeryHiddenParameterSheet

PAN_ISpQ_AirFreight

image1png

SNVeryHiddenParameterSheet

PAN_ISpQ_OceanFreight

image1png

EBIT reported 18 (15) 09 05 18 24 31 27 (01) 81

SNVeryHiddenParameterSheet

PAN_ISpQ_Logistics

image1png

BALANCE SHEET

SNVeryHiddenParameterSheet

PAN_BalanceSheet

image1png

CASH FLOW

SNVeryHiddenParameterSheet

Tabele PAN_Cashflow

Slide Number 2
IFRS changes 2018
Next EVENTs
Disclaimer
Appendix
Balance sheet
Cash flow

	31-Dec-16		31-Dec-17		Change in

Cash flow before changes in working capital		1313		1536				r2 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Subtotal cash flow from operations gtgt (ltlt 2017 gtgt q_act_jan)13User Value 15298 Tsd			PY IS MANUAL

Changes in working capital		188		(480)				r3 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows131313267 Tsd - ltlt Increase (decrease) payables and accruals incl accrued cost of service gtgt (ltlt 2017 gtgt q_act_jan)13-695 Tsd - ltlt (Decrease) increase non-current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13256 Tsd - ltlt (Decrease) increase current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13-17508 Tsd - ltlt (Increase) decrease receivables other current assets and unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-4680 Tsd (Total)

Cash from operations		1501		1056				r4 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash generated from operations gtgt (ltlt 2017 gtgt q_act_jan)13User Value 10618 Tsd


Interest and income taxes paid		(394)		(383)				r6 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows1313-3709 Tsd - ltlt Income taxes paid gtgt (ltlt 2017 gtgt q_act_jan)13-122 Tsd - ltlt Interest paid gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-3831 Tsd (Total)

Net cash from operating activities		1107		673		-39			r7 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash from operating activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 6787 Tsd


Net cash from investing activities		(241)		(681)		183			r9 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in investing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -6870 Tsd


Free cash flow		866		(08)		-101			r11 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Free cash flow gtgt (ltlt 2017 gtgt q_act_jan)13User Value -083 Tsd


Net cash used in financing activities		(887)		(882)		-1			r13 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in financing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8818 Tsd


Net increase (decrease) in cash and cash equivalents		(21)		(890)				r15 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net increase (decrease) in cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8901 Tsd

Cash and cash equivalents at beginning of period		3923		3888				r16 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the beginning of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 38878 Tsd

Effect of exchange rate changes		(14)		111				r17 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Effect of exchange rate changes on cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 1108 Tsd

Cash and cash equivalents at end of period		3888		3109				r18 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the end of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd


Reported cash and cash equivalents at 31122016			3888				r21 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the beginning of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 38878 Tsd			Reported cash and cash equivalents at 31122016			3888

Profit YTD 122017			5746				r19 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Profit gtgt (ltlt 2017 gtgt q_act_jan)13User Value 5746 Tsd			Profit YTD 122017		3888		575

Other non-cash items (eg DampA)			9613				r23 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13132129 Tsd - ltlt Depreciation of property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)132157 Tsd - ltlt Amortization of intangible assets gtgt (ltlt 2017 gtgt q_act_jan)13-224 Tsd - ltlt Interest income and dividend on available-for-sale financial assets gtgt (ltlt 2017 gtgt q_act_jan)13-062 Tsd - ltlt Exchange differences gtgt (ltlt 2017 gtgt q_act_jan)13-033 Tsd - ltlt Loss (gain) on sales of property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)13000 Tsd - ltlt Gain on sales of financial assets gtgt (ltlt 2017 gtgt q_act_jan)13612 Tsd - ltlt Expenses for share-based compensation plans gtgt (ltlt 2017 gtgt q_act_jan)13564 Tsd - ltlt Other non-cash (income) and expenses gtgt (ltlt 2017 gtgt q_act_jan)134408 Tsd - ltlt Income tax expenses gtgt (ltlt 2017 gtgt q_act_jan)13---------------------139552 Tsd (Total)			Other non-cash items (eg DampA)		4462		961

Changes in working capital			-4798				r24 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows131313267 Tsd - ltlt Increase (decrease) payables and accruals incl accrued cost of service gtgt (ltlt 2017 gtgt q_act_jan)13-695 Tsd - ltlt (Decrease) increase non-current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13256 Tsd - ltlt (Decrease) increase current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13-17508 Tsd - ltlt (Increase) decrease receivables other current assets and unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-4680 Tsd (Total)			Changes in working capital		4944		480	neg

Interest and income taxes paid			-3831				r25 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows1313-3709 Tsd - ltlt Income taxes paid gtgt (ltlt 2017 gtgt q_act_jan)13-122 Tsd - ltlt Interest paid gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-3831 Tsd (Total)			Interest and income taxes paid		4561		383	neg

Net cash from investing activities			-6813				r26 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in investing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -6870 Tsd			Net cash from investing activities		3879		681	neg

Financing activitiesdividend			-8818				r27 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in financing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8818 Tsd			Financing activitiesdividend		2998		882	neg

Effect of exchange rate changes			1108				r28 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Effect of exchange rate changes on cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 1108 Tsd			Effect of exchange rate changes		2998		111

Reported cash and cash equivalents at 31122017			31085				r29 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the end of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd		PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Subtotal cash flow from operations gtgt (ltlt 2017 gtgt q_act_jan)13User Value 15298 Tsd		PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows131313267 Tsd - ltlt Increase (decrease) payables and accruals incl accrued cost of service gtgt (ltlt 2017 gtgt q_act_jan)13-695 Tsd - ltlt (Decrease) increase non-current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13256 Tsd - ltlt (Decrease) increase current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13-17508 Tsd - ltlt (Increase) decrease receivables other current assets and unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-4680 Tsd (Total)	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash generated from operations gtgt (ltlt 2017 gtgt q_act_jan)13User Value 10618 Tsd		PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows1313-3709 Tsd - ltlt Income taxes paid gtgt (ltlt 2017 gtgt q_act_jan)13-122 Tsd - ltlt Interest paid gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-3831 Tsd (Total)	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash from operating activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 6787 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in investing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -6870 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Free cash flow gtgt (ltlt 2017 gtgt q_act_jan)13User Value -083 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in financing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8818 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net increase (decrease) in cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8901 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the beginning of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 38878 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Effect of exchange rate changes on cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 1108 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the end of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the beginning of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 38878 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Profit gtgt (ltlt 2017 gtgt q_act_jan)13User Value 5746 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13132129 Tsd - ltlt Depreciation of property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)132157 Tsd - ltlt Amortization of intangible assets gtgt (ltlt 2017 gtgt q_act_jan)13-224 Tsd - ltlt Interest income and dividend on available-for-sale financial assets gtgt (ltlt 2017 gtgt q_act_jan)13-062 Tsd - ltlt Exchange differences gtgt (ltlt 2017 gtgt q_act_jan)13-033 Tsd - ltlt Loss (gain) on sales of property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)13000 Tsd - ltlt Gain on sales of financial assets gtgt (ltlt 2017 gtgt q_act_jan)13612 Tsd - ltlt Expenses for share-based compensation plans gtgt (ltlt 2017 gtgt q_act_jan)13564 Tsd - ltlt Other non-cash (income) and expenses gtgt (ltlt 2017 gtgt q_act_jan)134408 Tsd - ltlt Income tax expenses gtgt (ltlt 2017 gtgt q_act_jan)13---------------------139552 Tsd (Total)	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows131313267 Tsd - ltlt Increase (decrease) payables and accruals incl accrued cost of service gtgt (ltlt 2017 gtgt q_act_jan)13-695 Tsd - ltlt (Decrease) increase non-current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13256 Tsd - ltlt (Decrease) increase current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13-17508 Tsd - ltlt (Increase) decrease receivables other current assets and unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-4680 Tsd (Total)	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows1313-3709 Tsd - ltlt Income taxes paid gtgt (ltlt 2017 gtgt q_act_jan)13-122 Tsd - ltlt Interest paid gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-3831 Tsd (Total)	Reported cash and cash equivalents at 31122017	3109	3888

													484

													591

													(479)

													(331)

													(406)

													(882)

													93

													2946

	31-Dec-16		31-Dec-17		Change in

				CHF

Cash and cash equivalents		3888		3109		(779)		-20			r3 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd		3888	3999		111		3

Trade receivables unbilled forwarding services		9087		10970		1883		21			r4 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Trade receivables unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13User Value 109701 Tsd		9087	8693		-394		-4

Other current assets		1025		1322		297		29			r5 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other current assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 13217 Tsd		1025	1335		31		30

Property plant and equipment		635		967		332		52			r6 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)13User Value 9673 Tsd		635	651		16		3

Intangible assets		979		885		(95)		-10			r7 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Intangible assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 8845 Tsd		979	926		-53		-5

Other non-current assets		990		1138		148		15			r8 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other non-current assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 11382 Tsd		99	1073		83		8

Total assets		16606		18390		1784		11			r9 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 183903 Tsd		166060	166780		72		0

											0

Short-term borrowings		23		26		03		15			r11 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Short-term borrowings gtgt (ltlt 2017 gtgt q_act_jan)13User Value 262 Tsd		23	05		-18		-78

Trade payables accured cost of services		6524		7967		1443		22			r12 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Trade payables accured cost of services gtgt (ltlt 2017 gtgt q_act_jan)13User Value 79665 Tsd		6524	620		-324		-5

Other current liabilities		2439		2676		237		10			r13 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other current liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 26763 Tsd		2439	2592		153		6

Long-Term borrowings		00		32		32		na			r20 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Long-term borrowings gtgt (ltlt 2017 gtgt q_act_jan)13User Value 324 Tsd		0	12		12		na

Other long-term liabilities		1449		1546		97		7			r21 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other long-term liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 15459 Tsd		1449	1479		3		2

Total liabilities		10436		12247		1811		17			r14 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 122473 Tsd		104360	102880		-148		-1

Share capital		24		24		(00)		-1			r15 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Share capital gtgt (ltlt 2017 gtgt q_act_jan)13User Value 238 Tsd		24	24		0		0

Reserves treasury shares		6057		6056		(01)		-0			r16 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Reserves treasury shares gtgt (ltlt 2017 gtgt q_act_jan)13User Value 60534 Tsd		6057	6285		228		4

Non-controlling interests		89		63		(26)		-29			r17 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Non-controlling interests gtgt (ltlt 2017 gtgt q_act_jan)13User Value 659 Tsd		89	81		-08		-9

Total equity		6170		6143		(27)		-0			r18 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total equity gtgt (ltlt 2017 gtgt q_act_jan)13User Value 61430 Tsd		617	639		22		4

Total equity and liabilities		16606		18390		1784		11			r19 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total equity and liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 183903 Tsd		166060	166780		72		0

KPIs		31-Dec-16		31-Dec-17


Equity Ratio		372		334					s20 PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document Q2_2017_Quarter_Report13Chapter Consolidated Statement of Financial Position13Row ltlt Total equity and liabilities gtgt (ltlt June 30 2017 gtgt q_act_jan)13User Value 153472 Tsd

							PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Trade receivables unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13User Value 109701 Tsd		PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other current assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 13217 Tsd		PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)13User Value 9673 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Intangible assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 8845 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other non-current assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 11382 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 183903 Tsd		PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Short-term borrowings gtgt (ltlt 2017 gtgt q_act_jan)13User Value 262 Tsd		PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Trade payables accured cost of services gtgt (ltlt 2017 gtgt q_act_jan)13User Value 79665 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other current liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 26763 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Long-term borrowings gtgt (ltlt 2017 gtgt q_act_jan)13User Value 324 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other long-term liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 15459 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 122473 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Share capital gtgt (ltlt 2017 gtgt q_act_jan)13User Value 238 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Reserves treasury shares gtgt (ltlt 2017 gtgt q_act_jan)13User Value 60534 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Non-controlling interests gtgt (ltlt 2017 gtgt q_act_jan)13User Value 659 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total equity gtgt (ltlt 2017 gtgt q_act_jan)13User Value 61430 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total equity and liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 183903 Tsd	NWC-Intensity	18	15	mf24	Enterred by HPI on 14012018

DSO 3-m-rolling YTD		455		474					m22		Enterred by HPI on 14012018

DPO 3-m-rolling YTD		407		412					m23		Enterred by HPI on 14012018

2017	2016

																						Check

Logistics	Q1 2016	Q2 2016	HY 2016		Q3 2016		Q3YTD 2016		Q4 2016		FY 2016		Q1 2017		Q2 2017			HY 2017		Q3 2017			Q3YTD 2017		Q4 2017		FY 2017								CY

Net forwarding revenue	1402	1613	3015		1374		4389		1321		5709		1286		1377			2663		1394			4057		1330		5387			m4		m4		s4 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_3 gtgt q_act)13User Value 14141 Tsd	r4 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_3 gtgt q_act_jan)13User Value 53871 Tsd	00

Forwarding expenses	(420)	(607)	(1027)		(429)		(1456)		(397)		(1853)		(460)		(564)			(1024)		(580)			(1604)		(472)		(2076)			m5		m5		s5 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_3 gtgt q_act)13User Value -5564 Tsd	r5 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_3 gtgt q_act_jan)13User Value -20758 Tsd	00

Gross profit	982	1006	1989		944		2933		924		3857		825		813			1639		815			2454		858		3311			m6		m6		s6 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_3 gtgt q_act)13User Value 8576 Tsd	r6 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_3 gtgt q_act_jan)13User Value 33114 Tsd	00

Personnel expenses	(574)	(591)	(1166)		(528)		(1694)		(519)		(2213)		(479)		(461)			(940)		(469)			(1409)		(507)		(1916)			m7		m7		s7 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_3 gtgt q_act)13User Value -4045 Tsd	r7 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_3 gtgt q_act_jan)13User Value -19163 Tsd	00

Other operating expenses	(360)	(363)	(723)		(378)		(1102)		(367)		(1469)		(298)		(298)			(596)		(298)			(894)		(329)		(1223)			m8		m8		s8 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_3 gtgt q_act)13User Value -4415 Tsd	r8 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_3 gtgt q_act_jan)13User Value -12227 Tsd	00

EBITDA adjusted	48	52	100		38		138		37		175		48		54			103		48			151		22		172			m9		m9		s9 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_3 gtgt q_act)13User Value -479 Tsd	r9 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_3 gtgt q_act_jan)13User Value 1724 Tsd	00

Depreciation and amortization	(29)	(29)	(58)		(29)		(88)		(32)		(119)		(25)		(24)			(48)		(21)			(69)		(23)		(92)			m10		m10		s10 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_3 gtgt q_act)13User Value -125 Tsd	r10 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_3 gtgt q_act_jan)13User Value -918 Tsd	00

EBIT adjusted	18	23	41		09		50		05		56		24		31			54		27			81		(01)		81			m11		m11		s11 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act)13User Value -008 Tsd	r11 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act_jan)13User Value 807 Tsd	00

Non-recurring items

Restructuring expenses	00	(38)	(38)		00		(38)		00		(38)		00		00			00		00			00		00		00			m13		m13		s13	m13	00


EBIT reported	18	(15)	03		09		12		05		18		24		31			54		27			81		(01)		81			m15		m15		s15 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act)13User Value -008 Tsd	r15 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act_jan)13User Value 807 Tsd


GP Change YoY										-19		-18		-14		-16		-7		-14					s16	s16


															453

						10										15

GP control	000	000		000				000		(012)		(000)		000				000			000			000		s30		s30		s30		s30

EBITDA control	000	000		(000)				010		(002)		000		(000)				000			(000)			000		s31		s31		s31		s31

EBIT control	010	000		000				000		005		000		(000)			ERRORREF		000			000			000		s32		s32		s32		s32

2017	2016


Ocean Freight	Q1 2016	Q2 2016	HY 2016		Q3 2016	Q3YTD 2016			Q4 2016			FY 2016			Q1 2017			Q2 2017			HY 2017		Q3 2017			Q3YTD 2017		Q4 2017			FY 2017

Net forwarding revenue	5338	4921	10259		4955	15214			4770			19984			4915			5172			10087		5551			15637		5105			20743			m4		m4		s4 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_2 gtgt q_act)13User Value 55506 Tsd	r4 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_2 gtgt q_act_jan)13User Value 207428 Tsd	00	00	00	00

Forwarding expenses	(4157)	(3773)	(7930)		(3834)	(11764)			(3783)			(15547)			(3860)			(4081)			(7941)		(4463)			(12404)		(4067)			(16471)			m5		m5		s5 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_2 gtgt q_act)13User Value -44629 Tsd	r5 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_2 gtgt q_act_jan)13User Value -164707 Tsd	-00	00	00	00

Gross profit	1181	1148	2329		1121	3450			987			4438			1055			1091			2146		1088			3234		1038			4272			m6		m6		s6 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_2 gtgt q_act)13User Value 10877 Tsd	r6 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_2 gtgt q_act_jan)13User Value 42721 Tsd	00	00	00	00

Personnel expenses	(791)	(752)	(1543)		(755)	(2298)			(721)			(3019)			(779)			(784)			(1564)		(788)			(2352)		(837)			(3189)			m7		m7		s7 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_2 gtgt q_act)13User Value -7884 Tsd	r7 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_2 gtgt q_act_jan)13User Value -31889 Tsd	00	00	(00)	00

Other operating expenses	(305)	(288)	(594)		(274)	(868)			(275)			(1144)			(271)			(265)			(536)		(290)			(827)		(257)			(1083)			m8		m8		s8 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_2 gtgt q_act)13User Value -2905 Tsd	r8 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_2 gtgt q_act_jan)13User Value -10833 Tsd	00	(01)	(01)	00

EBITDA adjusted	84	108	192		92	284			(09)			275			05			41			46		09			55		(55)			(00)			m9		m9		s9 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_2 gtgt q_act)13User Value 089 Tsd	r9 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_2 gtgt q_act_jan)13User Value -001 Tsd	00	00	00	00

Depreciation and amortization	(41)	(42)	(83)		(41)	(124)			(42)			(166)			(36)			(36)			(72)		(38)			(110)		(41)			(151)			m10		m10		s10 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_2 gtgt q_act)13User Value -384 Tsd	r10 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_2 gtgt q_act_jan)13User Value -1508 Tsd	-00	00	00	00

EBIT adjusted	43	66	109		51	160			(51)			109			(32)			06			(26)		(29)			(55)		(96)			(151)			m11		m11		s11 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_2 gtgt q_act)13User Value -295 Tsd	r11 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_2 gtgt q_act_jan)13User Value -1509 Tsd	-00	00	00	00

in of gross profit	37	58	47		45	46			-51			25			-30			05			-12		-27			-17		-92			-35			m12		m12		s12	s12

Non-recurring items																									00		00		00			00

Restructuring expenses	00	(97)	(97)		0	(97)			(19)			(115)			00			00			00		00			00		00			00			m14		m14		s14	m14	00	00	01	00


EBIT reported	43	(30)	13		51	63			(69)			(06)			(32)			06			(26)		(29)			(55)		(96)			(151)			m16		m16		s16 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_2 gtgt q_act)13User Value -295 Tsd	r16 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_2 gtgt q_act_jan)13User Value -1509 Tsd	-00	00	(00)	00

in of gross profit	37	-26	05		45	18			-70			-01			-30			05			-12		-27			-17		-92			-35			m17		m17		s17	s17


Ocean Freight volumes (000 TEUs)	3482	3726	7208		3787	10995			3890			14885			3742			3828			7570		3856			11426		3779			15205			m19		m19		m19	m19	00	00	(00)	00

change YoY	-100	-82	-91		-88	-90			08			-66			75			27			50		18			39		-28			22			m20		m20		s20	s20

GPTEU (CHF)	339	308	323		296	314			254			298			282			285			283		282			283		275			281			m21		m21		m21	s21

change YoY	102	59	80		-16	47			-176			-11			-169			-75			-122		-47			-98		83			-58			m22		m22		s22	s22


GP change YoY								-11			-5			-8			-3			-6		519		-373					s23		s23


							-00298711145			00053228356					-00271124048				-00921686544

GP control	000	000		(000)			000			000			000			000					000			(000)			000			s30		s30		s30		s30

EBITDA control	010	000		000			000			(000)			(000)			(000)					000			000			(000)			s31		s31		s31		s31

EBIT control	000	000		000			000			(000)			(000)			000				000		000			000			(000)			s32		s32		s32		s32

2017	2016

																													Check

Air Freight	Q1 2016	Q2 2016	HY 2016		Q3 2016	Q3YTD 2016			Q4 2016			FY 2016			Q1 2017			Q2 2017		HY 2017			Q3 2017			Q3 YTD 2017			Q4 2017			FY 2017										CY

Net forwarding revenue	6332	6359	12691		6341	19032			7234			26267			6571			7000		13571			7389			20960			8238			29198			m4		m4		s4 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_1 gtgt q_act)13User Value 91229 Tsd		r4 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_1 gtgt q_act_jan)13User Value 291978 Tsd	00	00	(003)	00

Forwarding expenses	(4846)	(4800)	(9646)		(4853)	(14499)			(5816)			(20315)			(5125)			(5500)		(10625)			(5775)			(16400)			(6403)			(22803)			m5		m5		s5 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_1 gtgt q_act)13User Value -72887 Tsd		r5 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_1 gtgt q_act_jan)13User Value -228034 Tsd	00	00	00	00

Gross profit	1486	1559	3045		1489	4534			1418			5952			1447			1500		2946			1614			4560			1834			6394			m6		m6		s6 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_1 gtgt q_act)13User Value 18342 Tsd		r6 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_1 gtgt q_act_jan)13User Value 63944 Tsd	-00	00	00	00

Personnel expenses	(885)	(869)	(1754)		(847)	(2600)			(873)			(3473)			(905)			(916)		(1822)			(928)			(2750)			(1044)			(3793)			m7		m7		s7 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_1 gtgt q_act)13User Value -10893 Tsd		r7 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_1 gtgt q_act_jan)13User Value -37932 Tsd	-00	00	00	00

Other operating expenses	(371)	(359)	(730)		(318)	(1048)			(284)			(1333)			(324)			(317)		(641)			(337)			(978)			(334)			(1312)			m8		m8		s8 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_1 gtgt q_act)13User Value -2799 Tsd		r8 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_1 gtgt q_act_jan)13User Value -13116 Tsd	00	00	(00)	00

EBITDA adjusted	230	331	561		324	885			261			1146			218			266		484			349			833			457			1290			m9		m9		s9 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_1 gtgt q_act)13User Value 4650 Tsd		r9 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_1 gtgt q_act_jan)13User Value 12896 Tsd	00	00	(00)	00

Depreciation and amortization	(52)	(52)	(103)		(55)	(158)			(53)			(211)			(46)			(47)		(93)			(46)			(139)			(47)			(186)			m10		m10		s10 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_1 gtgt q_act)13User Value -558 Tsd		r10 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_1 gtgt q_act_jan)13User Value -1861 Tsd	00	01	01	00

EBIT adjusted	178	279	457		269	726			208			935			171			220		391			303			694			409			1103			m11		m11		s11 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act)13User Value 4092 Tsd		r11 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act_jan)13User Value 11035 Tsd	-00	00	00	00

in of gross profit	120	179	150		181	160			147			157			118			146		133			188			152			223			173			m12		m12		s12 PAC Hamon Pierrick Invalid Reference (value_1_PQACT02) 1313Reference could not be handled13Underlying Formula		s12

Non-recurring items																										00		00		00			00

Restructuring expenses	00	(127)	(127)		00	(127)			00			(127)			00			00		00			00			00			00			00			m14		m14		s14		m14	00	00	00	00


EBIT reported	178	153	331		269	600			208			808			171			220		391			303			694			409			1103			m16		m16		s16 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act)13User Value 4092 Tsd		r16 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act_jan)13User Value 11035 Tsd	-00	00	(00)	00

in of gross profit	120	98	109		181	132			147			136			118			146		133			188			152			223			173			m17		m17		s17		s17


Air Freight volumes (000 tons)	2161	2251	4412		2278	6690			2524			9214			2332			2399		4731			2489			7220			2739			9959			m19		m19		s19		m19	00	00	00	00

change YoY	54	111	82		99	88			141			102			79			66		72			93			79			85			81			m20		m20		s20		s20

GPton (CHF)	688	693	690		653	678			562			646			620			625		623			648			632			670			642			m21		m21		s21		s21

change YoY	-47	-36	-41		-73	-52			-140			-75			-98			-97		-98			-08			-68			192			-06			m22		m22		s22		s22


GP change YoY								-3			-4			-3			8		1			29			7					s23		s23

GP control	000	000		000			000			000			(000)			000				(000)				000		000		000		000			s30		s30		s30		s30

EBITDA control	000	000		000			(000)			000			000			(000)				000				000		(000)		000		000			s31		s31		s31		s31

EBIT control	000	000		000			000			(000)			000			(000)			000		000				000		000		000		(000)			s32		s32		s32		s32

2017		2016

																													Check CY

Group		Q1 2016		Q2 2016			HY 2016		Q3 2016		Q3YTD 2016		Q4 2016		FY 2016		Q1 2017		Q2 2017			HY 2017			Q3 2017			Q3YTD 2017		Q4 2017			FY 2017

Net forwarding revenue		13072		12894			25965		12670		38635		13325		51960		12772		13549			26321			14334			40655		14673			55328		s4 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Net forwarding revenue gtgt (ltlt 2017 gtgt q_act)13User Value 1433411124 Tsd		r4 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Net forwarding revenue gtgt (ltlt value_1 gtgt q_act_jan)13User Value 5532778504 Tsd		m4		m4		00		-01	-01	00

Forwarding expenses		(9423)		(9180)			(18602)		(9116)		(27718)		(9996)		(37714)		(9445)		(10145)			(19590)			(10818)			(30407)		(10942)			(41350)		s5 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Forwarding services from third parties gtgt (ltlt 2017 gtgt q_act)13User Value -1081765298 Tsd		r5 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Forwarding services from third parties gtgt (ltlt value_1 gtgt q_act_jan)13User Value -4134985568 Tsd		m5		m5		00		01	01	00

Gross profit		3649		3714			7363		3554		10917		3329		14246		3327		3404			6731			3516			10248		3730			13978		s6 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Gross profit gtgt (ltlt 2017 gtgt q_act)13User Value 351645826 Tsd		r6 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Gross profit gtgt (ltlt value_1 gtgt q_act_jan)13User Value 1397792936 Tsd		m6		m6		00		00	00	00

Personnel expenses		(2250)		(2213)			(4463)		(2129)		(6592)		(2113)		(8705)		(2164)		(2162)			(4326)			(2186)			(6511)		(2388)			(8898)		s7 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Personnel expenses gtgt (ltlt 2017 gtgt q_act)13User Value -218561825 Tsd		r7 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Personnel expenses gtgt (ltlt value_1 gtgt q_act_jan)13User Value -889847082 Tsd		m7		m7		00		00	00	00

Other operating expenses		(1037)		(1011)			(2047)		(971)		(3018)		(927)		(3945)		(893)		(880)			(1773)			(925)			(2698)		(919)			(3618)		s8 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Other operating expenses gtgt (ltlt 2017 gtgt q_act)13User Value -92494218 Tsd		r8 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Other operating expenses gtgt (ltlt value_1 gtgt q_act_jan)13User Value -361760468 Tsd		m8		m8		00		01	01	00

EBITDA adjusted		362		491			853		454		1307		289		1596		271		362			633			406			1039		423			1462		s9 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt EBITDA gtgt (ltlt 2017 gtgt q_act)13User Value 40589783 Tsd		r9 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt EBITDA gtgt (ltlt value_1 gtgt q_act_jan)13User Value 146185385 Tsd		m9		m9		00		00	00	00

Depreciation of property plant and equip		(62)		(62)			(125)		(62)		(187)		(71)		(258)		(53)		(54)			(107)			(50)			(156)		(56)			(213)		s10 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Depreciation of property plant and equipment gtgt (ltlt 2017 gtgt q_act)13User Value -4981553 Tsd		r10 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Depreciation of property plant and equipment gtgt (ltlt value_1 gtgt q_act_jan)13User Value -21293764 Tsd		m10		m10		-00		-01	-01	00

Amortization of intangible assets		(60)		(60)			(120)		(63)		(183)		(56)		(239)		(54)		(52)			(106)			(55)			(162)		(54)			(216)		s11 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Amortization of intangible assets gtgt (ltlt 2017 gtgt q_act)13User Value -5514918 Tsd		r11 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Amortization of intangible assets gtgt (ltlt value_1 gtgt q_act_jan)13User Value -21570493 Tsd		m11		m11		00		00	00	00

EBIT adjusted		240		368			608		329		936		163		1099		164		256			420			301			721		313			1033		s12 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Operating result (EBIT) gtgt (ltlt 2017 gtgt q_act)13User Value 30093312 Tsd		r12 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act_jan)13User Value 103321128 Tsd		m12		m12		00		00	-01	00

in of gross profit		66		99			83		92		86		49		77		49		75			62			86			70		84			74		s13		s13		m13		m13

Non-recurring items																											00		00		00		00

Restructuring expenses		00		(261)			(261)		00		(261)		(19)		(280)		00		00			00			00			00		00			00		s15 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Restructuring expenses gtgt (ltlt 2017 gtgt q_act)13User Value 0000000 Tsd		r15 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Restructuring expenses gtgt (ltlt value_1 gtgt q_act_jan)13User Value 0000000 Tsd		m15		m15		00		00	00	00


EBIT reported		240		107			347		329		675		144		820		164		256			420			301			721		313			1033		s17		s17		m17		m17		00		00	00	00

in of gross profit		66		29			47		92		62		43		58		49		75			62			86			70		84			74		s18		s18		m18		m18		-01		-00	-02

Financial result		(09)		07			(02)		(04)		(06)		02		(04)		02		01			03			(04)			(02)		(16)			(18)		s19 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13130939883 Tsd - ltlt Finance income gtgt (ltlt 2017 gtgt q_act)13-1343957 Tsd - ltlt Finance costs gtgt (ltlt 2017 gtgt q_act)13---------------------13-0404074 Tsd (Total)		r19 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13132749657 Tsd - ltlt Finance income gtgt (ltlt value_1 gtgt q_act_jan)13-4529105 Tsd - ltlt Finance costs gtgt (ltlt value_1 gtgt q_act_jan)13---------------------13-1779448 Tsd (Total)		m19		m19		00		00	00	00

Earnings before taxes (EBT)		231		114			345		325		670		146		816		165		257			422			297			719		296			1015		s20 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Profit before income tax (EBT) gtgt (ltlt 2017 gtgt q_act)13User Value 29689237 Tsd		r20 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Profit before income tax (EBT) gtgt (ltlt value_1 gtgt q_act_jan)13User Value 101541680 Tsd		m20		m20		00		00	00	00

Income tax expenses		(58)		(69)			(126)		(79)		(205)		(88)		(293)		(42)		(81)			(123)			(112)			(235)		(206)			(441)		s21 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Income tax expenses gtgt (ltlt 2017 gtgt q_act)13User Value -11228068 Tsd		r21 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Income tax expenses gtgt (ltlt value_1 gtgt q_act_jan)13User Value -44082152 Tsd		m21		m21		00		01	01	00

of EBT		250		602			367		242		306		601		359		252		316			291			378			327		694			434		s22		s22		m22		m22

Profit		173		45			218		246		465		58		523		124		176			299			185			484		91			575		s23 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Profit gtgt (ltlt 2017 gtgt q_act)13User Value 18461169 Tsd		r23 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Profit gtgt (ltlt value_1 gtgt q_act_jan)13User Value 57459528 Tsd		m23		m23		00		00	01	00

Earnings per share		075		021			096		106		201		027		229		054		075			129			079			208		040			248		s24 PAC Serova Elena (External) Referenced Value (value_1_PQACTJAN02)1313Document Q2_2017_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Basic gtgt (ltlt 2017 gtgt q_act_jan)13User Value 0000540 Tsd		s24 PAC Serova Elena (External) Referenced Value (value_1_PQACTJAN02)1313Document Q2_2017_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Basic gtgt (ltlt 2017 gtgt q_act_jan)13User Value 0000540 Tsd		m24		m24		00		00	00	00

			0		0				46460419259						0		0		0			0		0			0			m25		m25		l1	l1			00		00

Earnings per share 1000																0000788		0002078		0000788			0002478			rf28 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Basic gtgt (ltlt 2017 gtgt q_act)13User Value 0000788 Tsd		rf28 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Basic gtgt (ltlt value_1 gtgt q_act_jan)13User Value 0002478 Tsd		l2		l2

Total Operating Expenses																(3111)		(9209)		(3307)			(12516)			s25		s25		l3		l3

OOE YoY

	042


GP control		00		00		00		00		00	00	00		00		00		00			00		00		00			00		00		00		(00)		00			s30		s30	s30		s30

EBITDA control		00		(01)		00		00		00	00	00		(00)		00		(00)			00		00		(01)			00		00		(00)		00		(00)			s31		s31	s31		s31

EBIT control		00		01		00		00		00	00	00		(01)		00		00			(00)		00		(00)			00		00		00		00		00			s32		s32	s32		s32

Earnings before taxes (EBT)		00		00		00		00		00	00	00		00		00		00			00		00		01			00		00		(00)		(00)		00			s33		s33	s33		s33

Profit		00		00		00		01		00	00	00		00		00		00			00		00		(00)			(00)		00		00		(00)		00			s34		s34	s34		s34

Air GP																				6394449			l4		r40 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Gross profit (value_1 q_act_jan)13User Value 6394449 Mio		l4		l4

Ocean GP																				4272121			l5		r41 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_act_jan)13User Value 4272121 Mio		l5		l5

Logistics GP																				331136			l6		r42 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row Gross profit (value_1 q_act_jan)13User Value 3311360 Mio		l6		l6

Check																				00			l7		s43		l7		l7

Air EBIT																				1103462			l8		r44 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row EBIT adjusted (value_1 q_act_jan)13User Value 1103462 Mio		l8		l8

Ocean EBIT																				-150917			l9		r45 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_act_jan)13User Value -150917 Mio		l9		l9

Logistics EBIT																				80666			l10		r46 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row EBIT adjusted (value_1 q_act_jan)13User Value 80666 Mio		l10		l10

Check																				00			l11		s47		l11		l11

APAC GP																				34878			l12		r51 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 313 - AC Key figures APAC13Row Gross profit (value_1 q_act_jan)13User Value 34878 Mio		l12		l12

EUROPE GP																				53038			l13		r52 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 314 - AC Key figures Europe13Row Gross profit (value_1 q_act_jan)13User Value 53038 Mio		l13		l13

MEAC GP																				897489			l14		r53 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 315 - AC Key figures MEAC13Row Gross profit (value_1 q_act_jan)13User Value 8974886 Mio		l14		l14

AME GP																				4288802			l15		r54 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 316 - AC Key figures Americas13Row Gross profit (value_1 q_act_jan)13User Value 4288802 Mio		l15		l15

Check																				(00)			l16		s55		l16		l16

APAC EBIT																				7061			l17		r56 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 313 - AC Key figures APAC13Row EBIT (value_1 q_act_jan)13User Value 7061 Mio		l17		l17

EUROPE EBIT																				-122			l18		r57 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 314 - AC Key figures Europe13Row EBIT (value_1 q_act_jan)13User Value -122 Mio		l18		l18

MEAC EBIT																				20871			l19		r58 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 315 - AC Key figures MEAC13Row EBIT reported (value_1 q_act_jan)13User Value 208709 Mio		l19		l19

AME EBIT																				31847			l20		r59 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 316 - AC Key figures Americas13Row EBIT reported (value_1 q_act_jan)13User Value 3184697 Mio		l20		l20

Check																				00			l21		s60		l21		l21

Air NFR																				2919782			l31		r70 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Net forwarding revenue (value_1 q_act_jan)13User Value 29197820 Mio		l31		l31

Ocean NFR																				2074282			l22		r71 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Net forwarding revenue (value_1 q_act_jan)13User Value 20742820 Mio		l22		l22

Logistics NFR																				5387147			l23		r72 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row Net forwarding revenue (value_1 q_act_jan)13User Value 5387147 Mio		l23		l23

Check																				00			l24		s73		l24		l24

APAC NFR																				127363			l25		r75 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 313 - AC Key figures APAC13Row Net forwarding revenue (value_1 q_act_jan)13User Value 127363 Mio		l25		l25

EUROPE NFR																				231796			l26		r76 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 314 - AC Key figures Europe13Row Net forwarding revenue (value_1 q_act_jan)13User Value 231796 Mio		l26		l26

MEAC NFR																				271595			l27		r77 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 315 - AC Key figures MEAC13Row Net forwarding revenue (value_1 q_act_jan)13User Value 27159502 Mio		l27		l27

AME NFR																				16695948			l28		r78 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 316 - AC Key figures Americas13Row Net forwarding revenue (value_1 q_act_jan)13User Value 166959483 Mio		l28		l28

Check																				00			l29		s79		l29		l29

Page 16: Full-year results 2017 - panalpina.com · GP/ton -14% -10% -10% ... of an offer to purchase any shares andneither it nor any part of it shall form the basis ... % 24.2% 60.1% 35.9%

DISCLAIMER

APPENDIX

SNVeryHiddenParameterSheet

PAN_ISpQ_Group

image1png

SNVeryHiddenParameterSheet

PAN_ISpQ_AirFreight

image1png

SNVeryHiddenParameterSheet

PAN_ISpQ_OceanFreight

image1png

EBIT reported 18 (15) 09 05 18 24 31 27 (01) 81

SNVeryHiddenParameterSheet

PAN_ISpQ_Logistics

image1png

BALANCE SHEET

SNVeryHiddenParameterSheet

PAN_BalanceSheet

image1png

CASH FLOW

SNVeryHiddenParameterSheet

Tabele PAN_Cashflow

Slide Number 2
IFRS changes 2018
Next EVENTs
Disclaimer
Appendix
Balance sheet
Cash flow

	31-Dec-16		31-Dec-17		Change in

Cash flow before changes in working capital		1313		1536				r2 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Subtotal cash flow from operations gtgt (ltlt 2017 gtgt q_act_jan)13User Value 15298 Tsd			PY IS MANUAL

Changes in working capital		188		(480)				r3 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows131313267 Tsd - ltlt Increase (decrease) payables and accruals incl accrued cost of service gtgt (ltlt 2017 gtgt q_act_jan)13-695 Tsd - ltlt (Decrease) increase non-current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13256 Tsd - ltlt (Decrease) increase current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13-17508 Tsd - ltlt (Increase) decrease receivables other current assets and unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-4680 Tsd (Total)

Cash from operations		1501		1056				r4 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash generated from operations gtgt (ltlt 2017 gtgt q_act_jan)13User Value 10618 Tsd


Interest and income taxes paid		(394)		(383)				r6 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows1313-3709 Tsd - ltlt Income taxes paid gtgt (ltlt 2017 gtgt q_act_jan)13-122 Tsd - ltlt Interest paid gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-3831 Tsd (Total)

Net cash from operating activities		1107		673		-39			r7 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash from operating activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 6787 Tsd


Net cash from investing activities		(241)		(681)		183			r9 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in investing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -6870 Tsd


Free cash flow		866		(08)		-101			r11 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Free cash flow gtgt (ltlt 2017 gtgt q_act_jan)13User Value -083 Tsd


Net cash used in financing activities		(887)		(882)		-1			r13 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in financing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8818 Tsd


Net increase (decrease) in cash and cash equivalents		(21)		(890)				r15 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net increase (decrease) in cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8901 Tsd

Cash and cash equivalents at beginning of period		3923		3888				r16 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the beginning of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 38878 Tsd

Effect of exchange rate changes		(14)		111				r17 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Effect of exchange rate changes on cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 1108 Tsd

Cash and cash equivalents at end of period		3888		3109				r18 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the end of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd


Reported cash and cash equivalents at 31122016			3888				r21 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the beginning of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 38878 Tsd			Reported cash and cash equivalents at 31122016			3888

Profit YTD 122017			5746				r19 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Profit gtgt (ltlt 2017 gtgt q_act_jan)13User Value 5746 Tsd			Profit YTD 122017		3888		575

Other non-cash items (eg DampA)			9613				r23 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13132129 Tsd - ltlt Depreciation of property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)132157 Tsd - ltlt Amortization of intangible assets gtgt (ltlt 2017 gtgt q_act_jan)13-224 Tsd - ltlt Interest income and dividend on available-for-sale financial assets gtgt (ltlt 2017 gtgt q_act_jan)13-062 Tsd - ltlt Exchange differences gtgt (ltlt 2017 gtgt q_act_jan)13-033 Tsd - ltlt Loss (gain) on sales of property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)13000 Tsd - ltlt Gain on sales of financial assets gtgt (ltlt 2017 gtgt q_act_jan)13612 Tsd - ltlt Expenses for share-based compensation plans gtgt (ltlt 2017 gtgt q_act_jan)13564 Tsd - ltlt Other non-cash (income) and expenses gtgt (ltlt 2017 gtgt q_act_jan)134408 Tsd - ltlt Income tax expenses gtgt (ltlt 2017 gtgt q_act_jan)13---------------------139552 Tsd (Total)			Other non-cash items (eg DampA)		4462		961

Changes in working capital			-4798				r24 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows131313267 Tsd - ltlt Increase (decrease) payables and accruals incl accrued cost of service gtgt (ltlt 2017 gtgt q_act_jan)13-695 Tsd - ltlt (Decrease) increase non-current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13256 Tsd - ltlt (Decrease) increase current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13-17508 Tsd - ltlt (Increase) decrease receivables other current assets and unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-4680 Tsd (Total)			Changes in working capital		4944		480	neg

Interest and income taxes paid			-3831				r25 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows1313-3709 Tsd - ltlt Income taxes paid gtgt (ltlt 2017 gtgt q_act_jan)13-122 Tsd - ltlt Interest paid gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-3831 Tsd (Total)			Interest and income taxes paid		4561		383	neg

Net cash from investing activities			-6813				r26 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in investing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -6870 Tsd			Net cash from investing activities		3879		681	neg

Financing activitiesdividend			-8818				r27 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in financing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8818 Tsd			Financing activitiesdividend		2998		882	neg

Effect of exchange rate changes			1108				r28 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Effect of exchange rate changes on cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 1108 Tsd			Effect of exchange rate changes		2998		111

Reported cash and cash equivalents at 31122017			31085				r29 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the end of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd		PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Subtotal cash flow from operations gtgt (ltlt 2017 gtgt q_act_jan)13User Value 15298 Tsd		PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows131313267 Tsd - ltlt Increase (decrease) payables and accruals incl accrued cost of service gtgt (ltlt 2017 gtgt q_act_jan)13-695 Tsd - ltlt (Decrease) increase non-current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13256 Tsd - ltlt (Decrease) increase current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13-17508 Tsd - ltlt (Increase) decrease receivables other current assets and unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-4680 Tsd (Total)	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash generated from operations gtgt (ltlt 2017 gtgt q_act_jan)13User Value 10618 Tsd		PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows1313-3709 Tsd - ltlt Income taxes paid gtgt (ltlt 2017 gtgt q_act_jan)13-122 Tsd - ltlt Interest paid gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-3831 Tsd (Total)	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash from operating activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 6787 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in investing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -6870 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Free cash flow gtgt (ltlt 2017 gtgt q_act_jan)13User Value -083 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in financing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8818 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net increase (decrease) in cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8901 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the beginning of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 38878 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Effect of exchange rate changes on cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 1108 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the end of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the beginning of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 38878 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Profit gtgt (ltlt 2017 gtgt q_act_jan)13User Value 5746 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13132129 Tsd - ltlt Depreciation of property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)132157 Tsd - ltlt Amortization of intangible assets gtgt (ltlt 2017 gtgt q_act_jan)13-224 Tsd - ltlt Interest income and dividend on available-for-sale financial assets gtgt (ltlt 2017 gtgt q_act_jan)13-062 Tsd - ltlt Exchange differences gtgt (ltlt 2017 gtgt q_act_jan)13-033 Tsd - ltlt Loss (gain) on sales of property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)13000 Tsd - ltlt Gain on sales of financial assets gtgt (ltlt 2017 gtgt q_act_jan)13612 Tsd - ltlt Expenses for share-based compensation plans gtgt (ltlt 2017 gtgt q_act_jan)13564 Tsd - ltlt Other non-cash (income) and expenses gtgt (ltlt 2017 gtgt q_act_jan)134408 Tsd - ltlt Income tax expenses gtgt (ltlt 2017 gtgt q_act_jan)13---------------------139552 Tsd (Total)	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows131313267 Tsd - ltlt Increase (decrease) payables and accruals incl accrued cost of service gtgt (ltlt 2017 gtgt q_act_jan)13-695 Tsd - ltlt (Decrease) increase non-current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13256 Tsd - ltlt (Decrease) increase current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13-17508 Tsd - ltlt (Increase) decrease receivables other current assets and unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-4680 Tsd (Total)	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows1313-3709 Tsd - ltlt Income taxes paid gtgt (ltlt 2017 gtgt q_act_jan)13-122 Tsd - ltlt Interest paid gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-3831 Tsd (Total)	Reported cash and cash equivalents at 31122017	3109	3888

													484

													591

													(479)

													(331)

													(406)

													(882)

													93

													2946

	31-Dec-16		31-Dec-17		Change in

				CHF

Cash and cash equivalents		3888		3109		(779)		-20			r3 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd		3888	3999		111		3

Trade receivables unbilled forwarding services		9087		10970		1883		21			r4 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Trade receivables unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13User Value 109701 Tsd		9087	8693		-394		-4

Other current assets		1025		1322		297		29			r5 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other current assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 13217 Tsd		1025	1335		31		30

Property plant and equipment		635		967		332		52			r6 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)13User Value 9673 Tsd		635	651		16		3

Intangible assets		979		885		(95)		-10			r7 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Intangible assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 8845 Tsd		979	926		-53		-5

Other non-current assets		990		1138		148		15			r8 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other non-current assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 11382 Tsd		99	1073		83		8

Total assets		16606		18390		1784		11			r9 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 183903 Tsd		166060	166780		72		0

											0

Short-term borrowings		23		26		03		15			r11 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Short-term borrowings gtgt (ltlt 2017 gtgt q_act_jan)13User Value 262 Tsd		23	05		-18		-78

Trade payables accured cost of services		6524		7967		1443		22			r12 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Trade payables accured cost of services gtgt (ltlt 2017 gtgt q_act_jan)13User Value 79665 Tsd		6524	620		-324		-5

Other current liabilities		2439		2676		237		10			r13 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other current liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 26763 Tsd		2439	2592		153		6

Long-Term borrowings		00		32		32		na			r20 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Long-term borrowings gtgt (ltlt 2017 gtgt q_act_jan)13User Value 324 Tsd		0	12		12		na

Other long-term liabilities		1449		1546		97		7			r21 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other long-term liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 15459 Tsd		1449	1479		3		2

Total liabilities		10436		12247		1811		17			r14 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 122473 Tsd		104360	102880		-148		-1

Share capital		24		24		(00)		-1			r15 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Share capital gtgt (ltlt 2017 gtgt q_act_jan)13User Value 238 Tsd		24	24		0		0

Reserves treasury shares		6057		6056		(01)		-0			r16 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Reserves treasury shares gtgt (ltlt 2017 gtgt q_act_jan)13User Value 60534 Tsd		6057	6285		228		4

Non-controlling interests		89		63		(26)		-29			r17 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Non-controlling interests gtgt (ltlt 2017 gtgt q_act_jan)13User Value 659 Tsd		89	81		-08		-9

Total equity		6170		6143		(27)		-0			r18 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total equity gtgt (ltlt 2017 gtgt q_act_jan)13User Value 61430 Tsd		617	639		22		4

Total equity and liabilities		16606		18390		1784		11			r19 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total equity and liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 183903 Tsd		166060	166780		72		0

KPIs		31-Dec-16		31-Dec-17


Equity Ratio		372		334					s20 PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document Q2_2017_Quarter_Report13Chapter Consolidated Statement of Financial Position13Row ltlt Total equity and liabilities gtgt (ltlt June 30 2017 gtgt q_act_jan)13User Value 153472 Tsd

							PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Trade receivables unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13User Value 109701 Tsd		PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other current assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 13217 Tsd		PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)13User Value 9673 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Intangible assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 8845 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other non-current assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 11382 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 183903 Tsd		PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Short-term borrowings gtgt (ltlt 2017 gtgt q_act_jan)13User Value 262 Tsd		PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Trade payables accured cost of services gtgt (ltlt 2017 gtgt q_act_jan)13User Value 79665 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other current liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 26763 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Long-term borrowings gtgt (ltlt 2017 gtgt q_act_jan)13User Value 324 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other long-term liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 15459 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 122473 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Share capital gtgt (ltlt 2017 gtgt q_act_jan)13User Value 238 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Reserves treasury shares gtgt (ltlt 2017 gtgt q_act_jan)13User Value 60534 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Non-controlling interests gtgt (ltlt 2017 gtgt q_act_jan)13User Value 659 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total equity gtgt (ltlt 2017 gtgt q_act_jan)13User Value 61430 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total equity and liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 183903 Tsd	NWC-Intensity	18	15	mf24	Enterred by HPI on 14012018

DSO 3-m-rolling YTD		455		474					m22		Enterred by HPI on 14012018

DPO 3-m-rolling YTD		407		412					m23		Enterred by HPI on 14012018

2017	2016

																						Check

Logistics	Q1 2016	Q2 2016	HY 2016		Q3 2016		Q3YTD 2016		Q4 2016		FY 2016		Q1 2017		Q2 2017			HY 2017		Q3 2017			Q3YTD 2017		Q4 2017		FY 2017								CY

Net forwarding revenue	1402	1613	3015		1374		4389		1321		5709		1286		1377			2663		1394			4057		1330		5387			m4		m4		s4 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_3 gtgt q_act)13User Value 14141 Tsd	r4 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_3 gtgt q_act_jan)13User Value 53871 Tsd	00

Forwarding expenses	(420)	(607)	(1027)		(429)		(1456)		(397)		(1853)		(460)		(564)			(1024)		(580)			(1604)		(472)		(2076)			m5		m5		s5 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_3 gtgt q_act)13User Value -5564 Tsd	r5 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_3 gtgt q_act_jan)13User Value -20758 Tsd	00

Gross profit	982	1006	1989		944		2933		924		3857		825		813			1639		815			2454		858		3311			m6		m6		s6 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_3 gtgt q_act)13User Value 8576 Tsd	r6 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_3 gtgt q_act_jan)13User Value 33114 Tsd	00

Personnel expenses	(574)	(591)	(1166)		(528)		(1694)		(519)		(2213)		(479)		(461)			(940)		(469)			(1409)		(507)		(1916)			m7		m7		s7 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_3 gtgt q_act)13User Value -4045 Tsd	r7 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_3 gtgt q_act_jan)13User Value -19163 Tsd	00

Other operating expenses	(360)	(363)	(723)		(378)		(1102)		(367)		(1469)		(298)		(298)			(596)		(298)			(894)		(329)		(1223)			m8		m8		s8 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_3 gtgt q_act)13User Value -4415 Tsd	r8 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_3 gtgt q_act_jan)13User Value -12227 Tsd	00

EBITDA adjusted	48	52	100		38		138		37		175		48		54			103		48			151		22		172			m9		m9		s9 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_3 gtgt q_act)13User Value -479 Tsd	r9 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_3 gtgt q_act_jan)13User Value 1724 Tsd	00

Depreciation and amortization	(29)	(29)	(58)		(29)		(88)		(32)		(119)		(25)		(24)			(48)		(21)			(69)		(23)		(92)			m10		m10		s10 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_3 gtgt q_act)13User Value -125 Tsd	r10 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_3 gtgt q_act_jan)13User Value -918 Tsd	00

EBIT adjusted	18	23	41		09		50		05		56		24		31			54		27			81		(01)		81			m11		m11		s11 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act)13User Value -008 Tsd	r11 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act_jan)13User Value 807 Tsd	00

Non-recurring items

Restructuring expenses	00	(38)	(38)		00		(38)		00		(38)		00		00			00		00			00		00		00			m13		m13		s13	m13	00


EBIT reported	18	(15)	03		09		12		05		18		24		31			54		27			81		(01)		81			m15		m15		s15 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act)13User Value -008 Tsd	r15 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act_jan)13User Value 807 Tsd


GP Change YoY										-19		-18		-14		-16		-7		-14					s16	s16


															453

						10										15

GP control	000	000		000				000		(012)		(000)		000				000			000			000		s30		s30		s30		s30

EBITDA control	000	000		(000)				010		(002)		000		(000)				000			(000)			000		s31		s31		s31		s31

EBIT control	010	000		000				000		005		000		(000)			ERRORREF		000			000			000		s32		s32		s32		s32

2017	2016


Ocean Freight	Q1 2016	Q2 2016	HY 2016		Q3 2016	Q3YTD 2016			Q4 2016			FY 2016			Q1 2017			Q2 2017			HY 2017		Q3 2017			Q3YTD 2017		Q4 2017			FY 2017

Net forwarding revenue	5338	4921	10259		4955	15214			4770			19984			4915			5172			10087		5551			15637		5105			20743			m4		m4		s4 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_2 gtgt q_act)13User Value 55506 Tsd	r4 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_2 gtgt q_act_jan)13User Value 207428 Tsd	00	00	00	00

Forwarding expenses	(4157)	(3773)	(7930)		(3834)	(11764)			(3783)			(15547)			(3860)			(4081)			(7941)		(4463)			(12404)		(4067)			(16471)			m5		m5		s5 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_2 gtgt q_act)13User Value -44629 Tsd	r5 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_2 gtgt q_act_jan)13User Value -164707 Tsd	-00	00	00	00

Gross profit	1181	1148	2329		1121	3450			987			4438			1055			1091			2146		1088			3234		1038			4272			m6		m6		s6 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_2 gtgt q_act)13User Value 10877 Tsd	r6 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_2 gtgt q_act_jan)13User Value 42721 Tsd	00	00	00	00

Personnel expenses	(791)	(752)	(1543)		(755)	(2298)			(721)			(3019)			(779)			(784)			(1564)		(788)			(2352)		(837)			(3189)			m7		m7		s7 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_2 gtgt q_act)13User Value -7884 Tsd	r7 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_2 gtgt q_act_jan)13User Value -31889 Tsd	00	00	(00)	00

Other operating expenses	(305)	(288)	(594)		(274)	(868)			(275)			(1144)			(271)			(265)			(536)		(290)			(827)		(257)			(1083)			m8		m8		s8 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_2 gtgt q_act)13User Value -2905 Tsd	r8 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_2 gtgt q_act_jan)13User Value -10833 Tsd	00	(01)	(01)	00

EBITDA adjusted	84	108	192		92	284			(09)			275			05			41			46		09			55		(55)			(00)			m9		m9		s9 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_2 gtgt q_act)13User Value 089 Tsd	r9 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_2 gtgt q_act_jan)13User Value -001 Tsd	00	00	00	00

Depreciation and amortization	(41)	(42)	(83)		(41)	(124)			(42)			(166)			(36)			(36)			(72)		(38)			(110)		(41)			(151)			m10		m10		s10 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_2 gtgt q_act)13User Value -384 Tsd	r10 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_2 gtgt q_act_jan)13User Value -1508 Tsd	-00	00	00	00

EBIT adjusted	43	66	109		51	160			(51)			109			(32)			06			(26)		(29)			(55)		(96)			(151)			m11		m11		s11 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_2 gtgt q_act)13User Value -295 Tsd	r11 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_2 gtgt q_act_jan)13User Value -1509 Tsd	-00	00	00	00

in of gross profit	37	58	47		45	46			-51			25			-30			05			-12		-27			-17		-92			-35			m12		m12		s12	s12

Non-recurring items																									00		00		00			00

Restructuring expenses	00	(97)	(97)		0	(97)			(19)			(115)			00			00			00		00			00		00			00			m14		m14		s14	m14	00	00	01	00


EBIT reported	43	(30)	13		51	63			(69)			(06)			(32)			06			(26)		(29)			(55)		(96)			(151)			m16		m16		s16 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_2 gtgt q_act)13User Value -295 Tsd	r16 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_2 gtgt q_act_jan)13User Value -1509 Tsd	-00	00	(00)	00

in of gross profit	37	-26	05		45	18			-70			-01			-30			05			-12		-27			-17		-92			-35			m17		m17		s17	s17


Ocean Freight volumes (000 TEUs)	3482	3726	7208		3787	10995			3890			14885			3742			3828			7570		3856			11426		3779			15205			m19		m19		m19	m19	00	00	(00)	00

change YoY	-100	-82	-91		-88	-90			08			-66			75			27			50		18			39		-28			22			m20		m20		s20	s20

GPTEU (CHF)	339	308	323		296	314			254			298			282			285			283		282			283		275			281			m21		m21		m21	s21

change YoY	102	59	80		-16	47			-176			-11			-169			-75			-122		-47			-98		83			-58			m22		m22		s22	s22


GP change YoY								-11			-5			-8			-3			-6		519		-373					s23		s23


							-00298711145			00053228356					-00271124048				-00921686544

GP control	000	000		(000)			000			000			000			000					000			(000)			000			s30		s30		s30		s30

EBITDA control	010	000		000			000			(000)			(000)			(000)					000			000			(000)			s31		s31		s31		s31

EBIT control	000	000		000			000			(000)			(000)			000				000		000			000			(000)			s32		s32		s32		s32

2017	2016

																													Check

Air Freight	Q1 2016	Q2 2016	HY 2016		Q3 2016	Q3YTD 2016			Q4 2016			FY 2016			Q1 2017			Q2 2017		HY 2017			Q3 2017			Q3 YTD 2017			Q4 2017			FY 2017										CY

Net forwarding revenue	6332	6359	12691		6341	19032			7234			26267			6571			7000		13571			7389			20960			8238			29198			m4		m4		s4 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_1 gtgt q_act)13User Value 91229 Tsd		r4 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_1 gtgt q_act_jan)13User Value 291978 Tsd	00	00	(003)	00

Forwarding expenses	(4846)	(4800)	(9646)		(4853)	(14499)			(5816)			(20315)			(5125)			(5500)		(10625)			(5775)			(16400)			(6403)			(22803)			m5		m5		s5 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_1 gtgt q_act)13User Value -72887 Tsd		r5 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_1 gtgt q_act_jan)13User Value -228034 Tsd	00	00	00	00

Gross profit	1486	1559	3045		1489	4534			1418			5952			1447			1500		2946			1614			4560			1834			6394			m6		m6		s6 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_1 gtgt q_act)13User Value 18342 Tsd		r6 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_1 gtgt q_act_jan)13User Value 63944 Tsd	-00	00	00	00

Personnel expenses	(885)	(869)	(1754)		(847)	(2600)			(873)			(3473)			(905)			(916)		(1822)			(928)			(2750)			(1044)			(3793)			m7		m7		s7 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_1 gtgt q_act)13User Value -10893 Tsd		r7 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_1 gtgt q_act_jan)13User Value -37932 Tsd	-00	00	00	00

Other operating expenses	(371)	(359)	(730)		(318)	(1048)			(284)			(1333)			(324)			(317)		(641)			(337)			(978)			(334)			(1312)			m8		m8		s8 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_1 gtgt q_act)13User Value -2799 Tsd		r8 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_1 gtgt q_act_jan)13User Value -13116 Tsd	00	00	(00)	00

EBITDA adjusted	230	331	561		324	885			261			1146			218			266		484			349			833			457			1290			m9		m9		s9 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_1 gtgt q_act)13User Value 4650 Tsd		r9 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_1 gtgt q_act_jan)13User Value 12896 Tsd	00	00	(00)	00

Depreciation and amortization	(52)	(52)	(103)		(55)	(158)			(53)			(211)			(46)			(47)		(93)			(46)			(139)			(47)			(186)			m10		m10		s10 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_1 gtgt q_act)13User Value -558 Tsd		r10 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_1 gtgt q_act_jan)13User Value -1861 Tsd	00	01	01	00

EBIT adjusted	178	279	457		269	726			208			935			171			220		391			303			694			409			1103			m11		m11		s11 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act)13User Value 4092 Tsd		r11 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act_jan)13User Value 11035 Tsd	-00	00	00	00

in of gross profit	120	179	150		181	160			147			157			118			146		133			188			152			223			173			m12		m12		s12 PAC Hamon Pierrick Invalid Reference (value_1_PQACT02) 1313Reference could not be handled13Underlying Formula		s12

Non-recurring items																										00		00		00			00

Restructuring expenses	00	(127)	(127)		00	(127)			00			(127)			00			00		00			00			00			00			00			m14		m14		s14		m14	00	00	00	00


EBIT reported	178	153	331		269	600			208			808			171			220		391			303			694			409			1103			m16		m16		s16 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act)13User Value 4092 Tsd		r16 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act_jan)13User Value 11035 Tsd	-00	00	(00)	00

in of gross profit	120	98	109		181	132			147			136			118			146		133			188			152			223			173			m17		m17		s17		s17


Air Freight volumes (000 tons)	2161	2251	4412		2278	6690			2524			9214			2332			2399		4731			2489			7220			2739			9959			m19		m19		s19		m19	00	00	00	00

change YoY	54	111	82		99	88			141			102			79			66		72			93			79			85			81			m20		m20		s20		s20

GPton (CHF)	688	693	690		653	678			562			646			620			625		623			648			632			670			642			m21		m21		s21		s21

change YoY	-47	-36	-41		-73	-52			-140			-75			-98			-97		-98			-08			-68			192			-06			m22		m22		s22		s22


GP change YoY								-3			-4			-3			8		1			29			7					s23		s23

GP control	000	000		000			000			000			(000)			000				(000)				000		000		000		000			s30		s30		s30		s30

EBITDA control	000	000		000			(000)			000			000			(000)				000				000		(000)		000		000			s31		s31		s31		s31

EBIT control	000	000		000			000			(000)			000			(000)			000		000				000		000		000		(000)			s32		s32		s32		s32

2017		2016

																													Check CY

Group		Q1 2016		Q2 2016			HY 2016		Q3 2016		Q3YTD 2016		Q4 2016		FY 2016		Q1 2017		Q2 2017			HY 2017			Q3 2017			Q3YTD 2017		Q4 2017			FY 2017

Net forwarding revenue		13072		12894			25965		12670		38635		13325		51960		12772		13549			26321			14334			40655		14673			55328		s4 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Net forwarding revenue gtgt (ltlt 2017 gtgt q_act)13User Value 1433411124 Tsd		r4 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Net forwarding revenue gtgt (ltlt value_1 gtgt q_act_jan)13User Value 5532778504 Tsd		m4		m4		00		-01	-01	00

Forwarding expenses		(9423)		(9180)			(18602)		(9116)		(27718)		(9996)		(37714)		(9445)		(10145)			(19590)			(10818)			(30407)		(10942)			(41350)		s5 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Forwarding services from third parties gtgt (ltlt 2017 gtgt q_act)13User Value -1081765298 Tsd		r5 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Forwarding services from third parties gtgt (ltlt value_1 gtgt q_act_jan)13User Value -4134985568 Tsd		m5		m5		00		01	01	00

Gross profit		3649		3714			7363		3554		10917		3329		14246		3327		3404			6731			3516			10248		3730			13978		s6 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Gross profit gtgt (ltlt 2017 gtgt q_act)13User Value 351645826 Tsd		r6 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Gross profit gtgt (ltlt value_1 gtgt q_act_jan)13User Value 1397792936 Tsd		m6		m6		00		00	00	00

Personnel expenses		(2250)		(2213)			(4463)		(2129)		(6592)		(2113)		(8705)		(2164)		(2162)			(4326)			(2186)			(6511)		(2388)			(8898)		s7 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Personnel expenses gtgt (ltlt 2017 gtgt q_act)13User Value -218561825 Tsd		r7 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Personnel expenses gtgt (ltlt value_1 gtgt q_act_jan)13User Value -889847082 Tsd		m7		m7		00		00	00	00

Other operating expenses		(1037)		(1011)			(2047)		(971)		(3018)		(927)		(3945)		(893)		(880)			(1773)			(925)			(2698)		(919)			(3618)		s8 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Other operating expenses gtgt (ltlt 2017 gtgt q_act)13User Value -92494218 Tsd		r8 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Other operating expenses gtgt (ltlt value_1 gtgt q_act_jan)13User Value -361760468 Tsd		m8		m8		00		01	01	00

EBITDA adjusted		362		491			853		454		1307		289		1596		271		362			633			406			1039		423			1462		s9 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt EBITDA gtgt (ltlt 2017 gtgt q_act)13User Value 40589783 Tsd		r9 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt EBITDA gtgt (ltlt value_1 gtgt q_act_jan)13User Value 146185385 Tsd		m9		m9		00		00	00	00

Depreciation of property plant and equip		(62)		(62)			(125)		(62)		(187)		(71)		(258)		(53)		(54)			(107)			(50)			(156)		(56)			(213)		s10 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Depreciation of property plant and equipment gtgt (ltlt 2017 gtgt q_act)13User Value -4981553 Tsd		r10 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Depreciation of property plant and equipment gtgt (ltlt value_1 gtgt q_act_jan)13User Value -21293764 Tsd		m10		m10		-00		-01	-01	00

Amortization of intangible assets		(60)		(60)			(120)		(63)		(183)		(56)		(239)		(54)		(52)			(106)			(55)			(162)		(54)			(216)		s11 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Amortization of intangible assets gtgt (ltlt 2017 gtgt q_act)13User Value -5514918 Tsd		r11 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Amortization of intangible assets gtgt (ltlt value_1 gtgt q_act_jan)13User Value -21570493 Tsd		m11		m11		00		00	00	00

EBIT adjusted		240		368			608		329		936		163		1099		164		256			420			301			721		313			1033		s12 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Operating result (EBIT) gtgt (ltlt 2017 gtgt q_act)13User Value 30093312 Tsd		r12 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act_jan)13User Value 103321128 Tsd		m12		m12		00		00	-01	00

in of gross profit		66		99			83		92		86		49		77		49		75			62			86			70		84			74		s13		s13		m13		m13

Non-recurring items																											00		00		00		00

Restructuring expenses		00		(261)			(261)		00		(261)		(19)		(280)		00		00			00			00			00		00			00		s15 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Restructuring expenses gtgt (ltlt 2017 gtgt q_act)13User Value 0000000 Tsd		r15 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Restructuring expenses gtgt (ltlt value_1 gtgt q_act_jan)13User Value 0000000 Tsd		m15		m15		00		00	00	00


EBIT reported		240		107			347		329		675		144		820		164		256			420			301			721		313			1033		s17		s17		m17		m17		00		00	00	00

in of gross profit		66		29			47		92		62		43		58		49		75			62			86			70		84			74		s18		s18		m18		m18		-01		-00	-02

Financial result		(09)		07			(02)		(04)		(06)		02		(04)		02		01			03			(04)			(02)		(16)			(18)		s19 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13130939883 Tsd - ltlt Finance income gtgt (ltlt 2017 gtgt q_act)13-1343957 Tsd - ltlt Finance costs gtgt (ltlt 2017 gtgt q_act)13---------------------13-0404074 Tsd (Total)		r19 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13132749657 Tsd - ltlt Finance income gtgt (ltlt value_1 gtgt q_act_jan)13-4529105 Tsd - ltlt Finance costs gtgt (ltlt value_1 gtgt q_act_jan)13---------------------13-1779448 Tsd (Total)		m19		m19		00		00	00	00

Earnings before taxes (EBT)		231		114			345		325		670		146		816		165		257			422			297			719		296			1015		s20 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Profit before income tax (EBT) gtgt (ltlt 2017 gtgt q_act)13User Value 29689237 Tsd		r20 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Profit before income tax (EBT) gtgt (ltlt value_1 gtgt q_act_jan)13User Value 101541680 Tsd		m20		m20		00		00	00	00

Income tax expenses		(58)		(69)			(126)		(79)		(205)		(88)		(293)		(42)		(81)			(123)			(112)			(235)		(206)			(441)		s21 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Income tax expenses gtgt (ltlt 2017 gtgt q_act)13User Value -11228068 Tsd		r21 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Income tax expenses gtgt (ltlt value_1 gtgt q_act_jan)13User Value -44082152 Tsd		m21		m21		00		01	01	00

of EBT		250		602			367		242		306		601		359		252		316			291			378			327		694			434		s22		s22		m22		m22

Profit		173		45			218		246		465		58		523		124		176			299			185			484		91			575		s23 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Profit gtgt (ltlt 2017 gtgt q_act)13User Value 18461169 Tsd		r23 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Profit gtgt (ltlt value_1 gtgt q_act_jan)13User Value 57459528 Tsd		m23		m23		00		00	01	00

Earnings per share		075		021			096		106		201		027		229		054		075			129			079			208		040			248		s24 PAC Serova Elena (External) Referenced Value (value_1_PQACTJAN02)1313Document Q2_2017_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Basic gtgt (ltlt 2017 gtgt q_act_jan)13User Value 0000540 Tsd		s24 PAC Serova Elena (External) Referenced Value (value_1_PQACTJAN02)1313Document Q2_2017_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Basic gtgt (ltlt 2017 gtgt q_act_jan)13User Value 0000540 Tsd		m24		m24		00		00	00	00

			0		0				46460419259						0		0		0			0		0			0			m25		m25		l1	l1			00		00

Earnings per share 1000																0000788		0002078		0000788			0002478			rf28 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Basic gtgt (ltlt 2017 gtgt q_act)13User Value 0000788 Tsd		rf28 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Basic gtgt (ltlt value_1 gtgt q_act_jan)13User Value 0002478 Tsd		l2		l2

Total Operating Expenses																(3111)		(9209)		(3307)			(12516)			s25		s25		l3		l3

OOE YoY

	042


GP control		00		00		00		00		00	00	00		00		00		00			00		00		00			00		00		00		(00)		00			s30		s30	s30		s30

EBITDA control		00		(01)		00		00		00	00	00		(00)		00		(00)			00		00		(01)			00		00		(00)		00		(00)			s31		s31	s31		s31

EBIT control		00		01		00		00		00	00	00		(01)		00		00			(00)		00		(00)			00		00		00		00		00			s32		s32	s32		s32

Earnings before taxes (EBT)		00		00		00		00		00	00	00		00		00		00			00		00		01			00		00		(00)		(00)		00			s33		s33	s33		s33

Profit		00		00		00		01		00	00	00		00		00		00			00		00		(00)			(00)		00		00		(00)		00			s34		s34	s34		s34

Air GP																				6394449			l4		r40 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Gross profit (value_1 q_act_jan)13User Value 6394449 Mio		l4		l4

Ocean GP																				4272121			l5		r41 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_act_jan)13User Value 4272121 Mio		l5		l5

Logistics GP																				331136			l6		r42 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row Gross profit (value_1 q_act_jan)13User Value 3311360 Mio		l6		l6

Check																				00			l7		s43		l7		l7

Air EBIT																				1103462			l8		r44 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row EBIT adjusted (value_1 q_act_jan)13User Value 1103462 Mio		l8		l8

Ocean EBIT																				-150917			l9		r45 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_act_jan)13User Value -150917 Mio		l9		l9

Logistics EBIT																				80666			l10		r46 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row EBIT adjusted (value_1 q_act_jan)13User Value 80666 Mio		l10		l10

Check																				00			l11		s47		l11		l11

APAC GP																				34878			l12		r51 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 313 - AC Key figures APAC13Row Gross profit (value_1 q_act_jan)13User Value 34878 Mio		l12		l12

EUROPE GP																				53038			l13		r52 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 314 - AC Key figures Europe13Row Gross profit (value_1 q_act_jan)13User Value 53038 Mio		l13		l13

MEAC GP																				897489			l14		r53 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 315 - AC Key figures MEAC13Row Gross profit (value_1 q_act_jan)13User Value 8974886 Mio		l14		l14

AME GP																				4288802			l15		r54 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 316 - AC Key figures Americas13Row Gross profit (value_1 q_act_jan)13User Value 4288802 Mio		l15		l15

Check																				(00)			l16		s55		l16		l16

APAC EBIT																				7061			l17		r56 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 313 - AC Key figures APAC13Row EBIT (value_1 q_act_jan)13User Value 7061 Mio		l17		l17

EUROPE EBIT																				-122			l18		r57 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 314 - AC Key figures Europe13Row EBIT (value_1 q_act_jan)13User Value -122 Mio		l18		l18

MEAC EBIT																				20871			l19		r58 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 315 - AC Key figures MEAC13Row EBIT reported (value_1 q_act_jan)13User Value 208709 Mio		l19		l19

AME EBIT																				31847			l20		r59 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 316 - AC Key figures Americas13Row EBIT reported (value_1 q_act_jan)13User Value 3184697 Mio		l20		l20

Check																				00			l21		s60		l21		l21

Air NFR																				2919782			l31		r70 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Net forwarding revenue (value_1 q_act_jan)13User Value 29197820 Mio		l31		l31

Ocean NFR																				2074282			l22		r71 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Net forwarding revenue (value_1 q_act_jan)13User Value 20742820 Mio		l22		l22

Logistics NFR																				5387147			l23		r72 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row Net forwarding revenue (value_1 q_act_jan)13User Value 5387147 Mio		l23		l23

Check																				00			l24		s73		l24		l24

APAC NFR																				127363			l25		r75 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 313 - AC Key figures APAC13Row Net forwarding revenue (value_1 q_act_jan)13User Value 127363 Mio		l25		l25

EUROPE NFR																				231796			l26		r76 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 314 - AC Key figures Europe13Row Net forwarding revenue (value_1 q_act_jan)13User Value 231796 Mio		l26		l26

MEAC NFR																				271595			l27		r77 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 315 - AC Key figures MEAC13Row Net forwarding revenue (value_1 q_act_jan)13User Value 27159502 Mio		l27		l27

AME NFR																				16695948			l28		r78 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 316 - AC Key figures Americas13Row Net forwarding revenue (value_1 q_act_jan)13User Value 166959483 Mio		l28		l28

Check																				00			l29		s79		l29		l29

Page 17: Full-year results 2017 - panalpina.com · GP/ton -14% -10% -10% ... of an offer to purchase any shares andneither it nor any part of it shall form the basis ... % 24.2% 60.1% 35.9%

APPENDIX

SNVeryHiddenParameterSheet

PAN_ISpQ_Group

image1png

SNVeryHiddenParameterSheet

PAN_ISpQ_AirFreight

image1png

SNVeryHiddenParameterSheet

PAN_ISpQ_OceanFreight

image1png

EBIT reported 18 (15) 09 05 18 24 31 27 (01) 81

SNVeryHiddenParameterSheet

PAN_ISpQ_Logistics

image1png

BALANCE SHEET

SNVeryHiddenParameterSheet

PAN_BalanceSheet

image1png

CASH FLOW

SNVeryHiddenParameterSheet

Tabele PAN_Cashflow

Slide Number 2
IFRS changes 2018
Next EVENTs
Disclaimer
Appendix
Balance sheet
Cash flow

	31-Dec-16		31-Dec-17		Change in

Cash flow before changes in working capital		1313		1536				r2 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Subtotal cash flow from operations gtgt (ltlt 2017 gtgt q_act_jan)13User Value 15298 Tsd			PY IS MANUAL

Changes in working capital		188		(480)				r3 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows131313267 Tsd - ltlt Increase (decrease) payables and accruals incl accrued cost of service gtgt (ltlt 2017 gtgt q_act_jan)13-695 Tsd - ltlt (Decrease) increase non-current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13256 Tsd - ltlt (Decrease) increase current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13-17508 Tsd - ltlt (Increase) decrease receivables other current assets and unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-4680 Tsd (Total)

Cash from operations		1501		1056				r4 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash generated from operations gtgt (ltlt 2017 gtgt q_act_jan)13User Value 10618 Tsd


Interest and income taxes paid		(394)		(383)				r6 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows1313-3709 Tsd - ltlt Income taxes paid gtgt (ltlt 2017 gtgt q_act_jan)13-122 Tsd - ltlt Interest paid gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-3831 Tsd (Total)

Net cash from operating activities		1107		673		-39			r7 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash from operating activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 6787 Tsd


Net cash from investing activities		(241)		(681)		183			r9 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in investing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -6870 Tsd


Free cash flow		866		(08)		-101			r11 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Free cash flow gtgt (ltlt 2017 gtgt q_act_jan)13User Value -083 Tsd


Net cash used in financing activities		(887)		(882)		-1			r13 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in financing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8818 Tsd


Net increase (decrease) in cash and cash equivalents		(21)		(890)				r15 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net increase (decrease) in cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8901 Tsd

Cash and cash equivalents at beginning of period		3923		3888				r16 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the beginning of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 38878 Tsd

Effect of exchange rate changes		(14)		111				r17 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Effect of exchange rate changes on cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 1108 Tsd

Cash and cash equivalents at end of period		3888		3109				r18 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the end of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd


Reported cash and cash equivalents at 31122016			3888				r21 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the beginning of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 38878 Tsd			Reported cash and cash equivalents at 31122016			3888

Profit YTD 122017			5746				r19 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Profit gtgt (ltlt 2017 gtgt q_act_jan)13User Value 5746 Tsd			Profit YTD 122017		3888		575

Other non-cash items (eg DampA)			9613				r23 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13132129 Tsd - ltlt Depreciation of property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)132157 Tsd - ltlt Amortization of intangible assets gtgt (ltlt 2017 gtgt q_act_jan)13-224 Tsd - ltlt Interest income and dividend on available-for-sale financial assets gtgt (ltlt 2017 gtgt q_act_jan)13-062 Tsd - ltlt Exchange differences gtgt (ltlt 2017 gtgt q_act_jan)13-033 Tsd - ltlt Loss (gain) on sales of property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)13000 Tsd - ltlt Gain on sales of financial assets gtgt (ltlt 2017 gtgt q_act_jan)13612 Tsd - ltlt Expenses for share-based compensation plans gtgt (ltlt 2017 gtgt q_act_jan)13564 Tsd - ltlt Other non-cash (income) and expenses gtgt (ltlt 2017 gtgt q_act_jan)134408 Tsd - ltlt Income tax expenses gtgt (ltlt 2017 gtgt q_act_jan)13---------------------139552 Tsd (Total)			Other non-cash items (eg DampA)		4462		961

Changes in working capital			-4798				r24 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows131313267 Tsd - ltlt Increase (decrease) payables and accruals incl accrued cost of service gtgt (ltlt 2017 gtgt q_act_jan)13-695 Tsd - ltlt (Decrease) increase non-current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13256 Tsd - ltlt (Decrease) increase current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13-17508 Tsd - ltlt (Increase) decrease receivables other current assets and unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-4680 Tsd (Total)			Changes in working capital		4944		480	neg

Interest and income taxes paid			-3831				r25 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows1313-3709 Tsd - ltlt Income taxes paid gtgt (ltlt 2017 gtgt q_act_jan)13-122 Tsd - ltlt Interest paid gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-3831 Tsd (Total)			Interest and income taxes paid		4561		383	neg

Net cash from investing activities			-6813				r26 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in investing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -6870 Tsd			Net cash from investing activities		3879		681	neg

Financing activitiesdividend			-8818				r27 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in financing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8818 Tsd			Financing activitiesdividend		2998		882	neg

Effect of exchange rate changes			1108				r28 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Effect of exchange rate changes on cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 1108 Tsd			Effect of exchange rate changes		2998		111

Reported cash and cash equivalents at 31122017			31085				r29 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the end of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd		PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Subtotal cash flow from operations gtgt (ltlt 2017 gtgt q_act_jan)13User Value 15298 Tsd		PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows131313267 Tsd - ltlt Increase (decrease) payables and accruals incl accrued cost of service gtgt (ltlt 2017 gtgt q_act_jan)13-695 Tsd - ltlt (Decrease) increase non-current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13256 Tsd - ltlt (Decrease) increase current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13-17508 Tsd - ltlt (Increase) decrease receivables other current assets and unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-4680 Tsd (Total)	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash generated from operations gtgt (ltlt 2017 gtgt q_act_jan)13User Value 10618 Tsd		PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows1313-3709 Tsd - ltlt Income taxes paid gtgt (ltlt 2017 gtgt q_act_jan)13-122 Tsd - ltlt Interest paid gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-3831 Tsd (Total)	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash from operating activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 6787 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in investing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -6870 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Free cash flow gtgt (ltlt 2017 gtgt q_act_jan)13User Value -083 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in financing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8818 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net increase (decrease) in cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8901 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the beginning of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 38878 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Effect of exchange rate changes on cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 1108 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the end of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the beginning of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 38878 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Profit gtgt (ltlt 2017 gtgt q_act_jan)13User Value 5746 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13132129 Tsd - ltlt Depreciation of property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)132157 Tsd - ltlt Amortization of intangible assets gtgt (ltlt 2017 gtgt q_act_jan)13-224 Tsd - ltlt Interest income and dividend on available-for-sale financial assets gtgt (ltlt 2017 gtgt q_act_jan)13-062 Tsd - ltlt Exchange differences gtgt (ltlt 2017 gtgt q_act_jan)13-033 Tsd - ltlt Loss (gain) on sales of property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)13000 Tsd - ltlt Gain on sales of financial assets gtgt (ltlt 2017 gtgt q_act_jan)13612 Tsd - ltlt Expenses for share-based compensation plans gtgt (ltlt 2017 gtgt q_act_jan)13564 Tsd - ltlt Other non-cash (income) and expenses gtgt (ltlt 2017 gtgt q_act_jan)134408 Tsd - ltlt Income tax expenses gtgt (ltlt 2017 gtgt q_act_jan)13---------------------139552 Tsd (Total)	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows131313267 Tsd - ltlt Increase (decrease) payables and accruals incl accrued cost of service gtgt (ltlt 2017 gtgt q_act_jan)13-695 Tsd - ltlt (Decrease) increase non-current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13256 Tsd - ltlt (Decrease) increase current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13-17508 Tsd - ltlt (Increase) decrease receivables other current assets and unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-4680 Tsd (Total)	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows1313-3709 Tsd - ltlt Income taxes paid gtgt (ltlt 2017 gtgt q_act_jan)13-122 Tsd - ltlt Interest paid gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-3831 Tsd (Total)	Reported cash and cash equivalents at 31122017	3109	3888

													484

													591

													(479)

													(331)

													(406)

													(882)

													93

													2946

	31-Dec-16		31-Dec-17		Change in

				CHF

Cash and cash equivalents		3888		3109		(779)		-20			r3 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd		3888	3999		111		3

Trade receivables unbilled forwarding services		9087		10970		1883		21			r4 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Trade receivables unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13User Value 109701 Tsd		9087	8693		-394		-4

Other current assets		1025		1322		297		29			r5 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other current assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 13217 Tsd		1025	1335		31		30

Property plant and equipment		635		967		332		52			r6 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)13User Value 9673 Tsd		635	651		16		3

Intangible assets		979		885		(95)		-10			r7 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Intangible assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 8845 Tsd		979	926		-53		-5

Other non-current assets		990		1138		148		15			r8 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other non-current assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 11382 Tsd		99	1073		83		8

Total assets		16606		18390		1784		11			r9 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 183903 Tsd		166060	166780		72		0

											0

Short-term borrowings		23		26		03		15			r11 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Short-term borrowings gtgt (ltlt 2017 gtgt q_act_jan)13User Value 262 Tsd		23	05		-18		-78

Trade payables accured cost of services		6524		7967		1443		22			r12 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Trade payables accured cost of services gtgt (ltlt 2017 gtgt q_act_jan)13User Value 79665 Tsd		6524	620		-324		-5

Other current liabilities		2439		2676		237		10			r13 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other current liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 26763 Tsd		2439	2592		153		6

Long-Term borrowings		00		32		32		na			r20 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Long-term borrowings gtgt (ltlt 2017 gtgt q_act_jan)13User Value 324 Tsd		0	12		12		na

Other long-term liabilities		1449		1546		97		7			r21 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other long-term liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 15459 Tsd		1449	1479		3		2

Total liabilities		10436		12247		1811		17			r14 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 122473 Tsd		104360	102880		-148		-1

Share capital		24		24		(00)		-1			r15 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Share capital gtgt (ltlt 2017 gtgt q_act_jan)13User Value 238 Tsd		24	24		0		0

Reserves treasury shares		6057		6056		(01)		-0			r16 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Reserves treasury shares gtgt (ltlt 2017 gtgt q_act_jan)13User Value 60534 Tsd		6057	6285		228		4

Non-controlling interests		89		63		(26)		-29			r17 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Non-controlling interests gtgt (ltlt 2017 gtgt q_act_jan)13User Value 659 Tsd		89	81		-08		-9

Total equity		6170		6143		(27)		-0			r18 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total equity gtgt (ltlt 2017 gtgt q_act_jan)13User Value 61430 Tsd		617	639		22		4

Total equity and liabilities		16606		18390		1784		11			r19 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total equity and liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 183903 Tsd		166060	166780		72		0

KPIs		31-Dec-16		31-Dec-17


Equity Ratio		372		334					s20 PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document Q2_2017_Quarter_Report13Chapter Consolidated Statement of Financial Position13Row ltlt Total equity and liabilities gtgt (ltlt June 30 2017 gtgt q_act_jan)13User Value 153472 Tsd

							PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Trade receivables unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13User Value 109701 Tsd		PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other current assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 13217 Tsd		PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)13User Value 9673 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Intangible assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 8845 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other non-current assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 11382 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 183903 Tsd		PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Short-term borrowings gtgt (ltlt 2017 gtgt q_act_jan)13User Value 262 Tsd		PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Trade payables accured cost of services gtgt (ltlt 2017 gtgt q_act_jan)13User Value 79665 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other current liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 26763 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Long-term borrowings gtgt (ltlt 2017 gtgt q_act_jan)13User Value 324 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other long-term liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 15459 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 122473 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Share capital gtgt (ltlt 2017 gtgt q_act_jan)13User Value 238 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Reserves treasury shares gtgt (ltlt 2017 gtgt q_act_jan)13User Value 60534 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Non-controlling interests gtgt (ltlt 2017 gtgt q_act_jan)13User Value 659 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total equity gtgt (ltlt 2017 gtgt q_act_jan)13User Value 61430 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total equity and liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 183903 Tsd	NWC-Intensity	18	15	mf24	Enterred by HPI on 14012018

DSO 3-m-rolling YTD		455		474					m22		Enterred by HPI on 14012018

DPO 3-m-rolling YTD		407		412					m23		Enterred by HPI on 14012018

2017	2016

																						Check

Logistics	Q1 2016	Q2 2016	HY 2016		Q3 2016		Q3YTD 2016		Q4 2016		FY 2016		Q1 2017		Q2 2017			HY 2017		Q3 2017			Q3YTD 2017		Q4 2017		FY 2017								CY

Net forwarding revenue	1402	1613	3015		1374		4389		1321		5709		1286		1377			2663		1394			4057		1330		5387			m4		m4		s4 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_3 gtgt q_act)13User Value 14141 Tsd	r4 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_3 gtgt q_act_jan)13User Value 53871 Tsd	00

Forwarding expenses	(420)	(607)	(1027)		(429)		(1456)		(397)		(1853)		(460)		(564)			(1024)		(580)			(1604)		(472)		(2076)			m5		m5		s5 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_3 gtgt q_act)13User Value -5564 Tsd	r5 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_3 gtgt q_act_jan)13User Value -20758 Tsd	00

Gross profit	982	1006	1989		944		2933		924		3857		825		813			1639		815			2454		858		3311			m6		m6		s6 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_3 gtgt q_act)13User Value 8576 Tsd	r6 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_3 gtgt q_act_jan)13User Value 33114 Tsd	00

Personnel expenses	(574)	(591)	(1166)		(528)		(1694)		(519)		(2213)		(479)		(461)			(940)		(469)			(1409)		(507)		(1916)			m7		m7		s7 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_3 gtgt q_act)13User Value -4045 Tsd	r7 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_3 gtgt q_act_jan)13User Value -19163 Tsd	00

Other operating expenses	(360)	(363)	(723)		(378)		(1102)		(367)		(1469)		(298)		(298)			(596)		(298)			(894)		(329)		(1223)			m8		m8		s8 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_3 gtgt q_act)13User Value -4415 Tsd	r8 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_3 gtgt q_act_jan)13User Value -12227 Tsd	00

EBITDA adjusted	48	52	100		38		138		37		175		48		54			103		48			151		22		172			m9		m9		s9 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_3 gtgt q_act)13User Value -479 Tsd	r9 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_3 gtgt q_act_jan)13User Value 1724 Tsd	00

Depreciation and amortization	(29)	(29)	(58)		(29)		(88)		(32)		(119)		(25)		(24)			(48)		(21)			(69)		(23)		(92)			m10		m10		s10 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_3 gtgt q_act)13User Value -125 Tsd	r10 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_3 gtgt q_act_jan)13User Value -918 Tsd	00

EBIT adjusted	18	23	41		09		50		05		56		24		31			54		27			81		(01)		81			m11		m11		s11 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act)13User Value -008 Tsd	r11 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act_jan)13User Value 807 Tsd	00

Non-recurring items

Restructuring expenses	00	(38)	(38)		00		(38)		00		(38)		00		00			00		00			00		00		00			m13		m13		s13	m13	00


EBIT reported	18	(15)	03		09		12		05		18		24		31			54		27			81		(01)		81			m15		m15		s15 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act)13User Value -008 Tsd	r15 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act_jan)13User Value 807 Tsd


GP Change YoY										-19		-18		-14		-16		-7		-14					s16	s16


															453

						10										15

GP control	000	000		000				000		(012)		(000)		000				000			000			000		s30		s30		s30		s30

EBITDA control	000	000		(000)				010		(002)		000		(000)				000			(000)			000		s31		s31		s31		s31

EBIT control	010	000		000				000		005		000		(000)			ERRORREF		000			000			000		s32		s32		s32		s32

2017	2016


Ocean Freight	Q1 2016	Q2 2016	HY 2016		Q3 2016	Q3YTD 2016			Q4 2016			FY 2016			Q1 2017			Q2 2017			HY 2017		Q3 2017			Q3YTD 2017		Q4 2017			FY 2017

Net forwarding revenue	5338	4921	10259		4955	15214			4770			19984			4915			5172			10087		5551			15637		5105			20743			m4		m4		s4 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_2 gtgt q_act)13User Value 55506 Tsd	r4 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_2 gtgt q_act_jan)13User Value 207428 Tsd	00	00	00	00

Forwarding expenses	(4157)	(3773)	(7930)		(3834)	(11764)			(3783)			(15547)			(3860)			(4081)			(7941)		(4463)			(12404)		(4067)			(16471)			m5		m5		s5 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_2 gtgt q_act)13User Value -44629 Tsd	r5 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_2 gtgt q_act_jan)13User Value -164707 Tsd	-00	00	00	00

Gross profit	1181	1148	2329		1121	3450			987			4438			1055			1091			2146		1088			3234		1038			4272			m6		m6		s6 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_2 gtgt q_act)13User Value 10877 Tsd	r6 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_2 gtgt q_act_jan)13User Value 42721 Tsd	00	00	00	00

Personnel expenses	(791)	(752)	(1543)		(755)	(2298)			(721)			(3019)			(779)			(784)			(1564)		(788)			(2352)		(837)			(3189)			m7		m7		s7 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_2 gtgt q_act)13User Value -7884 Tsd	r7 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_2 gtgt q_act_jan)13User Value -31889 Tsd	00	00	(00)	00

Other operating expenses	(305)	(288)	(594)		(274)	(868)			(275)			(1144)			(271)			(265)			(536)		(290)			(827)		(257)			(1083)			m8		m8		s8 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_2 gtgt q_act)13User Value -2905 Tsd	r8 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_2 gtgt q_act_jan)13User Value -10833 Tsd	00	(01)	(01)	00

EBITDA adjusted	84	108	192		92	284			(09)			275			05			41			46		09			55		(55)			(00)			m9		m9		s9 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_2 gtgt q_act)13User Value 089 Tsd	r9 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_2 gtgt q_act_jan)13User Value -001 Tsd	00	00	00	00

Depreciation and amortization	(41)	(42)	(83)		(41)	(124)			(42)			(166)			(36)			(36)			(72)		(38)			(110)		(41)			(151)			m10		m10		s10 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_2 gtgt q_act)13User Value -384 Tsd	r10 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_2 gtgt q_act_jan)13User Value -1508 Tsd	-00	00	00	00

EBIT adjusted	43	66	109		51	160			(51)			109			(32)			06			(26)		(29)			(55)		(96)			(151)			m11		m11		s11 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_2 gtgt q_act)13User Value -295 Tsd	r11 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_2 gtgt q_act_jan)13User Value -1509 Tsd	-00	00	00	00

in of gross profit	37	58	47		45	46			-51			25			-30			05			-12		-27			-17		-92			-35			m12		m12		s12	s12

Non-recurring items																									00		00		00			00

Restructuring expenses	00	(97)	(97)		0	(97)			(19)			(115)			00			00			00		00			00		00			00			m14		m14		s14	m14	00	00	01	00


EBIT reported	43	(30)	13		51	63			(69)			(06)			(32)			06			(26)		(29)			(55)		(96)			(151)			m16		m16		s16 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_2 gtgt q_act)13User Value -295 Tsd	r16 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_2 gtgt q_act_jan)13User Value -1509 Tsd	-00	00	(00)	00

in of gross profit	37	-26	05		45	18			-70			-01			-30			05			-12		-27			-17		-92			-35			m17		m17		s17	s17


Ocean Freight volumes (000 TEUs)	3482	3726	7208		3787	10995			3890			14885			3742			3828			7570		3856			11426		3779			15205			m19		m19		m19	m19	00	00	(00)	00

change YoY	-100	-82	-91		-88	-90			08			-66			75			27			50		18			39		-28			22			m20		m20		s20	s20

GPTEU (CHF)	339	308	323		296	314			254			298			282			285			283		282			283		275			281			m21		m21		m21	s21

change YoY	102	59	80		-16	47			-176			-11			-169			-75			-122		-47			-98		83			-58			m22		m22		s22	s22


GP change YoY								-11			-5			-8			-3			-6		519		-373					s23		s23


							-00298711145			00053228356					-00271124048				-00921686544

GP control	000	000		(000)			000			000			000			000					000			(000)			000			s30		s30		s30		s30

EBITDA control	010	000		000			000			(000)			(000)			(000)					000			000			(000)			s31		s31		s31		s31

EBIT control	000	000		000			000			(000)			(000)			000				000		000			000			(000)			s32		s32		s32		s32

2017	2016

																													Check

Air Freight	Q1 2016	Q2 2016	HY 2016		Q3 2016	Q3YTD 2016			Q4 2016			FY 2016			Q1 2017			Q2 2017		HY 2017			Q3 2017			Q3 YTD 2017			Q4 2017			FY 2017										CY

Net forwarding revenue	6332	6359	12691		6341	19032			7234			26267			6571			7000		13571			7389			20960			8238			29198			m4		m4		s4 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_1 gtgt q_act)13User Value 91229 Tsd		r4 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_1 gtgt q_act_jan)13User Value 291978 Tsd	00	00	(003)	00

Forwarding expenses	(4846)	(4800)	(9646)		(4853)	(14499)			(5816)			(20315)			(5125)			(5500)		(10625)			(5775)			(16400)			(6403)			(22803)			m5		m5		s5 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_1 gtgt q_act)13User Value -72887 Tsd		r5 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_1 gtgt q_act_jan)13User Value -228034 Tsd	00	00	00	00

Gross profit	1486	1559	3045		1489	4534			1418			5952			1447			1500		2946			1614			4560			1834			6394			m6		m6		s6 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_1 gtgt q_act)13User Value 18342 Tsd		r6 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_1 gtgt q_act_jan)13User Value 63944 Tsd	-00	00	00	00

Personnel expenses	(885)	(869)	(1754)		(847)	(2600)			(873)			(3473)			(905)			(916)		(1822)			(928)			(2750)			(1044)			(3793)			m7		m7		s7 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_1 gtgt q_act)13User Value -10893 Tsd		r7 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_1 gtgt q_act_jan)13User Value -37932 Tsd	-00	00	00	00

Other operating expenses	(371)	(359)	(730)		(318)	(1048)			(284)			(1333)			(324)			(317)		(641)			(337)			(978)			(334)			(1312)			m8		m8		s8 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_1 gtgt q_act)13User Value -2799 Tsd		r8 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_1 gtgt q_act_jan)13User Value -13116 Tsd	00	00	(00)	00

EBITDA adjusted	230	331	561		324	885			261			1146			218			266		484			349			833			457			1290			m9		m9		s9 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_1 gtgt q_act)13User Value 4650 Tsd		r9 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_1 gtgt q_act_jan)13User Value 12896 Tsd	00	00	(00)	00

Depreciation and amortization	(52)	(52)	(103)		(55)	(158)			(53)			(211)			(46)			(47)		(93)			(46)			(139)			(47)			(186)			m10		m10		s10 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_1 gtgt q_act)13User Value -558 Tsd		r10 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_1 gtgt q_act_jan)13User Value -1861 Tsd	00	01	01	00

EBIT adjusted	178	279	457		269	726			208			935			171			220		391			303			694			409			1103			m11		m11		s11 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act)13User Value 4092 Tsd		r11 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act_jan)13User Value 11035 Tsd	-00	00	00	00

in of gross profit	120	179	150		181	160			147			157			118			146		133			188			152			223			173			m12		m12		s12 PAC Hamon Pierrick Invalid Reference (value_1_PQACT02) 1313Reference could not be handled13Underlying Formula		s12

Non-recurring items																										00		00		00			00

Restructuring expenses	00	(127)	(127)		00	(127)			00			(127)			00			00		00			00			00			00			00			m14		m14		s14		m14	00	00	00	00


EBIT reported	178	153	331		269	600			208			808			171			220		391			303			694			409			1103			m16		m16		s16 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act)13User Value 4092 Tsd		r16 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act_jan)13User Value 11035 Tsd	-00	00	(00)	00

in of gross profit	120	98	109		181	132			147			136			118			146		133			188			152			223			173			m17		m17		s17		s17


Air Freight volumes (000 tons)	2161	2251	4412		2278	6690			2524			9214			2332			2399		4731			2489			7220			2739			9959			m19		m19		s19		m19	00	00	00	00

change YoY	54	111	82		99	88			141			102			79			66		72			93			79			85			81			m20		m20		s20		s20

GPton (CHF)	688	693	690		653	678			562			646			620			625		623			648			632			670			642			m21		m21		s21		s21

change YoY	-47	-36	-41		-73	-52			-140			-75			-98			-97		-98			-08			-68			192			-06			m22		m22		s22		s22


GP change YoY								-3			-4			-3			8		1			29			7					s23		s23

GP control	000	000		000			000			000			(000)			000				(000)				000		000		000		000			s30		s30		s30		s30

EBITDA control	000	000		000			(000)			000			000			(000)				000				000		(000)		000		000			s31		s31		s31		s31

EBIT control	000	000		000			000			(000)			000			(000)			000		000				000		000		000		(000)			s32		s32		s32		s32

2017		2016

																													Check CY

Group		Q1 2016		Q2 2016			HY 2016		Q3 2016		Q3YTD 2016		Q4 2016		FY 2016		Q1 2017		Q2 2017			HY 2017			Q3 2017			Q3YTD 2017		Q4 2017			FY 2017

Net forwarding revenue		13072		12894			25965		12670		38635		13325		51960		12772		13549			26321			14334			40655		14673			55328		s4 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Net forwarding revenue gtgt (ltlt 2017 gtgt q_act)13User Value 1433411124 Tsd		r4 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Net forwarding revenue gtgt (ltlt value_1 gtgt q_act_jan)13User Value 5532778504 Tsd		m4		m4		00		-01	-01	00

Forwarding expenses		(9423)		(9180)			(18602)		(9116)		(27718)		(9996)		(37714)		(9445)		(10145)			(19590)			(10818)			(30407)		(10942)			(41350)		s5 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Forwarding services from third parties gtgt (ltlt 2017 gtgt q_act)13User Value -1081765298 Tsd		r5 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Forwarding services from third parties gtgt (ltlt value_1 gtgt q_act_jan)13User Value -4134985568 Tsd		m5		m5		00		01	01	00

Gross profit		3649		3714			7363		3554		10917		3329		14246		3327		3404			6731			3516			10248		3730			13978		s6 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Gross profit gtgt (ltlt 2017 gtgt q_act)13User Value 351645826 Tsd		r6 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Gross profit gtgt (ltlt value_1 gtgt q_act_jan)13User Value 1397792936 Tsd		m6		m6		00		00	00	00

Personnel expenses		(2250)		(2213)			(4463)		(2129)		(6592)		(2113)		(8705)		(2164)		(2162)			(4326)			(2186)			(6511)		(2388)			(8898)		s7 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Personnel expenses gtgt (ltlt 2017 gtgt q_act)13User Value -218561825 Tsd		r7 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Personnel expenses gtgt (ltlt value_1 gtgt q_act_jan)13User Value -889847082 Tsd		m7		m7		00		00	00	00

Other operating expenses		(1037)		(1011)			(2047)		(971)		(3018)		(927)		(3945)		(893)		(880)			(1773)			(925)			(2698)		(919)			(3618)		s8 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Other operating expenses gtgt (ltlt 2017 gtgt q_act)13User Value -92494218 Tsd		r8 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Other operating expenses gtgt (ltlt value_1 gtgt q_act_jan)13User Value -361760468 Tsd		m8		m8		00		01	01	00

EBITDA adjusted		362		491			853		454		1307		289		1596		271		362			633			406			1039		423			1462		s9 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt EBITDA gtgt (ltlt 2017 gtgt q_act)13User Value 40589783 Tsd		r9 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt EBITDA gtgt (ltlt value_1 gtgt q_act_jan)13User Value 146185385 Tsd		m9		m9		00		00	00	00

Depreciation of property plant and equip		(62)		(62)			(125)		(62)		(187)		(71)		(258)		(53)		(54)			(107)			(50)			(156)		(56)			(213)		s10 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Depreciation of property plant and equipment gtgt (ltlt 2017 gtgt q_act)13User Value -4981553 Tsd		r10 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Depreciation of property plant and equipment gtgt (ltlt value_1 gtgt q_act_jan)13User Value -21293764 Tsd		m10		m10		-00		-01	-01	00

Amortization of intangible assets		(60)		(60)			(120)		(63)		(183)		(56)		(239)		(54)		(52)			(106)			(55)			(162)		(54)			(216)		s11 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Amortization of intangible assets gtgt (ltlt 2017 gtgt q_act)13User Value -5514918 Tsd		r11 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Amortization of intangible assets gtgt (ltlt value_1 gtgt q_act_jan)13User Value -21570493 Tsd		m11		m11		00		00	00	00

EBIT adjusted		240		368			608		329		936		163		1099		164		256			420			301			721		313			1033		s12 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Operating result (EBIT) gtgt (ltlt 2017 gtgt q_act)13User Value 30093312 Tsd		r12 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act_jan)13User Value 103321128 Tsd		m12		m12		00		00	-01	00

in of gross profit		66		99			83		92		86		49		77		49		75			62			86			70		84			74		s13		s13		m13		m13

Non-recurring items																											00		00		00		00

Restructuring expenses		00		(261)			(261)		00		(261)		(19)		(280)		00		00			00			00			00		00			00		s15 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Restructuring expenses gtgt (ltlt 2017 gtgt q_act)13User Value 0000000 Tsd		r15 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Restructuring expenses gtgt (ltlt value_1 gtgt q_act_jan)13User Value 0000000 Tsd		m15		m15		00		00	00	00


EBIT reported		240		107			347		329		675		144		820		164		256			420			301			721		313			1033		s17		s17		m17		m17		00		00	00	00

in of gross profit		66		29			47		92		62		43		58		49		75			62			86			70		84			74		s18		s18		m18		m18		-01		-00	-02

Financial result		(09)		07			(02)		(04)		(06)		02		(04)		02		01			03			(04)			(02)		(16)			(18)		s19 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13130939883 Tsd - ltlt Finance income gtgt (ltlt 2017 gtgt q_act)13-1343957 Tsd - ltlt Finance costs gtgt (ltlt 2017 gtgt q_act)13---------------------13-0404074 Tsd (Total)		r19 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13132749657 Tsd - ltlt Finance income gtgt (ltlt value_1 gtgt q_act_jan)13-4529105 Tsd - ltlt Finance costs gtgt (ltlt value_1 gtgt q_act_jan)13---------------------13-1779448 Tsd (Total)		m19		m19		00		00	00	00

Earnings before taxes (EBT)		231		114			345		325		670		146		816		165		257			422			297			719		296			1015		s20 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Profit before income tax (EBT) gtgt (ltlt 2017 gtgt q_act)13User Value 29689237 Tsd		r20 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Profit before income tax (EBT) gtgt (ltlt value_1 gtgt q_act_jan)13User Value 101541680 Tsd		m20		m20		00		00	00	00

Income tax expenses		(58)		(69)			(126)		(79)		(205)		(88)		(293)		(42)		(81)			(123)			(112)			(235)		(206)			(441)		s21 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Income tax expenses gtgt (ltlt 2017 gtgt q_act)13User Value -11228068 Tsd		r21 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Income tax expenses gtgt (ltlt value_1 gtgt q_act_jan)13User Value -44082152 Tsd		m21		m21		00		01	01	00

of EBT		250		602			367		242		306		601		359		252		316			291			378			327		694			434		s22		s22		m22		m22

Profit		173		45			218		246		465		58		523		124		176			299			185			484		91			575		s23 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Profit gtgt (ltlt 2017 gtgt q_act)13User Value 18461169 Tsd		r23 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Profit gtgt (ltlt value_1 gtgt q_act_jan)13User Value 57459528 Tsd		m23		m23		00		00	01	00

Earnings per share		075		021			096		106		201		027		229		054		075			129			079			208		040			248		s24 PAC Serova Elena (External) Referenced Value (value_1_PQACTJAN02)1313Document Q2_2017_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Basic gtgt (ltlt 2017 gtgt q_act_jan)13User Value 0000540 Tsd		s24 PAC Serova Elena (External) Referenced Value (value_1_PQACTJAN02)1313Document Q2_2017_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Basic gtgt (ltlt 2017 gtgt q_act_jan)13User Value 0000540 Tsd		m24		m24		00		00	00	00

			0		0				46460419259						0		0		0			0		0			0			m25		m25		l1	l1			00		00

Earnings per share 1000																0000788		0002078		0000788			0002478			rf28 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Basic gtgt (ltlt 2017 gtgt q_act)13User Value 0000788 Tsd		rf28 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Basic gtgt (ltlt value_1 gtgt q_act_jan)13User Value 0002478 Tsd		l2		l2

Total Operating Expenses																(3111)		(9209)		(3307)			(12516)			s25		s25		l3		l3

OOE YoY

	042


GP control		00		00		00		00		00	00	00		00		00		00			00		00		00			00		00		00		(00)		00			s30		s30	s30		s30

EBITDA control		00		(01)		00		00		00	00	00		(00)		00		(00)			00		00		(01)			00		00		(00)		00		(00)			s31		s31	s31		s31

EBIT control		00		01		00		00		00	00	00		(01)		00		00			(00)		00		(00)			00		00		00		00		00			s32		s32	s32		s32

Earnings before taxes (EBT)		00		00		00		00		00	00	00		00		00		00			00		00		01			00		00		(00)		(00)		00			s33		s33	s33		s33

Profit		00		00		00		01		00	00	00		00		00		00			00		00		(00)			(00)		00		00		(00)		00			s34		s34	s34		s34

Air GP																				6394449			l4		r40 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Gross profit (value_1 q_act_jan)13User Value 6394449 Mio		l4		l4

Ocean GP																				4272121			l5		r41 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_act_jan)13User Value 4272121 Mio		l5		l5

Logistics GP																				331136			l6		r42 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row Gross profit (value_1 q_act_jan)13User Value 3311360 Mio		l6		l6

Check																				00			l7		s43		l7		l7

Air EBIT																				1103462			l8		r44 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row EBIT adjusted (value_1 q_act_jan)13User Value 1103462 Mio		l8		l8

Ocean EBIT																				-150917			l9		r45 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_act_jan)13User Value -150917 Mio		l9		l9

Logistics EBIT																				80666			l10		r46 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row EBIT adjusted (value_1 q_act_jan)13User Value 80666 Mio		l10		l10

Check																				00			l11		s47		l11		l11

APAC GP																				34878			l12		r51 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 313 - AC Key figures APAC13Row Gross profit (value_1 q_act_jan)13User Value 34878 Mio		l12		l12

EUROPE GP																				53038			l13		r52 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 314 - AC Key figures Europe13Row Gross profit (value_1 q_act_jan)13User Value 53038 Mio		l13		l13

MEAC GP																				897489			l14		r53 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 315 - AC Key figures MEAC13Row Gross profit (value_1 q_act_jan)13User Value 8974886 Mio		l14		l14

AME GP																				4288802			l15		r54 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 316 - AC Key figures Americas13Row Gross profit (value_1 q_act_jan)13User Value 4288802 Mio		l15		l15

Check																				(00)			l16		s55		l16		l16

APAC EBIT																				7061			l17		r56 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 313 - AC Key figures APAC13Row EBIT (value_1 q_act_jan)13User Value 7061 Mio		l17		l17

EUROPE EBIT																				-122			l18		r57 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 314 - AC Key figures Europe13Row EBIT (value_1 q_act_jan)13User Value -122 Mio		l18		l18

MEAC EBIT																				20871			l19		r58 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 315 - AC Key figures MEAC13Row EBIT reported (value_1 q_act_jan)13User Value 208709 Mio		l19		l19

AME EBIT																				31847			l20		r59 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 316 - AC Key figures Americas13Row EBIT reported (value_1 q_act_jan)13User Value 3184697 Mio		l20		l20

Check																				00			l21		s60		l21		l21

Air NFR																				2919782			l31		r70 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Net forwarding revenue (value_1 q_act_jan)13User Value 29197820 Mio		l31		l31

Ocean NFR																				2074282			l22		r71 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Net forwarding revenue (value_1 q_act_jan)13User Value 20742820 Mio		l22		l22

Logistics NFR																				5387147			l23		r72 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row Net forwarding revenue (value_1 q_act_jan)13User Value 5387147 Mio		l23		l23

Check																				00			l24		s73		l24		l24

APAC NFR																				127363			l25		r75 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 313 - AC Key figures APAC13Row Net forwarding revenue (value_1 q_act_jan)13User Value 127363 Mio		l25		l25

EUROPE NFR																				231796			l26		r76 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 314 - AC Key figures Europe13Row Net forwarding revenue (value_1 q_act_jan)13User Value 231796 Mio		l26		l26

MEAC NFR																				271595			l27		r77 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 315 - AC Key figures MEAC13Row Net forwarding revenue (value_1 q_act_jan)13User Value 27159502 Mio		l27		l27

AME NFR																				16695948			l28		r78 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 316 - AC Key figures Americas13Row Net forwarding revenue (value_1 q_act_jan)13User Value 166959483 Mio		l28		l28

Check																				00			l29		s79		l29		l29

Page 18: Full-year results 2017 - panalpina.com · GP/ton -14% -10% -10% ... of an offer to purchase any shares andneither it nor any part of it shall form the basis ... % 24.2% 60.1% 35.9%

SNVeryHiddenParameterSheet

PAN_ISpQ_Group

image1png

SNVeryHiddenParameterSheet

PAN_ISpQ_AirFreight

image1png

SNVeryHiddenParameterSheet

PAN_ISpQ_OceanFreight

image1png

EBIT reported 18 (15) 09 05 18 24 31 27 (01) 81

SNVeryHiddenParameterSheet

PAN_ISpQ_Logistics

image1png

BALANCE SHEET

SNVeryHiddenParameterSheet

PAN_BalanceSheet

image1png

CASH FLOW

SNVeryHiddenParameterSheet

Tabele PAN_Cashflow

Slide Number 2
IFRS changes 2018
Next EVENTs
Disclaimer
Appendix
Balance sheet
Cash flow

	31-Dec-16		31-Dec-17		Change in

Cash flow before changes in working capital		1313		1536				r2 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Subtotal cash flow from operations gtgt (ltlt 2017 gtgt q_act_jan)13User Value 15298 Tsd			PY IS MANUAL

Changes in working capital		188		(480)				r3 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows131313267 Tsd - ltlt Increase (decrease) payables and accruals incl accrued cost of service gtgt (ltlt 2017 gtgt q_act_jan)13-695 Tsd - ltlt (Decrease) increase non-current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13256 Tsd - ltlt (Decrease) increase current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13-17508 Tsd - ltlt (Increase) decrease receivables other current assets and unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-4680 Tsd (Total)

Cash from operations		1501		1056				r4 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash generated from operations gtgt (ltlt 2017 gtgt q_act_jan)13User Value 10618 Tsd


Interest and income taxes paid		(394)		(383)				r6 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows1313-3709 Tsd - ltlt Income taxes paid gtgt (ltlt 2017 gtgt q_act_jan)13-122 Tsd - ltlt Interest paid gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-3831 Tsd (Total)

Net cash from operating activities		1107		673		-39			r7 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash from operating activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 6787 Tsd


Net cash from investing activities		(241)		(681)		183			r9 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in investing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -6870 Tsd


Free cash flow		866		(08)		-101			r11 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Free cash flow gtgt (ltlt 2017 gtgt q_act_jan)13User Value -083 Tsd


Net cash used in financing activities		(887)		(882)		-1			r13 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in financing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8818 Tsd


Net increase (decrease) in cash and cash equivalents		(21)		(890)				r15 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net increase (decrease) in cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8901 Tsd

Cash and cash equivalents at beginning of period		3923		3888				r16 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the beginning of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 38878 Tsd

Effect of exchange rate changes		(14)		111				r17 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Effect of exchange rate changes on cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 1108 Tsd

Cash and cash equivalents at end of period		3888		3109				r18 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the end of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd


Reported cash and cash equivalents at 31122016			3888				r21 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the beginning of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 38878 Tsd			Reported cash and cash equivalents at 31122016			3888

Profit YTD 122017			5746				r19 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Profit gtgt (ltlt 2017 gtgt q_act_jan)13User Value 5746 Tsd			Profit YTD 122017		3888		575

Other non-cash items (eg DampA)			9613				r23 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13132129 Tsd - ltlt Depreciation of property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)132157 Tsd - ltlt Amortization of intangible assets gtgt (ltlt 2017 gtgt q_act_jan)13-224 Tsd - ltlt Interest income and dividend on available-for-sale financial assets gtgt (ltlt 2017 gtgt q_act_jan)13-062 Tsd - ltlt Exchange differences gtgt (ltlt 2017 gtgt q_act_jan)13-033 Tsd - ltlt Loss (gain) on sales of property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)13000 Tsd - ltlt Gain on sales of financial assets gtgt (ltlt 2017 gtgt q_act_jan)13612 Tsd - ltlt Expenses for share-based compensation plans gtgt (ltlt 2017 gtgt q_act_jan)13564 Tsd - ltlt Other non-cash (income) and expenses gtgt (ltlt 2017 gtgt q_act_jan)134408 Tsd - ltlt Income tax expenses gtgt (ltlt 2017 gtgt q_act_jan)13---------------------139552 Tsd (Total)			Other non-cash items (eg DampA)		4462		961

Changes in working capital			-4798				r24 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows131313267 Tsd - ltlt Increase (decrease) payables and accruals incl accrued cost of service gtgt (ltlt 2017 gtgt q_act_jan)13-695 Tsd - ltlt (Decrease) increase non-current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13256 Tsd - ltlt (Decrease) increase current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13-17508 Tsd - ltlt (Increase) decrease receivables other current assets and unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-4680 Tsd (Total)			Changes in working capital		4944		480	neg

Interest and income taxes paid			-3831				r25 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows1313-3709 Tsd - ltlt Income taxes paid gtgt (ltlt 2017 gtgt q_act_jan)13-122 Tsd - ltlt Interest paid gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-3831 Tsd (Total)			Interest and income taxes paid		4561		383	neg

Net cash from investing activities			-6813				r26 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in investing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -6870 Tsd			Net cash from investing activities		3879		681	neg

Financing activitiesdividend			-8818				r27 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in financing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8818 Tsd			Financing activitiesdividend		2998		882	neg

Effect of exchange rate changes			1108				r28 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Effect of exchange rate changes on cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 1108 Tsd			Effect of exchange rate changes		2998		111

Reported cash and cash equivalents at 31122017			31085				r29 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the end of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd		PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Subtotal cash flow from operations gtgt (ltlt 2017 gtgt q_act_jan)13User Value 15298 Tsd		PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows131313267 Tsd - ltlt Increase (decrease) payables and accruals incl accrued cost of service gtgt (ltlt 2017 gtgt q_act_jan)13-695 Tsd - ltlt (Decrease) increase non-current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13256 Tsd - ltlt (Decrease) increase current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13-17508 Tsd - ltlt (Increase) decrease receivables other current assets and unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-4680 Tsd (Total)	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash generated from operations gtgt (ltlt 2017 gtgt q_act_jan)13User Value 10618 Tsd		PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows1313-3709 Tsd - ltlt Income taxes paid gtgt (ltlt 2017 gtgt q_act_jan)13-122 Tsd - ltlt Interest paid gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-3831 Tsd (Total)	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash from operating activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 6787 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in investing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -6870 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Free cash flow gtgt (ltlt 2017 gtgt q_act_jan)13User Value -083 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in financing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8818 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net increase (decrease) in cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8901 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the beginning of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 38878 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Effect of exchange rate changes on cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 1108 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the end of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the beginning of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 38878 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Profit gtgt (ltlt 2017 gtgt q_act_jan)13User Value 5746 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13132129 Tsd - ltlt Depreciation of property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)132157 Tsd - ltlt Amortization of intangible assets gtgt (ltlt 2017 gtgt q_act_jan)13-224 Tsd - ltlt Interest income and dividend on available-for-sale financial assets gtgt (ltlt 2017 gtgt q_act_jan)13-062 Tsd - ltlt Exchange differences gtgt (ltlt 2017 gtgt q_act_jan)13-033 Tsd - ltlt Loss (gain) on sales of property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)13000 Tsd - ltlt Gain on sales of financial assets gtgt (ltlt 2017 gtgt q_act_jan)13612 Tsd - ltlt Expenses for share-based compensation plans gtgt (ltlt 2017 gtgt q_act_jan)13564 Tsd - ltlt Other non-cash (income) and expenses gtgt (ltlt 2017 gtgt q_act_jan)134408 Tsd - ltlt Income tax expenses gtgt (ltlt 2017 gtgt q_act_jan)13---------------------139552 Tsd (Total)	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows131313267 Tsd - ltlt Increase (decrease) payables and accruals incl accrued cost of service gtgt (ltlt 2017 gtgt q_act_jan)13-695 Tsd - ltlt (Decrease) increase non-current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13256 Tsd - ltlt (Decrease) increase current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13-17508 Tsd - ltlt (Increase) decrease receivables other current assets and unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-4680 Tsd (Total)	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows1313-3709 Tsd - ltlt Income taxes paid gtgt (ltlt 2017 gtgt q_act_jan)13-122 Tsd - ltlt Interest paid gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-3831 Tsd (Total)	Reported cash and cash equivalents at 31122017	3109	3888

													484

													591

													(479)

													(331)

													(406)

													(882)

													93

													2946

	31-Dec-16		31-Dec-17		Change in

				CHF

Cash and cash equivalents		3888		3109		(779)		-20			r3 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd		3888	3999		111		3

Trade receivables unbilled forwarding services		9087		10970		1883		21			r4 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Trade receivables unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13User Value 109701 Tsd		9087	8693		-394		-4

Other current assets		1025		1322		297		29			r5 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other current assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 13217 Tsd		1025	1335		31		30

Property plant and equipment		635		967		332		52			r6 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)13User Value 9673 Tsd		635	651		16		3

Intangible assets		979		885		(95)		-10			r7 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Intangible assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 8845 Tsd		979	926		-53		-5

Other non-current assets		990		1138		148		15			r8 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other non-current assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 11382 Tsd		99	1073		83		8

Total assets		16606		18390		1784		11			r9 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 183903 Tsd		166060	166780		72		0

											0

Short-term borrowings		23		26		03		15			r11 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Short-term borrowings gtgt (ltlt 2017 gtgt q_act_jan)13User Value 262 Tsd		23	05		-18		-78

Trade payables accured cost of services		6524		7967		1443		22			r12 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Trade payables accured cost of services gtgt (ltlt 2017 gtgt q_act_jan)13User Value 79665 Tsd		6524	620		-324		-5

Other current liabilities		2439		2676		237		10			r13 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other current liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 26763 Tsd		2439	2592		153		6

Long-Term borrowings		00		32		32		na			r20 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Long-term borrowings gtgt (ltlt 2017 gtgt q_act_jan)13User Value 324 Tsd		0	12		12		na

Other long-term liabilities		1449		1546		97		7			r21 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other long-term liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 15459 Tsd		1449	1479		3		2

Total liabilities		10436		12247		1811		17			r14 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 122473 Tsd		104360	102880		-148		-1

Share capital		24		24		(00)		-1			r15 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Share capital gtgt (ltlt 2017 gtgt q_act_jan)13User Value 238 Tsd		24	24		0		0

Reserves treasury shares		6057		6056		(01)		-0			r16 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Reserves treasury shares gtgt (ltlt 2017 gtgt q_act_jan)13User Value 60534 Tsd		6057	6285		228		4

Non-controlling interests		89		63		(26)		-29			r17 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Non-controlling interests gtgt (ltlt 2017 gtgt q_act_jan)13User Value 659 Tsd		89	81		-08		-9

Total equity		6170		6143		(27)		-0			r18 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total equity gtgt (ltlt 2017 gtgt q_act_jan)13User Value 61430 Tsd		617	639		22		4

Total equity and liabilities		16606		18390		1784		11			r19 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total equity and liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 183903 Tsd		166060	166780		72		0

KPIs		31-Dec-16		31-Dec-17


Equity Ratio		372		334					s20 PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document Q2_2017_Quarter_Report13Chapter Consolidated Statement of Financial Position13Row ltlt Total equity and liabilities gtgt (ltlt June 30 2017 gtgt q_act_jan)13User Value 153472 Tsd

							PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Trade receivables unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13User Value 109701 Tsd		PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other current assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 13217 Tsd		PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)13User Value 9673 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Intangible assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 8845 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other non-current assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 11382 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 183903 Tsd		PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Short-term borrowings gtgt (ltlt 2017 gtgt q_act_jan)13User Value 262 Tsd		PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Trade payables accured cost of services gtgt (ltlt 2017 gtgt q_act_jan)13User Value 79665 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other current liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 26763 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Long-term borrowings gtgt (ltlt 2017 gtgt q_act_jan)13User Value 324 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other long-term liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 15459 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 122473 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Share capital gtgt (ltlt 2017 gtgt q_act_jan)13User Value 238 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Reserves treasury shares gtgt (ltlt 2017 gtgt q_act_jan)13User Value 60534 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Non-controlling interests gtgt (ltlt 2017 gtgt q_act_jan)13User Value 659 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total equity gtgt (ltlt 2017 gtgt q_act_jan)13User Value 61430 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total equity and liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 183903 Tsd	NWC-Intensity	18	15	mf24	Enterred by HPI on 14012018

DSO 3-m-rolling YTD		455		474					m22		Enterred by HPI on 14012018

DPO 3-m-rolling YTD		407		412					m23		Enterred by HPI on 14012018

2017	2016

																						Check

Logistics	Q1 2016	Q2 2016	HY 2016		Q3 2016		Q3YTD 2016		Q4 2016		FY 2016		Q1 2017		Q2 2017			HY 2017		Q3 2017			Q3YTD 2017		Q4 2017		FY 2017								CY

Net forwarding revenue	1402	1613	3015		1374		4389		1321		5709		1286		1377			2663		1394			4057		1330		5387			m4		m4		s4 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_3 gtgt q_act)13User Value 14141 Tsd	r4 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_3 gtgt q_act_jan)13User Value 53871 Tsd	00

Forwarding expenses	(420)	(607)	(1027)		(429)		(1456)		(397)		(1853)		(460)		(564)			(1024)		(580)			(1604)		(472)		(2076)			m5		m5		s5 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_3 gtgt q_act)13User Value -5564 Tsd	r5 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_3 gtgt q_act_jan)13User Value -20758 Tsd	00

Gross profit	982	1006	1989		944		2933		924		3857		825		813			1639		815			2454		858		3311			m6		m6		s6 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_3 gtgt q_act)13User Value 8576 Tsd	r6 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_3 gtgt q_act_jan)13User Value 33114 Tsd	00

Personnel expenses	(574)	(591)	(1166)		(528)		(1694)		(519)		(2213)		(479)		(461)			(940)		(469)			(1409)		(507)		(1916)			m7		m7		s7 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_3 gtgt q_act)13User Value -4045 Tsd	r7 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_3 gtgt q_act_jan)13User Value -19163 Tsd	00

Other operating expenses	(360)	(363)	(723)		(378)		(1102)		(367)		(1469)		(298)		(298)			(596)		(298)			(894)		(329)		(1223)			m8		m8		s8 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_3 gtgt q_act)13User Value -4415 Tsd	r8 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_3 gtgt q_act_jan)13User Value -12227 Tsd	00

EBITDA adjusted	48	52	100		38		138		37		175		48		54			103		48			151		22		172			m9		m9		s9 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_3 gtgt q_act)13User Value -479 Tsd	r9 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_3 gtgt q_act_jan)13User Value 1724 Tsd	00

Depreciation and amortization	(29)	(29)	(58)		(29)		(88)		(32)		(119)		(25)		(24)			(48)		(21)			(69)		(23)		(92)			m10		m10		s10 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_3 gtgt q_act)13User Value -125 Tsd	r10 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_3 gtgt q_act_jan)13User Value -918 Tsd	00

EBIT adjusted	18	23	41		09		50		05		56		24		31			54		27			81		(01)		81			m11		m11		s11 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act)13User Value -008 Tsd	r11 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act_jan)13User Value 807 Tsd	00

Non-recurring items

Restructuring expenses	00	(38)	(38)		00		(38)		00		(38)		00		00			00		00			00		00		00			m13		m13		s13	m13	00


EBIT reported	18	(15)	03		09		12		05		18		24		31			54		27			81		(01)		81			m15		m15		s15 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act)13User Value -008 Tsd	r15 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act_jan)13User Value 807 Tsd


GP Change YoY										-19		-18		-14		-16		-7		-14					s16	s16


															453

						10										15

GP control	000	000		000				000		(012)		(000)		000				000			000			000		s30		s30		s30		s30

EBITDA control	000	000		(000)				010		(002)		000		(000)				000			(000)			000		s31		s31		s31		s31

EBIT control	010	000		000				000		005		000		(000)			ERRORREF		000			000			000		s32		s32		s32		s32

2017	2016


Ocean Freight	Q1 2016	Q2 2016	HY 2016		Q3 2016	Q3YTD 2016			Q4 2016			FY 2016			Q1 2017			Q2 2017			HY 2017		Q3 2017			Q3YTD 2017		Q4 2017			FY 2017

Net forwarding revenue	5338	4921	10259		4955	15214			4770			19984			4915			5172			10087		5551			15637		5105			20743			m4		m4		s4 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_2 gtgt q_act)13User Value 55506 Tsd	r4 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_2 gtgt q_act_jan)13User Value 207428 Tsd	00	00	00	00

Forwarding expenses	(4157)	(3773)	(7930)		(3834)	(11764)			(3783)			(15547)			(3860)			(4081)			(7941)		(4463)			(12404)		(4067)			(16471)			m5		m5		s5 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_2 gtgt q_act)13User Value -44629 Tsd	r5 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_2 gtgt q_act_jan)13User Value -164707 Tsd	-00	00	00	00

Gross profit	1181	1148	2329		1121	3450			987			4438			1055			1091			2146		1088			3234		1038			4272			m6		m6		s6 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_2 gtgt q_act)13User Value 10877 Tsd	r6 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_2 gtgt q_act_jan)13User Value 42721 Tsd	00	00	00	00

Personnel expenses	(791)	(752)	(1543)		(755)	(2298)			(721)			(3019)			(779)			(784)			(1564)		(788)			(2352)		(837)			(3189)			m7		m7		s7 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_2 gtgt q_act)13User Value -7884 Tsd	r7 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_2 gtgt q_act_jan)13User Value -31889 Tsd	00	00	(00)	00

Other operating expenses	(305)	(288)	(594)		(274)	(868)			(275)			(1144)			(271)			(265)			(536)		(290)			(827)		(257)			(1083)			m8		m8		s8 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_2 gtgt q_act)13User Value -2905 Tsd	r8 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_2 gtgt q_act_jan)13User Value -10833 Tsd	00	(01)	(01)	00

EBITDA adjusted	84	108	192		92	284			(09)			275			05			41			46		09			55		(55)			(00)			m9		m9		s9 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_2 gtgt q_act)13User Value 089 Tsd	r9 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_2 gtgt q_act_jan)13User Value -001 Tsd	00	00	00	00

Depreciation and amortization	(41)	(42)	(83)		(41)	(124)			(42)			(166)			(36)			(36)			(72)		(38)			(110)		(41)			(151)			m10		m10		s10 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_2 gtgt q_act)13User Value -384 Tsd	r10 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_2 gtgt q_act_jan)13User Value -1508 Tsd	-00	00	00	00

EBIT adjusted	43	66	109		51	160			(51)			109			(32)			06			(26)		(29)			(55)		(96)			(151)			m11		m11		s11 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_2 gtgt q_act)13User Value -295 Tsd	r11 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_2 gtgt q_act_jan)13User Value -1509 Tsd	-00	00	00	00

in of gross profit	37	58	47		45	46			-51			25			-30			05			-12		-27			-17		-92			-35			m12		m12		s12	s12

Non-recurring items																									00		00		00			00

Restructuring expenses	00	(97)	(97)		0	(97)			(19)			(115)			00			00			00		00			00		00			00			m14		m14		s14	m14	00	00	01	00


EBIT reported	43	(30)	13		51	63			(69)			(06)			(32)			06			(26)		(29)			(55)		(96)			(151)			m16		m16		s16 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_2 gtgt q_act)13User Value -295 Tsd	r16 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_2 gtgt q_act_jan)13User Value -1509 Tsd	-00	00	(00)	00

in of gross profit	37	-26	05		45	18			-70			-01			-30			05			-12		-27			-17		-92			-35			m17		m17		s17	s17


Ocean Freight volumes (000 TEUs)	3482	3726	7208		3787	10995			3890			14885			3742			3828			7570		3856			11426		3779			15205			m19		m19		m19	m19	00	00	(00)	00

change YoY	-100	-82	-91		-88	-90			08			-66			75			27			50		18			39		-28			22			m20		m20		s20	s20

GPTEU (CHF)	339	308	323		296	314			254			298			282			285			283		282			283		275			281			m21		m21		m21	s21

change YoY	102	59	80		-16	47			-176			-11			-169			-75			-122		-47			-98		83			-58			m22		m22		s22	s22


GP change YoY								-11			-5			-8			-3			-6		519		-373					s23		s23


							-00298711145			00053228356					-00271124048				-00921686544

GP control	000	000		(000)			000			000			000			000					000			(000)			000			s30		s30		s30		s30

EBITDA control	010	000		000			000			(000)			(000)			(000)					000			000			(000)			s31		s31		s31		s31

EBIT control	000	000		000			000			(000)			(000)			000				000		000			000			(000)			s32		s32		s32		s32

2017	2016

																													Check

Air Freight	Q1 2016	Q2 2016	HY 2016		Q3 2016	Q3YTD 2016			Q4 2016			FY 2016			Q1 2017			Q2 2017		HY 2017			Q3 2017			Q3 YTD 2017			Q4 2017			FY 2017										CY

Net forwarding revenue	6332	6359	12691		6341	19032			7234			26267			6571			7000		13571			7389			20960			8238			29198			m4		m4		s4 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_1 gtgt q_act)13User Value 91229 Tsd		r4 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_1 gtgt q_act_jan)13User Value 291978 Tsd	00	00	(003)	00

Forwarding expenses	(4846)	(4800)	(9646)		(4853)	(14499)			(5816)			(20315)			(5125)			(5500)		(10625)			(5775)			(16400)			(6403)			(22803)			m5		m5		s5 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_1 gtgt q_act)13User Value -72887 Tsd		r5 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_1 gtgt q_act_jan)13User Value -228034 Tsd	00	00	00	00

Gross profit	1486	1559	3045		1489	4534			1418			5952			1447			1500		2946			1614			4560			1834			6394			m6		m6		s6 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_1 gtgt q_act)13User Value 18342 Tsd		r6 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_1 gtgt q_act_jan)13User Value 63944 Tsd	-00	00	00	00

Personnel expenses	(885)	(869)	(1754)		(847)	(2600)			(873)			(3473)			(905)			(916)		(1822)			(928)			(2750)			(1044)			(3793)			m7		m7		s7 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_1 gtgt q_act)13User Value -10893 Tsd		r7 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_1 gtgt q_act_jan)13User Value -37932 Tsd	-00	00	00	00

Other operating expenses	(371)	(359)	(730)		(318)	(1048)			(284)			(1333)			(324)			(317)		(641)			(337)			(978)			(334)			(1312)			m8		m8		s8 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_1 gtgt q_act)13User Value -2799 Tsd		r8 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_1 gtgt q_act_jan)13User Value -13116 Tsd	00	00	(00)	00

EBITDA adjusted	230	331	561		324	885			261			1146			218			266		484			349			833			457			1290			m9		m9		s9 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_1 gtgt q_act)13User Value 4650 Tsd		r9 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_1 gtgt q_act_jan)13User Value 12896 Tsd	00	00	(00)	00

Depreciation and amortization	(52)	(52)	(103)		(55)	(158)			(53)			(211)			(46)			(47)		(93)			(46)			(139)			(47)			(186)			m10		m10		s10 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_1 gtgt q_act)13User Value -558 Tsd		r10 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_1 gtgt q_act_jan)13User Value -1861 Tsd	00	01	01	00

EBIT adjusted	178	279	457		269	726			208			935			171			220		391			303			694			409			1103			m11		m11		s11 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act)13User Value 4092 Tsd		r11 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act_jan)13User Value 11035 Tsd	-00	00	00	00

in of gross profit	120	179	150		181	160			147			157			118			146		133			188			152			223			173			m12		m12		s12 PAC Hamon Pierrick Invalid Reference (value_1_PQACT02) 1313Reference could not be handled13Underlying Formula		s12

Non-recurring items																										00		00		00			00

Restructuring expenses	00	(127)	(127)		00	(127)			00			(127)			00			00		00			00			00			00			00			m14		m14		s14		m14	00	00	00	00


EBIT reported	178	153	331		269	600			208			808			171			220		391			303			694			409			1103			m16		m16		s16 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act)13User Value 4092 Tsd		r16 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act_jan)13User Value 11035 Tsd	-00	00	(00)	00

in of gross profit	120	98	109		181	132			147			136			118			146		133			188			152			223			173			m17		m17		s17		s17


Air Freight volumes (000 tons)	2161	2251	4412		2278	6690			2524			9214			2332			2399		4731			2489			7220			2739			9959			m19		m19		s19		m19	00	00	00	00

change YoY	54	111	82		99	88			141			102			79			66		72			93			79			85			81			m20		m20		s20		s20

GPton (CHF)	688	693	690		653	678			562			646			620			625		623			648			632			670			642			m21		m21		s21		s21

change YoY	-47	-36	-41		-73	-52			-140			-75			-98			-97		-98			-08			-68			192			-06			m22		m22		s22		s22


GP change YoY								-3			-4			-3			8		1			29			7					s23		s23

GP control	000	000		000			000			000			(000)			000				(000)				000		000		000		000			s30		s30		s30		s30

EBITDA control	000	000		000			(000)			000			000			(000)				000				000		(000)		000		000			s31		s31		s31		s31

EBIT control	000	000		000			000			(000)			000			(000)			000		000				000		000		000		(000)			s32		s32		s32		s32

2017		2016

																													Check CY

Group		Q1 2016		Q2 2016			HY 2016		Q3 2016		Q3YTD 2016		Q4 2016		FY 2016		Q1 2017		Q2 2017			HY 2017			Q3 2017			Q3YTD 2017		Q4 2017			FY 2017

Net forwarding revenue		13072		12894			25965		12670		38635		13325		51960		12772		13549			26321			14334			40655		14673			55328		s4 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Net forwarding revenue gtgt (ltlt 2017 gtgt q_act)13User Value 1433411124 Tsd		r4 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Net forwarding revenue gtgt (ltlt value_1 gtgt q_act_jan)13User Value 5532778504 Tsd		m4		m4		00		-01	-01	00

Forwarding expenses		(9423)		(9180)			(18602)		(9116)		(27718)		(9996)		(37714)		(9445)		(10145)			(19590)			(10818)			(30407)		(10942)			(41350)		s5 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Forwarding services from third parties gtgt (ltlt 2017 gtgt q_act)13User Value -1081765298 Tsd		r5 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Forwarding services from third parties gtgt (ltlt value_1 gtgt q_act_jan)13User Value -4134985568 Tsd		m5		m5		00		01	01	00

Gross profit		3649		3714			7363		3554		10917		3329		14246		3327		3404			6731			3516			10248		3730			13978		s6 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Gross profit gtgt (ltlt 2017 gtgt q_act)13User Value 351645826 Tsd		r6 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Gross profit gtgt (ltlt value_1 gtgt q_act_jan)13User Value 1397792936 Tsd		m6		m6		00		00	00	00

Personnel expenses		(2250)		(2213)			(4463)		(2129)		(6592)		(2113)		(8705)		(2164)		(2162)			(4326)			(2186)			(6511)		(2388)			(8898)		s7 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Personnel expenses gtgt (ltlt 2017 gtgt q_act)13User Value -218561825 Tsd		r7 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Personnel expenses gtgt (ltlt value_1 gtgt q_act_jan)13User Value -889847082 Tsd		m7		m7		00		00	00	00

Other operating expenses		(1037)		(1011)			(2047)		(971)		(3018)		(927)		(3945)		(893)		(880)			(1773)			(925)			(2698)		(919)			(3618)		s8 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Other operating expenses gtgt (ltlt 2017 gtgt q_act)13User Value -92494218 Tsd		r8 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Other operating expenses gtgt (ltlt value_1 gtgt q_act_jan)13User Value -361760468 Tsd		m8		m8		00		01	01	00

EBITDA adjusted		362		491			853		454		1307		289		1596		271		362			633			406			1039		423			1462		s9 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt EBITDA gtgt (ltlt 2017 gtgt q_act)13User Value 40589783 Tsd		r9 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt EBITDA gtgt (ltlt value_1 gtgt q_act_jan)13User Value 146185385 Tsd		m9		m9		00		00	00	00

Depreciation of property plant and equip		(62)		(62)			(125)		(62)		(187)		(71)		(258)		(53)		(54)			(107)			(50)			(156)		(56)			(213)		s10 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Depreciation of property plant and equipment gtgt (ltlt 2017 gtgt q_act)13User Value -4981553 Tsd		r10 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Depreciation of property plant and equipment gtgt (ltlt value_1 gtgt q_act_jan)13User Value -21293764 Tsd		m10		m10		-00		-01	-01	00

Amortization of intangible assets		(60)		(60)			(120)		(63)		(183)		(56)		(239)		(54)		(52)			(106)			(55)			(162)		(54)			(216)		s11 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Amortization of intangible assets gtgt (ltlt 2017 gtgt q_act)13User Value -5514918 Tsd		r11 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Amortization of intangible assets gtgt (ltlt value_1 gtgt q_act_jan)13User Value -21570493 Tsd		m11		m11		00		00	00	00

EBIT adjusted		240		368			608		329		936		163		1099		164		256			420			301			721		313			1033		s12 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Operating result (EBIT) gtgt (ltlt 2017 gtgt q_act)13User Value 30093312 Tsd		r12 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act_jan)13User Value 103321128 Tsd		m12		m12		00		00	-01	00

in of gross profit		66		99			83		92		86		49		77		49		75			62			86			70		84			74		s13		s13		m13		m13

Non-recurring items																											00		00		00		00

Restructuring expenses		00		(261)			(261)		00		(261)		(19)		(280)		00		00			00			00			00		00			00		s15 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Restructuring expenses gtgt (ltlt 2017 gtgt q_act)13User Value 0000000 Tsd		r15 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Restructuring expenses gtgt (ltlt value_1 gtgt q_act_jan)13User Value 0000000 Tsd		m15		m15		00		00	00	00


EBIT reported		240		107			347		329		675		144		820		164		256			420			301			721		313			1033		s17		s17		m17		m17		00		00	00	00

in of gross profit		66		29			47		92		62		43		58		49		75			62			86			70		84			74		s18		s18		m18		m18		-01		-00	-02

Financial result		(09)		07			(02)		(04)		(06)		02		(04)		02		01			03			(04)			(02)		(16)			(18)		s19 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13130939883 Tsd - ltlt Finance income gtgt (ltlt 2017 gtgt q_act)13-1343957 Tsd - ltlt Finance costs gtgt (ltlt 2017 gtgt q_act)13---------------------13-0404074 Tsd (Total)		r19 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13132749657 Tsd - ltlt Finance income gtgt (ltlt value_1 gtgt q_act_jan)13-4529105 Tsd - ltlt Finance costs gtgt (ltlt value_1 gtgt q_act_jan)13---------------------13-1779448 Tsd (Total)		m19		m19		00		00	00	00

Earnings before taxes (EBT)		231		114			345		325		670		146		816		165		257			422			297			719		296			1015		s20 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Profit before income tax (EBT) gtgt (ltlt 2017 gtgt q_act)13User Value 29689237 Tsd		r20 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Profit before income tax (EBT) gtgt (ltlt value_1 gtgt q_act_jan)13User Value 101541680 Tsd		m20		m20		00		00	00	00

Income tax expenses		(58)		(69)			(126)		(79)		(205)		(88)		(293)		(42)		(81)			(123)			(112)			(235)		(206)			(441)		s21 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Income tax expenses gtgt (ltlt 2017 gtgt q_act)13User Value -11228068 Tsd		r21 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Income tax expenses gtgt (ltlt value_1 gtgt q_act_jan)13User Value -44082152 Tsd		m21		m21		00		01	01	00

of EBT		250		602			367		242		306		601		359		252		316			291			378			327		694			434		s22		s22		m22		m22

Profit		173		45			218		246		465		58		523		124		176			299			185			484		91			575		s23 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Profit gtgt (ltlt 2017 gtgt q_act)13User Value 18461169 Tsd		r23 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Profit gtgt (ltlt value_1 gtgt q_act_jan)13User Value 57459528 Tsd		m23		m23		00		00	01	00

Earnings per share		075		021			096		106		201		027		229		054		075			129			079			208		040			248		s24 PAC Serova Elena (External) Referenced Value (value_1_PQACTJAN02)1313Document Q2_2017_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Basic gtgt (ltlt 2017 gtgt q_act_jan)13User Value 0000540 Tsd		s24 PAC Serova Elena (External) Referenced Value (value_1_PQACTJAN02)1313Document Q2_2017_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Basic gtgt (ltlt 2017 gtgt q_act_jan)13User Value 0000540 Tsd		m24		m24		00		00	00	00

			0		0				46460419259						0		0		0			0		0			0			m25		m25		l1	l1			00		00

Earnings per share 1000																0000788		0002078		0000788			0002478			rf28 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Consolidated Income Statement13Row ltlt Basic gtgt (ltlt 2017 gtgt q_act)13User Value 0000788 Tsd		rf28 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Income Statement13Row ltlt Basic gtgt (ltlt value_1 gtgt q_act_jan)13User Value 0002478 Tsd		l2		l2

Total Operating Expenses																(3111)		(9209)		(3307)			(12516)			s25		s25		l3		l3

OOE YoY

	042


GP control		00		00		00		00		00	00	00		00		00		00			00		00		00			00		00		00		(00)		00			s30		s30	s30		s30

EBITDA control		00		(01)		00		00		00	00	00		(00)		00		(00)			00		00		(01)			00		00		(00)		00		(00)			s31		s31	s31		s31

EBIT control		00		01		00		00		00	00	00		(01)		00		00			(00)		00		(00)			00		00		00		00		00			s32		s32	s32		s32

Earnings before taxes (EBT)		00		00		00		00		00	00	00		00		00		00			00		00		01			00		00		(00)		(00)		00			s33		s33	s33		s33

Profit		00		00		00		01		00	00	00		00		00		00			00		00		(00)			(00)		00		00		(00)		00			s34		s34	s34		s34

Air GP																				6394449			l4		r40 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Gross profit (value_1 q_act_jan)13User Value 6394449 Mio		l4		l4

Ocean GP																				4272121			l5		r41 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Gross profit (value_1 q_act_jan)13User Value 4272121 Mio		l5		l5

Logistics GP																				331136			l6		r42 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row Gross profit (value_1 q_act_jan)13User Value 3311360 Mio		l6		l6

Check																				00			l7		s43		l7		l7

Air EBIT																				1103462			l8		r44 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row EBIT adjusted (value_1 q_act_jan)13User Value 1103462 Mio		l8		l8

Ocean EBIT																				-150917			l9		r45 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row EBIT adjusted (value_1 q_act_jan)13User Value -150917 Mio		l9		l9

Logistics EBIT																				80666			l10		r46 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row EBIT adjusted (value_1 q_act_jan)13User Value 80666 Mio		l10		l10

Check																				00			l11		s47		l11		l11

APAC GP																				34878			l12		r51 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 313 - AC Key figures APAC13Row Gross profit (value_1 q_act_jan)13User Value 34878 Mio		l12		l12

EUROPE GP																				53038			l13		r52 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 314 - AC Key figures Europe13Row Gross profit (value_1 q_act_jan)13User Value 53038 Mio		l13		l13

MEAC GP																				897489			l14		r53 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 315 - AC Key figures MEAC13Row Gross profit (value_1 q_act_jan)13User Value 8974886 Mio		l14		l14

AME GP																				4288802			l15		r54 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 316 - AC Key figures Americas13Row Gross profit (value_1 q_act_jan)13User Value 4288802 Mio		l15		l15

Check																				(00)			l16		s55		l16		l16

APAC EBIT																				7061			l17		r56 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 313 - AC Key figures APAC13Row EBIT (value_1 q_act_jan)13User Value 7061 Mio		l17		l17

EUROPE EBIT																				-122			l18		r57 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 314 - AC Key figures Europe13Row EBIT (value_1 q_act_jan)13User Value -122 Mio		l18		l18

MEAC EBIT																				20871			l19		r58 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 315 - AC Key figures MEAC13Row EBIT reported (value_1 q_act_jan)13User Value 208709 Mio		l19		l19

AME EBIT																				31847			l20		r59 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 316 - AC Key figures Americas13Row EBIT reported (value_1 q_act_jan)13User Value 3184697 Mio		l20		l20

Check																				00			l21		s60		l21		l21

Air NFR																				2919782			l31		r70 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 36 - IRAC Income statement per quarter - Air Freight13Row Net forwarding revenue (value_1 q_act_jan)13User Value 29197820 Mio		l31		l31

Ocean NFR																				2074282			l22		r71 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 37 - IRAC Income statement per quarter - Ocean Freight13Row Net forwarding revenue (value_1 q_act_jan)13User Value 20742820 Mio		l22		l22

Logistics NFR																				5387147			l23		r72 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 38 - IRAC Income statement per quarter - Logistics13Row Net forwarding revenue (value_1 q_act_jan)13User Value 5387147 Mio		l23		l23

Check																				00			l24		s73		l24		l24

APAC NFR																				127363			l25		r75 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 313 - AC Key figures APAC13Row Net forwarding revenue (value_1 q_act_jan)13User Value 127363 Mio		l25		l25

EUROPE NFR																				231796			l26		r76 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 314 - AC Key figures Europe13Row Net forwarding revenue (value_1 q_act_jan)13User Value 231796 Mio		l26		l26

MEAC NFR																				271595			l27		r77 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 315 - AC Key figures MEAC13Row Net forwarding revenue (value_1 q_act_jan)13User Value 27159502 Mio		l27		l27

AME NFR																				16695948			l28		r78 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_Q4_Investor amp AC presentations13Chapter 316 - AC Key figures Americas13Row Net forwarding revenue (value_1 q_act_jan)13User Value 166959483 Mio		l28		l28

Check																				00			l29		s79		l29		l29

Page 19: Full-year results 2017 - panalpina.com · GP/ton -14% -10% -10% ... of an offer to purchase any shares andneither it nor any part of it shall form the basis ... % 24.2% 60.1% 35.9%

SNVeryHiddenParameterSheet

PAN_ISpQ_AirFreight

image1png

SNVeryHiddenParameterSheet

PAN_ISpQ_OceanFreight

image1png

EBIT reported 18 (15) 09 05 18 24 31 27 (01) 81

SNVeryHiddenParameterSheet

PAN_ISpQ_Logistics

image1png

BALANCE SHEET

SNVeryHiddenParameterSheet

PAN_BalanceSheet

image1png

CASH FLOW

SNVeryHiddenParameterSheet

Tabele PAN_Cashflow

Slide Number 2
IFRS changes 2018
Next EVENTs
Disclaimer
Appendix
Balance sheet
Cash flow

	31-Dec-16		31-Dec-17		Change in

Cash flow before changes in working capital		1313		1536				r2 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Subtotal cash flow from operations gtgt (ltlt 2017 gtgt q_act_jan)13User Value 15298 Tsd			PY IS MANUAL

Changes in working capital		188		(480)				r3 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows131313267 Tsd - ltlt Increase (decrease) payables and accruals incl accrued cost of service gtgt (ltlt 2017 gtgt q_act_jan)13-695 Tsd - ltlt (Decrease) increase non-current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13256 Tsd - ltlt (Decrease) increase current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13-17508 Tsd - ltlt (Increase) decrease receivables other current assets and unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-4680 Tsd (Total)

Cash from operations		1501		1056				r4 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash generated from operations gtgt (ltlt 2017 gtgt q_act_jan)13User Value 10618 Tsd


Interest and income taxes paid		(394)		(383)				r6 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows1313-3709 Tsd - ltlt Income taxes paid gtgt (ltlt 2017 gtgt q_act_jan)13-122 Tsd - ltlt Interest paid gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-3831 Tsd (Total)

Net cash from operating activities		1107		673		-39			r7 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash from operating activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 6787 Tsd


Net cash from investing activities		(241)		(681)		183			r9 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in investing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -6870 Tsd


Free cash flow		866		(08)		-101			r11 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Free cash flow gtgt (ltlt 2017 gtgt q_act_jan)13User Value -083 Tsd


Net cash used in financing activities		(887)		(882)		-1			r13 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in financing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8818 Tsd


Net increase (decrease) in cash and cash equivalents		(21)		(890)				r15 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net increase (decrease) in cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8901 Tsd

Cash and cash equivalents at beginning of period		3923		3888				r16 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the beginning of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 38878 Tsd

Effect of exchange rate changes		(14)		111				r17 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Effect of exchange rate changes on cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 1108 Tsd

Cash and cash equivalents at end of period		3888		3109				r18 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the end of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd


Reported cash and cash equivalents at 31122016			3888				r21 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the beginning of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 38878 Tsd			Reported cash and cash equivalents at 31122016			3888

Profit YTD 122017			5746				r19 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Profit gtgt (ltlt 2017 gtgt q_act_jan)13User Value 5746 Tsd			Profit YTD 122017		3888		575

Other non-cash items (eg DampA)			9613				r23 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13132129 Tsd - ltlt Depreciation of property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)132157 Tsd - ltlt Amortization of intangible assets gtgt (ltlt 2017 gtgt q_act_jan)13-224 Tsd - ltlt Interest income and dividend on available-for-sale financial assets gtgt (ltlt 2017 gtgt q_act_jan)13-062 Tsd - ltlt Exchange differences gtgt (ltlt 2017 gtgt q_act_jan)13-033 Tsd - ltlt Loss (gain) on sales of property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)13000 Tsd - ltlt Gain on sales of financial assets gtgt (ltlt 2017 gtgt q_act_jan)13612 Tsd - ltlt Expenses for share-based compensation plans gtgt (ltlt 2017 gtgt q_act_jan)13564 Tsd - ltlt Other non-cash (income) and expenses gtgt (ltlt 2017 gtgt q_act_jan)134408 Tsd - ltlt Income tax expenses gtgt (ltlt 2017 gtgt q_act_jan)13---------------------139552 Tsd (Total)			Other non-cash items (eg DampA)		4462		961

Changes in working capital			-4798				r24 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows131313267 Tsd - ltlt Increase (decrease) payables and accruals incl accrued cost of service gtgt (ltlt 2017 gtgt q_act_jan)13-695 Tsd - ltlt (Decrease) increase non-current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13256 Tsd - ltlt (Decrease) increase current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13-17508 Tsd - ltlt (Increase) decrease receivables other current assets and unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-4680 Tsd (Total)			Changes in working capital		4944		480	neg

Interest and income taxes paid			-3831				r25 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows1313-3709 Tsd - ltlt Income taxes paid gtgt (ltlt 2017 gtgt q_act_jan)13-122 Tsd - ltlt Interest paid gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-3831 Tsd (Total)			Interest and income taxes paid		4561		383	neg

Net cash from investing activities			-6813				r26 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in investing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -6870 Tsd			Net cash from investing activities		3879		681	neg

Financing activitiesdividend			-8818				r27 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in financing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8818 Tsd			Financing activitiesdividend		2998		882	neg

Effect of exchange rate changes			1108				r28 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Effect of exchange rate changes on cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 1108 Tsd			Effect of exchange rate changes		2998		111

Reported cash and cash equivalents at 31122017			31085				r29 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the end of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd		PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Subtotal cash flow from operations gtgt (ltlt 2017 gtgt q_act_jan)13User Value 15298 Tsd		PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows131313267 Tsd - ltlt Increase (decrease) payables and accruals incl accrued cost of service gtgt (ltlt 2017 gtgt q_act_jan)13-695 Tsd - ltlt (Decrease) increase non-current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13256 Tsd - ltlt (Decrease) increase current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13-17508 Tsd - ltlt (Increase) decrease receivables other current assets and unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-4680 Tsd (Total)	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash generated from operations gtgt (ltlt 2017 gtgt q_act_jan)13User Value 10618 Tsd		PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows1313-3709 Tsd - ltlt Income taxes paid gtgt (ltlt 2017 gtgt q_act_jan)13-122 Tsd - ltlt Interest paid gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-3831 Tsd (Total)	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash from operating activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 6787 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in investing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -6870 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Free cash flow gtgt (ltlt 2017 gtgt q_act_jan)13User Value -083 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in financing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8818 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net increase (decrease) in cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8901 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the beginning of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 38878 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Effect of exchange rate changes on cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 1108 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the end of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the beginning of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 38878 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Profit gtgt (ltlt 2017 gtgt q_act_jan)13User Value 5746 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13132129 Tsd - ltlt Depreciation of property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)132157 Tsd - ltlt Amortization of intangible assets gtgt (ltlt 2017 gtgt q_act_jan)13-224 Tsd - ltlt Interest income and dividend on available-for-sale financial assets gtgt (ltlt 2017 gtgt q_act_jan)13-062 Tsd - ltlt Exchange differences gtgt (ltlt 2017 gtgt q_act_jan)13-033 Tsd - ltlt Loss (gain) on sales of property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)13000 Tsd - ltlt Gain on sales of financial assets gtgt (ltlt 2017 gtgt q_act_jan)13612 Tsd - ltlt Expenses for share-based compensation plans gtgt (ltlt 2017 gtgt q_act_jan)13564 Tsd - ltlt Other non-cash (income) and expenses gtgt (ltlt 2017 gtgt q_act_jan)134408 Tsd - ltlt Income tax expenses gtgt (ltlt 2017 gtgt q_act_jan)13---------------------139552 Tsd (Total)	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows131313267 Tsd - ltlt Increase (decrease) payables and accruals incl accrued cost of service gtgt (ltlt 2017 gtgt q_act_jan)13-695 Tsd - ltlt (Decrease) increase non-current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13256 Tsd - ltlt (Decrease) increase current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13-17508 Tsd - ltlt (Increase) decrease receivables other current assets and unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-4680 Tsd (Total)	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows1313-3709 Tsd - ltlt Income taxes paid gtgt (ltlt 2017 gtgt q_act_jan)13-122 Tsd - ltlt Interest paid gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-3831 Tsd (Total)	Reported cash and cash equivalents at 31122017	3109	3888

													484

													591

													(479)

													(331)

													(406)

													(882)

													93

													2946

	31-Dec-16		31-Dec-17		Change in

				CHF

Cash and cash equivalents		3888		3109		(779)		-20			r3 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd		3888	3999		111		3

Trade receivables unbilled forwarding services		9087		10970		1883		21			r4 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Trade receivables unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13User Value 109701 Tsd		9087	8693		-394		-4

Other current assets		1025		1322		297		29			r5 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other current assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 13217 Tsd		1025	1335		31		30

Property plant and equipment		635		967		332		52			r6 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)13User Value 9673 Tsd		635	651		16		3

Intangible assets		979		885		(95)		-10			r7 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Intangible assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 8845 Tsd		979	926		-53		-5

Other non-current assets		990		1138		148		15			r8 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other non-current assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 11382 Tsd		99	1073		83		8

Total assets		16606		18390		1784		11			r9 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 183903 Tsd		166060	166780		72		0

											0

Short-term borrowings		23		26		03		15			r11 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Short-term borrowings gtgt (ltlt 2017 gtgt q_act_jan)13User Value 262 Tsd		23	05		-18		-78

Trade payables accured cost of services		6524		7967		1443		22			r12 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Trade payables accured cost of services gtgt (ltlt 2017 gtgt q_act_jan)13User Value 79665 Tsd		6524	620		-324		-5

Other current liabilities		2439		2676		237		10			r13 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other current liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 26763 Tsd		2439	2592		153		6

Long-Term borrowings		00		32		32		na			r20 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Long-term borrowings gtgt (ltlt 2017 gtgt q_act_jan)13User Value 324 Tsd		0	12		12		na

Other long-term liabilities		1449		1546		97		7			r21 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other long-term liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 15459 Tsd		1449	1479		3		2

Total liabilities		10436		12247		1811		17			r14 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 122473 Tsd		104360	102880		-148		-1

Share capital		24		24		(00)		-1			r15 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Share capital gtgt (ltlt 2017 gtgt q_act_jan)13User Value 238 Tsd		24	24		0		0

Reserves treasury shares		6057		6056		(01)		-0			r16 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Reserves treasury shares gtgt (ltlt 2017 gtgt q_act_jan)13User Value 60534 Tsd		6057	6285		228		4

Non-controlling interests		89		63		(26)		-29			r17 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Non-controlling interests gtgt (ltlt 2017 gtgt q_act_jan)13User Value 659 Tsd		89	81		-08		-9

Total equity		6170		6143		(27)		-0			r18 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total equity gtgt (ltlt 2017 gtgt q_act_jan)13User Value 61430 Tsd		617	639		22		4

Total equity and liabilities		16606		18390		1784		11			r19 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total equity and liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 183903 Tsd		166060	166780		72		0

KPIs		31-Dec-16		31-Dec-17


Equity Ratio		372		334					s20 PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document Q2_2017_Quarter_Report13Chapter Consolidated Statement of Financial Position13Row ltlt Total equity and liabilities gtgt (ltlt June 30 2017 gtgt q_act_jan)13User Value 153472 Tsd

							PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Trade receivables unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13User Value 109701 Tsd		PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other current assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 13217 Tsd		PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)13User Value 9673 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Intangible assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 8845 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other non-current assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 11382 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 183903 Tsd		PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Short-term borrowings gtgt (ltlt 2017 gtgt q_act_jan)13User Value 262 Tsd		PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Trade payables accured cost of services gtgt (ltlt 2017 gtgt q_act_jan)13User Value 79665 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other current liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 26763 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Long-term borrowings gtgt (ltlt 2017 gtgt q_act_jan)13User Value 324 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other long-term liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 15459 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 122473 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Share capital gtgt (ltlt 2017 gtgt q_act_jan)13User Value 238 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Reserves treasury shares gtgt (ltlt 2017 gtgt q_act_jan)13User Value 60534 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Non-controlling interests gtgt (ltlt 2017 gtgt q_act_jan)13User Value 659 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total equity gtgt (ltlt 2017 gtgt q_act_jan)13User Value 61430 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total equity and liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 183903 Tsd	NWC-Intensity	18	15	mf24	Enterred by HPI on 14012018

DSO 3-m-rolling YTD		455		474					m22		Enterred by HPI on 14012018

DPO 3-m-rolling YTD		407		412					m23		Enterred by HPI on 14012018

2017	2016

																						Check

Logistics	Q1 2016	Q2 2016	HY 2016		Q3 2016		Q3YTD 2016		Q4 2016		FY 2016		Q1 2017		Q2 2017			HY 2017		Q3 2017			Q3YTD 2017		Q4 2017		FY 2017								CY

Net forwarding revenue	1402	1613	3015		1374		4389		1321		5709		1286		1377			2663		1394			4057		1330		5387			m4		m4		s4 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_3 gtgt q_act)13User Value 14141 Tsd	r4 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_3 gtgt q_act_jan)13User Value 53871 Tsd	00

Forwarding expenses	(420)	(607)	(1027)		(429)		(1456)		(397)		(1853)		(460)		(564)			(1024)		(580)			(1604)		(472)		(2076)			m5		m5		s5 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_3 gtgt q_act)13User Value -5564 Tsd	r5 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_3 gtgt q_act_jan)13User Value -20758 Tsd	00

Gross profit	982	1006	1989		944		2933		924		3857		825		813			1639		815			2454		858		3311			m6		m6		s6 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_3 gtgt q_act)13User Value 8576 Tsd	r6 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_3 gtgt q_act_jan)13User Value 33114 Tsd	00

Personnel expenses	(574)	(591)	(1166)		(528)		(1694)		(519)		(2213)		(479)		(461)			(940)		(469)			(1409)		(507)		(1916)			m7		m7		s7 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_3 gtgt q_act)13User Value -4045 Tsd	r7 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_3 gtgt q_act_jan)13User Value -19163 Tsd	00

Other operating expenses	(360)	(363)	(723)		(378)		(1102)		(367)		(1469)		(298)		(298)			(596)		(298)			(894)		(329)		(1223)			m8		m8		s8 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_3 gtgt q_act)13User Value -4415 Tsd	r8 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_3 gtgt q_act_jan)13User Value -12227 Tsd	00

EBITDA adjusted	48	52	100		38		138		37		175		48		54			103		48			151		22		172			m9		m9		s9 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_3 gtgt q_act)13User Value -479 Tsd	r9 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_3 gtgt q_act_jan)13User Value 1724 Tsd	00

Depreciation and amortization	(29)	(29)	(58)		(29)		(88)		(32)		(119)		(25)		(24)			(48)		(21)			(69)		(23)		(92)			m10		m10		s10 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_3 gtgt q_act)13User Value -125 Tsd	r10 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_3 gtgt q_act_jan)13User Value -918 Tsd	00

EBIT adjusted	18	23	41		09		50		05		56		24		31			54		27			81		(01)		81			m11		m11		s11 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act)13User Value -008 Tsd	r11 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act_jan)13User Value 807 Tsd	00

Non-recurring items

Restructuring expenses	00	(38)	(38)		00		(38)		00		(38)		00		00			00		00			00		00		00			m13		m13		s13	m13	00


EBIT reported	18	(15)	03		09		12		05		18		24		31			54		27			81		(01)		81			m15		m15		s15 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act)13User Value -008 Tsd	r15 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act_jan)13User Value 807 Tsd


GP Change YoY										-19		-18		-14		-16		-7		-14					s16	s16


															453

						10										15

GP control	000	000		000				000		(012)		(000)		000				000			000			000		s30		s30		s30		s30

EBITDA control	000	000		(000)				010		(002)		000		(000)				000			(000)			000		s31		s31		s31		s31

EBIT control	010	000		000				000		005		000		(000)			ERRORREF		000			000			000		s32		s32		s32		s32

2017	2016


Ocean Freight	Q1 2016	Q2 2016	HY 2016		Q3 2016	Q3YTD 2016			Q4 2016			FY 2016			Q1 2017			Q2 2017			HY 2017		Q3 2017			Q3YTD 2017		Q4 2017			FY 2017

Net forwarding revenue	5338	4921	10259		4955	15214			4770			19984			4915			5172			10087		5551			15637		5105			20743			m4		m4		s4 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_2 gtgt q_act)13User Value 55506 Tsd	r4 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_2 gtgt q_act_jan)13User Value 207428 Tsd	00	00	00	00

Forwarding expenses	(4157)	(3773)	(7930)		(3834)	(11764)			(3783)			(15547)			(3860)			(4081)			(7941)		(4463)			(12404)		(4067)			(16471)			m5		m5		s5 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_2 gtgt q_act)13User Value -44629 Tsd	r5 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_2 gtgt q_act_jan)13User Value -164707 Tsd	-00	00	00	00

Gross profit	1181	1148	2329		1121	3450			987			4438			1055			1091			2146		1088			3234		1038			4272			m6		m6		s6 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_2 gtgt q_act)13User Value 10877 Tsd	r6 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_2 gtgt q_act_jan)13User Value 42721 Tsd	00	00	00	00

Personnel expenses	(791)	(752)	(1543)		(755)	(2298)			(721)			(3019)			(779)			(784)			(1564)		(788)			(2352)		(837)			(3189)			m7		m7		s7 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_2 gtgt q_act)13User Value -7884 Tsd	r7 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_2 gtgt q_act_jan)13User Value -31889 Tsd	00	00	(00)	00

Other operating expenses	(305)	(288)	(594)		(274)	(868)			(275)			(1144)			(271)			(265)			(536)		(290)			(827)		(257)			(1083)			m8		m8		s8 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_2 gtgt q_act)13User Value -2905 Tsd	r8 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_2 gtgt q_act_jan)13User Value -10833 Tsd	00	(01)	(01)	00

EBITDA adjusted	84	108	192		92	284			(09)			275			05			41			46		09			55		(55)			(00)			m9		m9		s9 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_2 gtgt q_act)13User Value 089 Tsd	r9 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_2 gtgt q_act_jan)13User Value -001 Tsd	00	00	00	00

Depreciation and amortization	(41)	(42)	(83)		(41)	(124)			(42)			(166)			(36)			(36)			(72)		(38)			(110)		(41)			(151)			m10		m10		s10 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_2 gtgt q_act)13User Value -384 Tsd	r10 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_2 gtgt q_act_jan)13User Value -1508 Tsd	-00	00	00	00

EBIT adjusted	43	66	109		51	160			(51)			109			(32)			06			(26)		(29)			(55)		(96)			(151)			m11		m11		s11 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_2 gtgt q_act)13User Value -295 Tsd	r11 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_2 gtgt q_act_jan)13User Value -1509 Tsd	-00	00	00	00

in of gross profit	37	58	47		45	46			-51			25			-30			05			-12		-27			-17		-92			-35			m12		m12		s12	s12

Non-recurring items																									00		00		00			00

Restructuring expenses	00	(97)	(97)		0	(97)			(19)			(115)			00			00			00		00			00		00			00			m14		m14		s14	m14	00	00	01	00


EBIT reported	43	(30)	13		51	63			(69)			(06)			(32)			06			(26)		(29)			(55)		(96)			(151)			m16		m16		s16 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_2 gtgt q_act)13User Value -295 Tsd	r16 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_2 gtgt q_act_jan)13User Value -1509 Tsd	-00	00	(00)	00

in of gross profit	37	-26	05		45	18			-70			-01			-30			05			-12		-27			-17		-92			-35			m17		m17		s17	s17


Ocean Freight volumes (000 TEUs)	3482	3726	7208		3787	10995			3890			14885			3742			3828			7570		3856			11426		3779			15205			m19		m19		m19	m19	00	00	(00)	00

change YoY	-100	-82	-91		-88	-90			08			-66			75			27			50		18			39		-28			22			m20		m20		s20	s20

GPTEU (CHF)	339	308	323		296	314			254			298			282			285			283		282			283		275			281			m21		m21		m21	s21

change YoY	102	59	80		-16	47			-176			-11			-169			-75			-122		-47			-98		83			-58			m22		m22		s22	s22


GP change YoY								-11			-5			-8			-3			-6		519		-373					s23		s23


							-00298711145			00053228356					-00271124048				-00921686544

GP control	000	000		(000)			000			000			000			000					000			(000)			000			s30		s30		s30		s30

EBITDA control	010	000		000			000			(000)			(000)			(000)					000			000			(000)			s31		s31		s31		s31

EBIT control	000	000		000			000			(000)			(000)			000				000		000			000			(000)			s32		s32		s32		s32

2017	2016

																													Check

Air Freight	Q1 2016	Q2 2016	HY 2016		Q3 2016	Q3YTD 2016			Q4 2016			FY 2016			Q1 2017			Q2 2017		HY 2017			Q3 2017			Q3 YTD 2017			Q4 2017			FY 2017										CY

Net forwarding revenue	6332	6359	12691		6341	19032			7234			26267			6571			7000		13571			7389			20960			8238			29198			m4		m4		s4 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_1 gtgt q_act)13User Value 91229 Tsd		r4 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_1 gtgt q_act_jan)13User Value 291978 Tsd	00	00	(003)	00

Forwarding expenses	(4846)	(4800)	(9646)		(4853)	(14499)			(5816)			(20315)			(5125)			(5500)		(10625)			(5775)			(16400)			(6403)			(22803)			m5		m5		s5 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_1 gtgt q_act)13User Value -72887 Tsd		r5 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_1 gtgt q_act_jan)13User Value -228034 Tsd	00	00	00	00

Gross profit	1486	1559	3045		1489	4534			1418			5952			1447			1500		2946			1614			4560			1834			6394			m6		m6		s6 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_1 gtgt q_act)13User Value 18342 Tsd		r6 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_1 gtgt q_act_jan)13User Value 63944 Tsd	-00	00	00	00

Personnel expenses	(885)	(869)	(1754)		(847)	(2600)			(873)			(3473)			(905)			(916)		(1822)			(928)			(2750)			(1044)			(3793)			m7		m7		s7 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_1 gtgt q_act)13User Value -10893 Tsd		r7 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_1 gtgt q_act_jan)13User Value -37932 Tsd	-00	00	00	00

Other operating expenses	(371)	(359)	(730)		(318)	(1048)			(284)			(1333)			(324)			(317)		(641)			(337)			(978)			(334)			(1312)			m8		m8		s8 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_1 gtgt q_act)13User Value -2799 Tsd		r8 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_1 gtgt q_act_jan)13User Value -13116 Tsd	00	00	(00)	00

EBITDA adjusted	230	331	561		324	885			261			1146			218			266		484			349			833			457			1290			m9		m9		s9 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_1 gtgt q_act)13User Value 4650 Tsd		r9 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_1 gtgt q_act_jan)13User Value 12896 Tsd	00	00	(00)	00

Depreciation and amortization	(52)	(52)	(103)		(55)	(158)			(53)			(211)			(46)			(47)		(93)			(46)			(139)			(47)			(186)			m10		m10		s10 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_1 gtgt q_act)13User Value -558 Tsd		r10 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_1 gtgt q_act_jan)13User Value -1861 Tsd	00	01	01	00

EBIT adjusted	178	279	457		269	726			208			935			171			220		391			303			694			409			1103			m11		m11		s11 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act)13User Value 4092 Tsd		r11 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act_jan)13User Value 11035 Tsd	-00	00	00	00

in of gross profit	120	179	150		181	160			147			157			118			146		133			188			152			223			173			m12		m12		s12 PAC Hamon Pierrick Invalid Reference (value_1_PQACT02) 1313Reference could not be handled13Underlying Formula		s12

Non-recurring items																										00		00		00			00

Restructuring expenses	00	(127)	(127)		00	(127)			00			(127)			00			00		00			00			00			00			00			m14		m14		s14		m14	00	00	00	00


EBIT reported	178	153	331		269	600			208			808			171			220		391			303			694			409			1103			m16		m16		s16 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act)13User Value 4092 Tsd		r16 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_1 gtgt q_act_jan)13User Value 11035 Tsd	-00	00	(00)	00

in of gross profit	120	98	109		181	132			147			136			118			146		133			188			152			223			173			m17		m17		s17		s17


Air Freight volumes (000 tons)	2161	2251	4412		2278	6690			2524			9214			2332			2399		4731			2489			7220			2739			9959			m19		m19		s19		m19	00	00	00	00

change YoY	54	111	82		99	88			141			102			79			66		72			93			79			85			81			m20		m20		s20		s20

GPton (CHF)	688	693	690		653	678			562			646			620			625		623			648			632			670			642			m21		m21		s21		s21

change YoY	-47	-36	-41		-73	-52			-140			-75			-98			-97		-98			-08			-68			192			-06			m22		m22		s22		s22


GP change YoY								-3			-4			-3			8		1			29			7					s23		s23

GP control	000	000		000			000			000			(000)			000				(000)				000		000		000		000			s30		s30		s30		s30

EBITDA control	000	000		000			(000)			000			000			(000)				000				000		(000)		000		000			s31		s31		s31		s31

EBIT control	000	000		000			000			(000)			000			(000)			000		000				000		000		000		(000)			s32		s32		s32		s32

Page 20: Full-year results 2017 - panalpina.com · GP/ton -14% -10% -10% ... of an offer to purchase any shares andneither it nor any part of it shall form the basis ... % 24.2% 60.1% 35.9%

SNVeryHiddenParameterSheet

PAN_ISpQ_OceanFreight

image1png

EBIT reported 18 (15) 09 05 18 24 31 27 (01) 81

SNVeryHiddenParameterSheet

PAN_ISpQ_Logistics

image1png

BALANCE SHEET

SNVeryHiddenParameterSheet

PAN_BalanceSheet

image1png

CASH FLOW

SNVeryHiddenParameterSheet

Tabele PAN_Cashflow

Slide Number 2
IFRS changes 2018
Next EVENTs
Disclaimer
Appendix
Balance sheet
Cash flow

	31-Dec-16		31-Dec-17		Change in

Cash flow before changes in working capital		1313		1536				r2 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Subtotal cash flow from operations gtgt (ltlt 2017 gtgt q_act_jan)13User Value 15298 Tsd			PY IS MANUAL

Changes in working capital		188		(480)				r3 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows131313267 Tsd - ltlt Increase (decrease) payables and accruals incl accrued cost of service gtgt (ltlt 2017 gtgt q_act_jan)13-695 Tsd - ltlt (Decrease) increase non-current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13256 Tsd - ltlt (Decrease) increase current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13-17508 Tsd - ltlt (Increase) decrease receivables other current assets and unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-4680 Tsd (Total)

Cash from operations		1501		1056				r4 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash generated from operations gtgt (ltlt 2017 gtgt q_act_jan)13User Value 10618 Tsd


Interest and income taxes paid		(394)		(383)				r6 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows1313-3709 Tsd - ltlt Income taxes paid gtgt (ltlt 2017 gtgt q_act_jan)13-122 Tsd - ltlt Interest paid gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-3831 Tsd (Total)

Net cash from operating activities		1107		673		-39			r7 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash from operating activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 6787 Tsd


Net cash from investing activities		(241)		(681)		183			r9 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in investing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -6870 Tsd


Free cash flow		866		(08)		-101			r11 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Free cash flow gtgt (ltlt 2017 gtgt q_act_jan)13User Value -083 Tsd


Net cash used in financing activities		(887)		(882)		-1			r13 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in financing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8818 Tsd


Net increase (decrease) in cash and cash equivalents		(21)		(890)				r15 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net increase (decrease) in cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8901 Tsd

Cash and cash equivalents at beginning of period		3923		3888				r16 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the beginning of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 38878 Tsd

Effect of exchange rate changes		(14)		111				r17 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Effect of exchange rate changes on cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 1108 Tsd

Cash and cash equivalents at end of period		3888		3109				r18 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the end of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd


Reported cash and cash equivalents at 31122016			3888				r21 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the beginning of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 38878 Tsd			Reported cash and cash equivalents at 31122016			3888

Profit YTD 122017			5746				r19 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Profit gtgt (ltlt 2017 gtgt q_act_jan)13User Value 5746 Tsd			Profit YTD 122017		3888		575

Other non-cash items (eg DampA)			9613				r23 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13132129 Tsd - ltlt Depreciation of property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)132157 Tsd - ltlt Amortization of intangible assets gtgt (ltlt 2017 gtgt q_act_jan)13-224 Tsd - ltlt Interest income and dividend on available-for-sale financial assets gtgt (ltlt 2017 gtgt q_act_jan)13-062 Tsd - ltlt Exchange differences gtgt (ltlt 2017 gtgt q_act_jan)13-033 Tsd - ltlt Loss (gain) on sales of property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)13000 Tsd - ltlt Gain on sales of financial assets gtgt (ltlt 2017 gtgt q_act_jan)13612 Tsd - ltlt Expenses for share-based compensation plans gtgt (ltlt 2017 gtgt q_act_jan)13564 Tsd - ltlt Other non-cash (income) and expenses gtgt (ltlt 2017 gtgt q_act_jan)134408 Tsd - ltlt Income tax expenses gtgt (ltlt 2017 gtgt q_act_jan)13---------------------139552 Tsd (Total)			Other non-cash items (eg DampA)		4462		961

Changes in working capital			-4798				r24 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows131313267 Tsd - ltlt Increase (decrease) payables and accruals incl accrued cost of service gtgt (ltlt 2017 gtgt q_act_jan)13-695 Tsd - ltlt (Decrease) increase non-current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13256 Tsd - ltlt (Decrease) increase current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13-17508 Tsd - ltlt (Increase) decrease receivables other current assets and unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-4680 Tsd (Total)			Changes in working capital		4944		480	neg

Interest and income taxes paid			-3831				r25 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows1313-3709 Tsd - ltlt Income taxes paid gtgt (ltlt 2017 gtgt q_act_jan)13-122 Tsd - ltlt Interest paid gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-3831 Tsd (Total)			Interest and income taxes paid		4561		383	neg

Net cash from investing activities			-6813				r26 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in investing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -6870 Tsd			Net cash from investing activities		3879		681	neg

Financing activitiesdividend			-8818				r27 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in financing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8818 Tsd			Financing activitiesdividend		2998		882	neg

Effect of exchange rate changes			1108				r28 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Effect of exchange rate changes on cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 1108 Tsd			Effect of exchange rate changes		2998		111

Reported cash and cash equivalents at 31122017			31085				r29 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the end of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd		PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Subtotal cash flow from operations gtgt (ltlt 2017 gtgt q_act_jan)13User Value 15298 Tsd		PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows131313267 Tsd - ltlt Increase (decrease) payables and accruals incl accrued cost of service gtgt (ltlt 2017 gtgt q_act_jan)13-695 Tsd - ltlt (Decrease) increase non-current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13256 Tsd - ltlt (Decrease) increase current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13-17508 Tsd - ltlt (Increase) decrease receivables other current assets and unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-4680 Tsd (Total)	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash generated from operations gtgt (ltlt 2017 gtgt q_act_jan)13User Value 10618 Tsd		PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows1313-3709 Tsd - ltlt Income taxes paid gtgt (ltlt 2017 gtgt q_act_jan)13-122 Tsd - ltlt Interest paid gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-3831 Tsd (Total)	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash from operating activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 6787 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in investing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -6870 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Free cash flow gtgt (ltlt 2017 gtgt q_act_jan)13User Value -083 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in financing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8818 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net increase (decrease) in cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8901 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the beginning of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 38878 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Effect of exchange rate changes on cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 1108 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the end of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the beginning of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 38878 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Profit gtgt (ltlt 2017 gtgt q_act_jan)13User Value 5746 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13132129 Tsd - ltlt Depreciation of property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)132157 Tsd - ltlt Amortization of intangible assets gtgt (ltlt 2017 gtgt q_act_jan)13-224 Tsd - ltlt Interest income and dividend on available-for-sale financial assets gtgt (ltlt 2017 gtgt q_act_jan)13-062 Tsd - ltlt Exchange differences gtgt (ltlt 2017 gtgt q_act_jan)13-033 Tsd - ltlt Loss (gain) on sales of property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)13000 Tsd - ltlt Gain on sales of financial assets gtgt (ltlt 2017 gtgt q_act_jan)13612 Tsd - ltlt Expenses for share-based compensation plans gtgt (ltlt 2017 gtgt q_act_jan)13564 Tsd - ltlt Other non-cash (income) and expenses gtgt (ltlt 2017 gtgt q_act_jan)134408 Tsd - ltlt Income tax expenses gtgt (ltlt 2017 gtgt q_act_jan)13---------------------139552 Tsd (Total)	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows131313267 Tsd - ltlt Increase (decrease) payables and accruals incl accrued cost of service gtgt (ltlt 2017 gtgt q_act_jan)13-695 Tsd - ltlt (Decrease) increase non-current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13256 Tsd - ltlt (Decrease) increase current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13-17508 Tsd - ltlt (Increase) decrease receivables other current assets and unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-4680 Tsd (Total)	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows1313-3709 Tsd - ltlt Income taxes paid gtgt (ltlt 2017 gtgt q_act_jan)13-122 Tsd - ltlt Interest paid gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-3831 Tsd (Total)	Reported cash and cash equivalents at 31122017	3109	3888

													484

													591

													(479)

													(331)

													(406)

													(882)

													93

													2946

	31-Dec-16		31-Dec-17		Change in

				CHF

Cash and cash equivalents		3888		3109		(779)		-20			r3 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd		3888	3999		111		3

Trade receivables unbilled forwarding services		9087		10970		1883		21			r4 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Trade receivables unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13User Value 109701 Tsd		9087	8693		-394		-4

Other current assets		1025		1322		297		29			r5 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other current assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 13217 Tsd		1025	1335		31		30

Property plant and equipment		635		967		332		52			r6 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)13User Value 9673 Tsd		635	651		16		3

Intangible assets		979		885		(95)		-10			r7 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Intangible assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 8845 Tsd		979	926		-53		-5

Other non-current assets		990		1138		148		15			r8 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other non-current assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 11382 Tsd		99	1073		83		8

Total assets		16606		18390		1784		11			r9 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 183903 Tsd		166060	166780		72		0

											0

Short-term borrowings		23		26		03		15			r11 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Short-term borrowings gtgt (ltlt 2017 gtgt q_act_jan)13User Value 262 Tsd		23	05		-18		-78

Trade payables accured cost of services		6524		7967		1443		22			r12 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Trade payables accured cost of services gtgt (ltlt 2017 gtgt q_act_jan)13User Value 79665 Tsd		6524	620		-324		-5

Other current liabilities		2439		2676		237		10			r13 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other current liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 26763 Tsd		2439	2592		153		6

Long-Term borrowings		00		32		32		na			r20 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Long-term borrowings gtgt (ltlt 2017 gtgt q_act_jan)13User Value 324 Tsd		0	12		12		na

Other long-term liabilities		1449		1546		97		7			r21 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other long-term liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 15459 Tsd		1449	1479		3		2

Total liabilities		10436		12247		1811		17			r14 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 122473 Tsd		104360	102880		-148		-1

Share capital		24		24		(00)		-1			r15 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Share capital gtgt (ltlt 2017 gtgt q_act_jan)13User Value 238 Tsd		24	24		0		0

Reserves treasury shares		6057		6056		(01)		-0			r16 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Reserves treasury shares gtgt (ltlt 2017 gtgt q_act_jan)13User Value 60534 Tsd		6057	6285		228		4

Non-controlling interests		89		63		(26)		-29			r17 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Non-controlling interests gtgt (ltlt 2017 gtgt q_act_jan)13User Value 659 Tsd		89	81		-08		-9

Total equity		6170		6143		(27)		-0			r18 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total equity gtgt (ltlt 2017 gtgt q_act_jan)13User Value 61430 Tsd		617	639		22		4

Total equity and liabilities		16606		18390		1784		11			r19 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total equity and liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 183903 Tsd		166060	166780		72		0

KPIs		31-Dec-16		31-Dec-17


Equity Ratio		372		334					s20 PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document Q2_2017_Quarter_Report13Chapter Consolidated Statement of Financial Position13Row ltlt Total equity and liabilities gtgt (ltlt June 30 2017 gtgt q_act_jan)13User Value 153472 Tsd

							PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Trade receivables unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13User Value 109701 Tsd		PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other current assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 13217 Tsd		PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)13User Value 9673 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Intangible assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 8845 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other non-current assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 11382 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 183903 Tsd		PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Short-term borrowings gtgt (ltlt 2017 gtgt q_act_jan)13User Value 262 Tsd		PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Trade payables accured cost of services gtgt (ltlt 2017 gtgt q_act_jan)13User Value 79665 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other current liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 26763 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Long-term borrowings gtgt (ltlt 2017 gtgt q_act_jan)13User Value 324 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other long-term liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 15459 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 122473 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Share capital gtgt (ltlt 2017 gtgt q_act_jan)13User Value 238 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Reserves treasury shares gtgt (ltlt 2017 gtgt q_act_jan)13User Value 60534 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Non-controlling interests gtgt (ltlt 2017 gtgt q_act_jan)13User Value 659 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total equity gtgt (ltlt 2017 gtgt q_act_jan)13User Value 61430 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total equity and liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 183903 Tsd	NWC-Intensity	18	15	mf24	Enterred by HPI on 14012018

DSO 3-m-rolling YTD		455		474					m22		Enterred by HPI on 14012018

DPO 3-m-rolling YTD		407		412					m23		Enterred by HPI on 14012018

2017	2016

																						Check

Logistics	Q1 2016	Q2 2016	HY 2016		Q3 2016		Q3YTD 2016		Q4 2016		FY 2016		Q1 2017		Q2 2017			HY 2017		Q3 2017			Q3YTD 2017		Q4 2017		FY 2017								CY

Net forwarding revenue	1402	1613	3015		1374		4389		1321		5709		1286		1377			2663		1394			4057		1330		5387			m4		m4		s4 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_3 gtgt q_act)13User Value 14141 Tsd	r4 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_3 gtgt q_act_jan)13User Value 53871 Tsd	00

Forwarding expenses	(420)	(607)	(1027)		(429)		(1456)		(397)		(1853)		(460)		(564)			(1024)		(580)			(1604)		(472)		(2076)			m5		m5		s5 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_3 gtgt q_act)13User Value -5564 Tsd	r5 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_3 gtgt q_act_jan)13User Value -20758 Tsd	00

Gross profit	982	1006	1989		944		2933		924		3857		825		813			1639		815			2454		858		3311			m6		m6		s6 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_3 gtgt q_act)13User Value 8576 Tsd	r6 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_3 gtgt q_act_jan)13User Value 33114 Tsd	00

Personnel expenses	(574)	(591)	(1166)		(528)		(1694)		(519)		(2213)		(479)		(461)			(940)		(469)			(1409)		(507)		(1916)			m7		m7		s7 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_3 gtgt q_act)13User Value -4045 Tsd	r7 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_3 gtgt q_act_jan)13User Value -19163 Tsd	00

Other operating expenses	(360)	(363)	(723)		(378)		(1102)		(367)		(1469)		(298)		(298)			(596)		(298)			(894)		(329)		(1223)			m8		m8		s8 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_3 gtgt q_act)13User Value -4415 Tsd	r8 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_3 gtgt q_act_jan)13User Value -12227 Tsd	00

EBITDA adjusted	48	52	100		38		138		37		175		48		54			103		48			151		22		172			m9		m9		s9 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_3 gtgt q_act)13User Value -479 Tsd	r9 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_3 gtgt q_act_jan)13User Value 1724 Tsd	00

Depreciation and amortization	(29)	(29)	(58)		(29)		(88)		(32)		(119)		(25)		(24)			(48)		(21)			(69)		(23)		(92)			m10		m10		s10 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_3 gtgt q_act)13User Value -125 Tsd	r10 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_3 gtgt q_act_jan)13User Value -918 Tsd	00

EBIT adjusted	18	23	41		09		50		05		56		24		31			54		27			81		(01)		81			m11		m11		s11 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act)13User Value -008 Tsd	r11 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act_jan)13User Value 807 Tsd	00

Non-recurring items

Restructuring expenses	00	(38)	(38)		00		(38)		00		(38)		00		00			00		00			00		00		00			m13		m13		s13	m13	00


EBIT reported	18	(15)	03		09		12		05		18		24		31			54		27			81		(01)		81			m15		m15		s15 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act)13User Value -008 Tsd	r15 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act_jan)13User Value 807 Tsd


GP Change YoY										-19		-18		-14		-16		-7		-14					s16	s16


															453

						10										15

GP control	000	000		000				000		(012)		(000)		000				000			000			000		s30		s30		s30		s30

EBITDA control	000	000		(000)				010		(002)		000		(000)				000			(000)			000		s31		s31		s31		s31

EBIT control	010	000		000				000		005		000		(000)			ERRORREF		000			000			000		s32		s32		s32		s32

2017	2016


Ocean Freight	Q1 2016	Q2 2016	HY 2016		Q3 2016	Q3YTD 2016			Q4 2016			FY 2016			Q1 2017			Q2 2017			HY 2017		Q3 2017			Q3YTD 2017		Q4 2017			FY 2017

Net forwarding revenue	5338	4921	10259		4955	15214			4770			19984			4915			5172			10087		5551			15637		5105			20743			m4		m4		s4 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_2 gtgt q_act)13User Value 55506 Tsd	r4 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_2 gtgt q_act_jan)13User Value 207428 Tsd	00	00	00	00

Forwarding expenses	(4157)	(3773)	(7930)		(3834)	(11764)			(3783)			(15547)			(3860)			(4081)			(7941)		(4463)			(12404)		(4067)			(16471)			m5		m5		s5 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_2 gtgt q_act)13User Value -44629 Tsd	r5 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_2 gtgt q_act_jan)13User Value -164707 Tsd	-00	00	00	00

Gross profit	1181	1148	2329		1121	3450			987			4438			1055			1091			2146		1088			3234		1038			4272			m6		m6		s6 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_2 gtgt q_act)13User Value 10877 Tsd	r6 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_2 gtgt q_act_jan)13User Value 42721 Tsd	00	00	00	00

Personnel expenses	(791)	(752)	(1543)		(755)	(2298)			(721)			(3019)			(779)			(784)			(1564)		(788)			(2352)		(837)			(3189)			m7		m7		s7 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_2 gtgt q_act)13User Value -7884 Tsd	r7 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_2 gtgt q_act_jan)13User Value -31889 Tsd	00	00	(00)	00

Other operating expenses	(305)	(288)	(594)		(274)	(868)			(275)			(1144)			(271)			(265)			(536)		(290)			(827)		(257)			(1083)			m8		m8		s8 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_2 gtgt q_act)13User Value -2905 Tsd	r8 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_2 gtgt q_act_jan)13User Value -10833 Tsd	00	(01)	(01)	00

EBITDA adjusted	84	108	192		92	284			(09)			275			05			41			46		09			55		(55)			(00)			m9		m9		s9 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_2 gtgt q_act)13User Value 089 Tsd	r9 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_2 gtgt q_act_jan)13User Value -001 Tsd	00	00	00	00

Depreciation and amortization	(41)	(42)	(83)		(41)	(124)			(42)			(166)			(36)			(36)			(72)		(38)			(110)		(41)			(151)			m10		m10		s10 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_2 gtgt q_act)13User Value -384 Tsd	r10 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_2 gtgt q_act_jan)13User Value -1508 Tsd	-00	00	00	00

EBIT adjusted	43	66	109		51	160			(51)			109			(32)			06			(26)		(29)			(55)		(96)			(151)			m11		m11		s11 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_2 gtgt q_act)13User Value -295 Tsd	r11 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_2 gtgt q_act_jan)13User Value -1509 Tsd	-00	00	00	00

in of gross profit	37	58	47		45	46			-51			25			-30			05			-12		-27			-17		-92			-35			m12		m12		s12	s12

Non-recurring items																									00		00		00			00

Restructuring expenses	00	(97)	(97)		0	(97)			(19)			(115)			00			00			00		00			00		00			00			m14		m14		s14	m14	00	00	01	00


EBIT reported	43	(30)	13		51	63			(69)			(06)			(32)			06			(26)		(29)			(55)		(96)			(151)			m16		m16		s16 PAC Hamon Pierrick Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_Q3_Quarter_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_2 gtgt q_act)13User Value -295 Tsd	r16 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_2 gtgt q_act_jan)13User Value -1509 Tsd	-00	00	(00)	00

in of gross profit	37	-26	05		45	18			-70			-01			-30			05			-12		-27			-17		-92			-35			m17		m17		s17	s17


Ocean Freight volumes (000 TEUs)	3482	3726	7208		3787	10995			3890			14885			3742			3828			7570		3856			11426		3779			15205			m19		m19		m19	m19	00	00	(00)	00

change YoY	-100	-82	-91		-88	-90			08			-66			75			27			50		18			39		-28			22			m20		m20		s20	s20

GPTEU (CHF)	339	308	323		296	314			254			298			282			285			283		282			283		275			281			m21		m21		m21	s21

change YoY	102	59	80		-16	47			-176			-11			-169			-75			-122		-47			-98		83			-58			m22		m22		s22	s22


GP change YoY								-11			-5			-8			-3			-6		519		-373					s23		s23


							-00298711145			00053228356					-00271124048				-00921686544

GP control	000	000		(000)			000			000			000			000					000			(000)			000			s30		s30		s30		s30

EBITDA control	010	000		000			000			(000)			(000)			(000)					000			000			(000)			s31		s31		s31		s31

EBIT control	000	000		000			000			(000)			(000)			000				000		000			000			(000)			s32		s32		s32		s32

Page 21: Full-year results 2017 - panalpina.com · GP/ton -14% -10% -10% ... of an offer to purchase any shares andneither it nor any part of it shall form the basis ... % 24.2% 60.1% 35.9%

EBIT reported 18 (15) 09 05 18 24 31 27 (01) 81

SNVeryHiddenParameterSheet

PAN_ISpQ_Logistics

image1png

BALANCE SHEET

SNVeryHiddenParameterSheet

PAN_BalanceSheet

image1png

CASH FLOW

SNVeryHiddenParameterSheet

Tabele PAN_Cashflow

Slide Number 2
IFRS changes 2018
Next EVENTs
Disclaimer
Appendix
Balance sheet
Cash flow

	31-Dec-16		31-Dec-17		Change in

Cash flow before changes in working capital		1313		1536				r2 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Subtotal cash flow from operations gtgt (ltlt 2017 gtgt q_act_jan)13User Value 15298 Tsd			PY IS MANUAL

Changes in working capital		188		(480)				r3 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows131313267 Tsd - ltlt Increase (decrease) payables and accruals incl accrued cost of service gtgt (ltlt 2017 gtgt q_act_jan)13-695 Tsd - ltlt (Decrease) increase non-current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13256 Tsd - ltlt (Decrease) increase current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13-17508 Tsd - ltlt (Increase) decrease receivables other current assets and unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-4680 Tsd (Total)

Cash from operations		1501		1056				r4 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash generated from operations gtgt (ltlt 2017 gtgt q_act_jan)13User Value 10618 Tsd


Interest and income taxes paid		(394)		(383)				r6 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows1313-3709 Tsd - ltlt Income taxes paid gtgt (ltlt 2017 gtgt q_act_jan)13-122 Tsd - ltlt Interest paid gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-3831 Tsd (Total)

Net cash from operating activities		1107		673		-39			r7 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash from operating activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 6787 Tsd


Net cash from investing activities		(241)		(681)		183			r9 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in investing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -6870 Tsd


Free cash flow		866		(08)		-101			r11 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Free cash flow gtgt (ltlt 2017 gtgt q_act_jan)13User Value -083 Tsd


Net cash used in financing activities		(887)		(882)		-1			r13 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in financing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8818 Tsd


Net increase (decrease) in cash and cash equivalents		(21)		(890)				r15 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net increase (decrease) in cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8901 Tsd

Cash and cash equivalents at beginning of period		3923		3888				r16 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the beginning of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 38878 Tsd

Effect of exchange rate changes		(14)		111				r17 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Effect of exchange rate changes on cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 1108 Tsd

Cash and cash equivalents at end of period		3888		3109				r18 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the end of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd


Reported cash and cash equivalents at 31122016			3888				r21 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the beginning of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 38878 Tsd			Reported cash and cash equivalents at 31122016			3888

Profit YTD 122017			5746				r19 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Profit gtgt (ltlt 2017 gtgt q_act_jan)13User Value 5746 Tsd			Profit YTD 122017		3888		575

Other non-cash items (eg DampA)			9613				r23 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13132129 Tsd - ltlt Depreciation of property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)132157 Tsd - ltlt Amortization of intangible assets gtgt (ltlt 2017 gtgt q_act_jan)13-224 Tsd - ltlt Interest income and dividend on available-for-sale financial assets gtgt (ltlt 2017 gtgt q_act_jan)13-062 Tsd - ltlt Exchange differences gtgt (ltlt 2017 gtgt q_act_jan)13-033 Tsd - ltlt Loss (gain) on sales of property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)13000 Tsd - ltlt Gain on sales of financial assets gtgt (ltlt 2017 gtgt q_act_jan)13612 Tsd - ltlt Expenses for share-based compensation plans gtgt (ltlt 2017 gtgt q_act_jan)13564 Tsd - ltlt Other non-cash (income) and expenses gtgt (ltlt 2017 gtgt q_act_jan)134408 Tsd - ltlt Income tax expenses gtgt (ltlt 2017 gtgt q_act_jan)13---------------------139552 Tsd (Total)			Other non-cash items (eg DampA)		4462		961

Changes in working capital			-4798				r24 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows131313267 Tsd - ltlt Increase (decrease) payables and accruals incl accrued cost of service gtgt (ltlt 2017 gtgt q_act_jan)13-695 Tsd - ltlt (Decrease) increase non-current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13256 Tsd - ltlt (Decrease) increase current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13-17508 Tsd - ltlt (Increase) decrease receivables other current assets and unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-4680 Tsd (Total)			Changes in working capital		4944		480	neg

Interest and income taxes paid			-3831				r25 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows1313-3709 Tsd - ltlt Income taxes paid gtgt (ltlt 2017 gtgt q_act_jan)13-122 Tsd - ltlt Interest paid gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-3831 Tsd (Total)			Interest and income taxes paid		4561		383	neg

Net cash from investing activities			-6813				r26 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in investing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -6870 Tsd			Net cash from investing activities		3879		681	neg

Financing activitiesdividend			-8818				r27 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in financing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8818 Tsd			Financing activitiesdividend		2998		882	neg

Effect of exchange rate changes			1108				r28 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Effect of exchange rate changes on cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 1108 Tsd			Effect of exchange rate changes		2998		111

Reported cash and cash equivalents at 31122017			31085				r29 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the end of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd		PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Subtotal cash flow from operations gtgt (ltlt 2017 gtgt q_act_jan)13User Value 15298 Tsd		PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows131313267 Tsd - ltlt Increase (decrease) payables and accruals incl accrued cost of service gtgt (ltlt 2017 gtgt q_act_jan)13-695 Tsd - ltlt (Decrease) increase non-current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13256 Tsd - ltlt (Decrease) increase current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13-17508 Tsd - ltlt (Increase) decrease receivables other current assets and unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-4680 Tsd (Total)	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash generated from operations gtgt (ltlt 2017 gtgt q_act_jan)13User Value 10618 Tsd		PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows1313-3709 Tsd - ltlt Income taxes paid gtgt (ltlt 2017 gtgt q_act_jan)13-122 Tsd - ltlt Interest paid gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-3831 Tsd (Total)	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash from operating activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 6787 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in investing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -6870 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Free cash flow gtgt (ltlt 2017 gtgt q_act_jan)13User Value -083 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in financing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8818 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net increase (decrease) in cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8901 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the beginning of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 38878 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Effect of exchange rate changes on cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 1108 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the end of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the beginning of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 38878 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Profit gtgt (ltlt 2017 gtgt q_act_jan)13User Value 5746 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13132129 Tsd - ltlt Depreciation of property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)132157 Tsd - ltlt Amortization of intangible assets gtgt (ltlt 2017 gtgt q_act_jan)13-224 Tsd - ltlt Interest income and dividend on available-for-sale financial assets gtgt (ltlt 2017 gtgt q_act_jan)13-062 Tsd - ltlt Exchange differences gtgt (ltlt 2017 gtgt q_act_jan)13-033 Tsd - ltlt Loss (gain) on sales of property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)13000 Tsd - ltlt Gain on sales of financial assets gtgt (ltlt 2017 gtgt q_act_jan)13612 Tsd - ltlt Expenses for share-based compensation plans gtgt (ltlt 2017 gtgt q_act_jan)13564 Tsd - ltlt Other non-cash (income) and expenses gtgt (ltlt 2017 gtgt q_act_jan)134408 Tsd - ltlt Income tax expenses gtgt (ltlt 2017 gtgt q_act_jan)13---------------------139552 Tsd (Total)	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows131313267 Tsd - ltlt Increase (decrease) payables and accruals incl accrued cost of service gtgt (ltlt 2017 gtgt q_act_jan)13-695 Tsd - ltlt (Decrease) increase non-current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13256 Tsd - ltlt (Decrease) increase current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13-17508 Tsd - ltlt (Increase) decrease receivables other current assets and unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-4680 Tsd (Total)	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows1313-3709 Tsd - ltlt Income taxes paid gtgt (ltlt 2017 gtgt q_act_jan)13-122 Tsd - ltlt Interest paid gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-3831 Tsd (Total)	Reported cash and cash equivalents at 31122017	3109	3888

													484

													591

													(479)

													(331)

													(406)

													(882)

													93

													2946

	31-Dec-16		31-Dec-17		Change in

				CHF

Cash and cash equivalents		3888		3109		(779)		-20			r3 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd		3888	3999		111		3

Trade receivables unbilled forwarding services		9087		10970		1883		21			r4 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Trade receivables unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13User Value 109701 Tsd		9087	8693		-394		-4

Other current assets		1025		1322		297		29			r5 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other current assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 13217 Tsd		1025	1335		31		30

Property plant and equipment		635		967		332		52			r6 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)13User Value 9673 Tsd		635	651		16		3

Intangible assets		979		885		(95)		-10			r7 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Intangible assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 8845 Tsd		979	926		-53		-5

Other non-current assets		990		1138		148		15			r8 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other non-current assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 11382 Tsd		99	1073		83		8

Total assets		16606		18390		1784		11			r9 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 183903 Tsd		166060	166780		72		0

											0

Short-term borrowings		23		26		03		15			r11 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Short-term borrowings gtgt (ltlt 2017 gtgt q_act_jan)13User Value 262 Tsd		23	05		-18		-78

Trade payables accured cost of services		6524		7967		1443		22			r12 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Trade payables accured cost of services gtgt (ltlt 2017 gtgt q_act_jan)13User Value 79665 Tsd		6524	620		-324		-5

Other current liabilities		2439		2676		237		10			r13 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other current liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 26763 Tsd		2439	2592		153		6

Long-Term borrowings		00		32		32		na			r20 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Long-term borrowings gtgt (ltlt 2017 gtgt q_act_jan)13User Value 324 Tsd		0	12		12		na

Other long-term liabilities		1449		1546		97		7			r21 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other long-term liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 15459 Tsd		1449	1479		3		2

Total liabilities		10436		12247		1811		17			r14 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 122473 Tsd		104360	102880		-148		-1

Share capital		24		24		(00)		-1			r15 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Share capital gtgt (ltlt 2017 gtgt q_act_jan)13User Value 238 Tsd		24	24		0		0

Reserves treasury shares		6057		6056		(01)		-0			r16 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Reserves treasury shares gtgt (ltlt 2017 gtgt q_act_jan)13User Value 60534 Tsd		6057	6285		228		4

Non-controlling interests		89		63		(26)		-29			r17 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Non-controlling interests gtgt (ltlt 2017 gtgt q_act_jan)13User Value 659 Tsd		89	81		-08		-9

Total equity		6170		6143		(27)		-0			r18 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total equity gtgt (ltlt 2017 gtgt q_act_jan)13User Value 61430 Tsd		617	639		22		4

Total equity and liabilities		16606		18390		1784		11			r19 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total equity and liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 183903 Tsd		166060	166780		72		0

KPIs		31-Dec-16		31-Dec-17


Equity Ratio		372		334					s20 PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document Q2_2017_Quarter_Report13Chapter Consolidated Statement of Financial Position13Row ltlt Total equity and liabilities gtgt (ltlt June 30 2017 gtgt q_act_jan)13User Value 153472 Tsd

							PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Trade receivables unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13User Value 109701 Tsd		PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other current assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 13217 Tsd		PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)13User Value 9673 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Intangible assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 8845 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other non-current assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 11382 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 183903 Tsd		PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Short-term borrowings gtgt (ltlt 2017 gtgt q_act_jan)13User Value 262 Tsd		PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Trade payables accured cost of services gtgt (ltlt 2017 gtgt q_act_jan)13User Value 79665 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other current liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 26763 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Long-term borrowings gtgt (ltlt 2017 gtgt q_act_jan)13User Value 324 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other long-term liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 15459 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 122473 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Share capital gtgt (ltlt 2017 gtgt q_act_jan)13User Value 238 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Reserves treasury shares gtgt (ltlt 2017 gtgt q_act_jan)13User Value 60534 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Non-controlling interests gtgt (ltlt 2017 gtgt q_act_jan)13User Value 659 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total equity gtgt (ltlt 2017 gtgt q_act_jan)13User Value 61430 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total equity and liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 183903 Tsd	NWC-Intensity	18	15	mf24	Enterred by HPI on 14012018

DSO 3-m-rolling YTD		455		474					m22		Enterred by HPI on 14012018

DPO 3-m-rolling YTD		407		412					m23		Enterred by HPI on 14012018

2017	2016

																						Check

Logistics	Q1 2016	Q2 2016	HY 2016		Q3 2016		Q3YTD 2016		Q4 2016		FY 2016		Q1 2017		Q2 2017			HY 2017		Q3 2017			Q3YTD 2017		Q4 2017		FY 2017								CY

Net forwarding revenue	1402	1613	3015		1374		4389		1321		5709		1286		1377			2663		1394			4057		1330		5387			m4		m4		s4 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_3 gtgt q_act)13User Value 14141 Tsd	r4 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Net forwarding revenue gtgt (ltlt value_3 gtgt q_act_jan)13User Value 53871 Tsd	00

Forwarding expenses	(420)	(607)	(1027)		(429)		(1456)		(397)		(1853)		(460)		(564)			(1024)		(580)			(1604)		(472)		(2076)			m5		m5		s5 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_3 gtgt q_act)13User Value -5564 Tsd	r5 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Forwarding services from third parties gtgt (ltlt value_3 gtgt q_act_jan)13User Value -20758 Tsd	00

Gross profit	982	1006	1989		944		2933		924		3857		825		813			1639		815			2454		858		3311			m6		m6		s6 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_3 gtgt q_act)13User Value 8576 Tsd	r6 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Gross profit gtgt (ltlt value_3 gtgt q_act_jan)13User Value 33114 Tsd	00

Personnel expenses	(574)	(591)	(1166)		(528)		(1694)		(519)		(2213)		(479)		(461)			(940)		(469)			(1409)		(507)		(1916)			m7		m7		s7 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_3 gtgt q_act)13User Value -4045 Tsd	r7 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Personnel expenses gtgt (ltlt value_3 gtgt q_act_jan)13User Value -19163 Tsd	00

Other operating expenses	(360)	(363)	(723)		(378)		(1102)		(367)		(1469)		(298)		(298)			(596)		(298)			(894)		(329)		(1223)			m8		m8		s8 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_3 gtgt q_act)13User Value -4415 Tsd	r8 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Other operating expenses gtgt (ltlt value_3 gtgt q_act_jan)13User Value -12227 Tsd	00

EBITDA adjusted	48	52	100		38		138		37		175		48		54			103		48			151		22		172			m9		m9		s9 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_3 gtgt q_act)13User Value -479 Tsd	r9 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt EBITDA gtgt (ltlt value_3 gtgt q_act_jan)13User Value 1724 Tsd	00

Depreciation and amortization	(29)	(29)	(58)		(29)		(88)		(32)		(119)		(25)		(24)			(48)		(21)			(69)		(23)		(92)			m10		m10		s10 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_3 gtgt q_act)13User Value -125 Tsd	r10 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Depreciation and amortization gtgt (ltlt value_3 gtgt q_act_jan)13User Value -918 Tsd	00

EBIT adjusted	18	23	41		09		50		05		56		24		31			54		27			81		(01)		81			m11		m11		s11 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act)13User Value -008 Tsd	r11 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act_jan)13User Value 807 Tsd	00

Non-recurring items

Restructuring expenses	00	(38)	(38)		00		(38)		00		(38)		00		00			00		00			00		00		00			m13		m13		s13	m13	00


EBIT reported	18	(15)	03		09		12		05		18		24		31			54		27			81		(01)		81			m15		m15		s15 PAC Stuker Benjamin Referenced Value (value_1_PQACT02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act)13User Value -008 Tsd	r15 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Products quater and year to date13Row ltlt Operating result (EBIT) gtgt (ltlt value_3 gtgt q_act_jan)13User Value 807 Tsd


GP Change YoY										-19		-18		-14		-16		-7		-14					s16	s16


															453

						10										15

GP control	000	000		000				000		(012)		(000)		000				000			000			000		s30		s30		s30		s30

EBITDA control	000	000		(000)				010		(002)		000		(000)				000			(000)			000		s31		s31		s31		s31

EBIT control	010	000		000				000		005		000		(000)			ERRORREF		000			000			000		s32		s32		s32		s32

Page 22: Full-year results 2017 - panalpina.com · GP/ton -14% -10% -10% ... of an offer to purchase any shares andneither it nor any part of it shall form the basis ... % 24.2% 60.1% 35.9%

BALANCE SHEET

SNVeryHiddenParameterSheet

PAN_BalanceSheet

image1png

CASH FLOW

SNVeryHiddenParameterSheet

Tabele PAN_Cashflow

Slide Number 2
IFRS changes 2018
Next EVENTs
Disclaimer
Appendix
Balance sheet
Cash flow

	31-Dec-16		31-Dec-17		Change in

Cash flow before changes in working capital		1313		1536				r2 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Subtotal cash flow from operations gtgt (ltlt 2017 gtgt q_act_jan)13User Value 15298 Tsd			PY IS MANUAL

Changes in working capital		188		(480)				r3 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows131313267 Tsd - ltlt Increase (decrease) payables and accruals incl accrued cost of service gtgt (ltlt 2017 gtgt q_act_jan)13-695 Tsd - ltlt (Decrease) increase non-current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13256 Tsd - ltlt (Decrease) increase current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13-17508 Tsd - ltlt (Increase) decrease receivables other current assets and unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-4680 Tsd (Total)

Cash from operations		1501		1056				r4 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash generated from operations gtgt (ltlt 2017 gtgt q_act_jan)13User Value 10618 Tsd


Interest and income taxes paid		(394)		(383)				r6 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows1313-3709 Tsd - ltlt Income taxes paid gtgt (ltlt 2017 gtgt q_act_jan)13-122 Tsd - ltlt Interest paid gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-3831 Tsd (Total)

Net cash from operating activities		1107		673		-39			r7 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash from operating activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 6787 Tsd


Net cash from investing activities		(241)		(681)		183			r9 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in investing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -6870 Tsd


Free cash flow		866		(08)		-101			r11 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Free cash flow gtgt (ltlt 2017 gtgt q_act_jan)13User Value -083 Tsd


Net cash used in financing activities		(887)		(882)		-1			r13 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in financing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8818 Tsd


Net increase (decrease) in cash and cash equivalents		(21)		(890)				r15 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net increase (decrease) in cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8901 Tsd

Cash and cash equivalents at beginning of period		3923		3888				r16 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the beginning of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 38878 Tsd

Effect of exchange rate changes		(14)		111				r17 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Effect of exchange rate changes on cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 1108 Tsd

Cash and cash equivalents at end of period		3888		3109				r18 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the end of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd


Reported cash and cash equivalents at 31122016			3888				r21 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the beginning of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 38878 Tsd			Reported cash and cash equivalents at 31122016			3888

Profit YTD 122017			5746				r19 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Profit gtgt (ltlt 2017 gtgt q_act_jan)13User Value 5746 Tsd			Profit YTD 122017		3888		575

Other non-cash items (eg DampA)			9613				r23 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13132129 Tsd - ltlt Depreciation of property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)132157 Tsd - ltlt Amortization of intangible assets gtgt (ltlt 2017 gtgt q_act_jan)13-224 Tsd - ltlt Interest income and dividend on available-for-sale financial assets gtgt (ltlt 2017 gtgt q_act_jan)13-062 Tsd - ltlt Exchange differences gtgt (ltlt 2017 gtgt q_act_jan)13-033 Tsd - ltlt Loss (gain) on sales of property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)13000 Tsd - ltlt Gain on sales of financial assets gtgt (ltlt 2017 gtgt q_act_jan)13612 Tsd - ltlt Expenses for share-based compensation plans gtgt (ltlt 2017 gtgt q_act_jan)13564 Tsd - ltlt Other non-cash (income) and expenses gtgt (ltlt 2017 gtgt q_act_jan)134408 Tsd - ltlt Income tax expenses gtgt (ltlt 2017 gtgt q_act_jan)13---------------------139552 Tsd (Total)			Other non-cash items (eg DampA)		4462		961

Changes in working capital			-4798				r24 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows131313267 Tsd - ltlt Increase (decrease) payables and accruals incl accrued cost of service gtgt (ltlt 2017 gtgt q_act_jan)13-695 Tsd - ltlt (Decrease) increase non-current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13256 Tsd - ltlt (Decrease) increase current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13-17508 Tsd - ltlt (Increase) decrease receivables other current assets and unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-4680 Tsd (Total)			Changes in working capital		4944		480	neg

Interest and income taxes paid			-3831				r25 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows1313-3709 Tsd - ltlt Income taxes paid gtgt (ltlt 2017 gtgt q_act_jan)13-122 Tsd - ltlt Interest paid gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-3831 Tsd (Total)			Interest and income taxes paid		4561		383	neg

Net cash from investing activities			-6813				r26 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in investing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -6870 Tsd			Net cash from investing activities		3879		681	neg

Financing activitiesdividend			-8818				r27 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in financing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8818 Tsd			Financing activitiesdividend		2998		882	neg

Effect of exchange rate changes			1108				r28 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Effect of exchange rate changes on cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 1108 Tsd			Effect of exchange rate changes		2998		111

Reported cash and cash equivalents at 31122017			31085				r29 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the end of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd		PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Subtotal cash flow from operations gtgt (ltlt 2017 gtgt q_act_jan)13User Value 15298 Tsd		PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows131313267 Tsd - ltlt Increase (decrease) payables and accruals incl accrued cost of service gtgt (ltlt 2017 gtgt q_act_jan)13-695 Tsd - ltlt (Decrease) increase non-current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13256 Tsd - ltlt (Decrease) increase current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13-17508 Tsd - ltlt (Increase) decrease receivables other current assets and unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-4680 Tsd (Total)	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash generated from operations gtgt (ltlt 2017 gtgt q_act_jan)13User Value 10618 Tsd		PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows1313-3709 Tsd - ltlt Income taxes paid gtgt (ltlt 2017 gtgt q_act_jan)13-122 Tsd - ltlt Interest paid gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-3831 Tsd (Total)	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash from operating activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 6787 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in investing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -6870 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Free cash flow gtgt (ltlt 2017 gtgt q_act_jan)13User Value -083 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in financing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8818 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net increase (decrease) in cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8901 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the beginning of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 38878 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Effect of exchange rate changes on cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 1108 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the end of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the beginning of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 38878 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Profit gtgt (ltlt 2017 gtgt q_act_jan)13User Value 5746 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13132129 Tsd - ltlt Depreciation of property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)132157 Tsd - ltlt Amortization of intangible assets gtgt (ltlt 2017 gtgt q_act_jan)13-224 Tsd - ltlt Interest income and dividend on available-for-sale financial assets gtgt (ltlt 2017 gtgt q_act_jan)13-062 Tsd - ltlt Exchange differences gtgt (ltlt 2017 gtgt q_act_jan)13-033 Tsd - ltlt Loss (gain) on sales of property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)13000 Tsd - ltlt Gain on sales of financial assets gtgt (ltlt 2017 gtgt q_act_jan)13612 Tsd - ltlt Expenses for share-based compensation plans gtgt (ltlt 2017 gtgt q_act_jan)13564 Tsd - ltlt Other non-cash (income) and expenses gtgt (ltlt 2017 gtgt q_act_jan)134408 Tsd - ltlt Income tax expenses gtgt (ltlt 2017 gtgt q_act_jan)13---------------------139552 Tsd (Total)	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows131313267 Tsd - ltlt Increase (decrease) payables and accruals incl accrued cost of service gtgt (ltlt 2017 gtgt q_act_jan)13-695 Tsd - ltlt (Decrease) increase non-current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13256 Tsd - ltlt (Decrease) increase current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13-17508 Tsd - ltlt (Increase) decrease receivables other current assets and unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-4680 Tsd (Total)	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows1313-3709 Tsd - ltlt Income taxes paid gtgt (ltlt 2017 gtgt q_act_jan)13-122 Tsd - ltlt Interest paid gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-3831 Tsd (Total)	Reported cash and cash equivalents at 31122017	3109	3888

													484

													591

													(479)

													(331)

													(406)

													(882)

													93

													2946

	31-Dec-16		31-Dec-17		Change in

				CHF

Cash and cash equivalents		3888		3109		(779)		-20			r3 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd		3888	3999		111		3

Trade receivables unbilled forwarding services		9087		10970		1883		21			r4 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Trade receivables unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13User Value 109701 Tsd		9087	8693		-394		-4

Other current assets		1025		1322		297		29			r5 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other current assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 13217 Tsd		1025	1335		31		30

Property plant and equipment		635		967		332		52			r6 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)13User Value 9673 Tsd		635	651		16		3

Intangible assets		979		885		(95)		-10			r7 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Intangible assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 8845 Tsd		979	926		-53		-5

Other non-current assets		990		1138		148		15			r8 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other non-current assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 11382 Tsd		99	1073		83		8

Total assets		16606		18390		1784		11			r9 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 183903 Tsd		166060	166780		72		0

											0

Short-term borrowings		23		26		03		15			r11 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Short-term borrowings gtgt (ltlt 2017 gtgt q_act_jan)13User Value 262 Tsd		23	05		-18		-78

Trade payables accured cost of services		6524		7967		1443		22			r12 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Trade payables accured cost of services gtgt (ltlt 2017 gtgt q_act_jan)13User Value 79665 Tsd		6524	620		-324		-5

Other current liabilities		2439		2676		237		10			r13 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other current liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 26763 Tsd		2439	2592		153		6

Long-Term borrowings		00		32		32		na			r20 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Long-term borrowings gtgt (ltlt 2017 gtgt q_act_jan)13User Value 324 Tsd		0	12		12		na

Other long-term liabilities		1449		1546		97		7			r21 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other long-term liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 15459 Tsd		1449	1479		3		2

Total liabilities		10436		12247		1811		17			r14 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 122473 Tsd		104360	102880		-148		-1

Share capital		24		24		(00)		-1			r15 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Share capital gtgt (ltlt 2017 gtgt q_act_jan)13User Value 238 Tsd		24	24		0		0

Reserves treasury shares		6057		6056		(01)		-0			r16 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Reserves treasury shares gtgt (ltlt 2017 gtgt q_act_jan)13User Value 60534 Tsd		6057	6285		228		4

Non-controlling interests		89		63		(26)		-29			r17 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Non-controlling interests gtgt (ltlt 2017 gtgt q_act_jan)13User Value 659 Tsd		89	81		-08		-9

Total equity		6170		6143		(27)		-0			r18 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total equity gtgt (ltlt 2017 gtgt q_act_jan)13User Value 61430 Tsd		617	639		22		4

Total equity and liabilities		16606		18390		1784		11			r19 PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total equity and liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 183903 Tsd		166060	166780		72		0

KPIs		31-Dec-16		31-Dec-17


Equity Ratio		372		334					s20 PAC Hamon Pierrick Referenced Value (value_1_PQACTJAN02)1313Document Q2_2017_Quarter_Report13Chapter Consolidated Statement of Financial Position13Row ltlt Total equity and liabilities gtgt (ltlt June 30 2017 gtgt q_act_jan)13User Value 153472 Tsd

							PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Trade receivables unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13User Value 109701 Tsd		PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other current assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 13217 Tsd		PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)13User Value 9673 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Intangible assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 8845 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other non-current assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 11382 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total assets gtgt (ltlt 2017 gtgt q_act_jan)13User Value 183903 Tsd		PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Short-term borrowings gtgt (ltlt 2017 gtgt q_act_jan)13User Value 262 Tsd		PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Trade payables accured cost of services gtgt (ltlt 2017 gtgt q_act_jan)13User Value 79665 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other current liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 26763 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Long-term borrowings gtgt (ltlt 2017 gtgt q_act_jan)13User Value 324 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Other long-term liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 15459 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 122473 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Share capital gtgt (ltlt 2017 gtgt q_act_jan)13User Value 238 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Reserves treasury shares gtgt (ltlt 2017 gtgt q_act_jan)13User Value 60534 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Non-controlling interests gtgt (ltlt 2017 gtgt q_act_jan)13User Value 659 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total equity gtgt (ltlt 2017 gtgt q_act_jan)13User Value 61430 Tsd	PAC Stuker Benjamin Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter 4 - Consolidated Statement of Financial Position13Row ltlt Total equity and liabilities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 183903 Tsd	NWC-Intensity	18	15	mf24	Enterred by HPI on 14012018

DSO 3-m-rolling YTD		455		474					m22		Enterred by HPI on 14012018

DPO 3-m-rolling YTD		407		412					m23		Enterred by HPI on 14012018

Page 23: Full-year results 2017 - panalpina.com · GP/ton -14% -10% -10% ... of an offer to purchase any shares andneither it nor any part of it shall form the basis ... % 24.2% 60.1% 35.9%

CASH FLOW

SNVeryHiddenParameterSheet

Tabele PAN_Cashflow

Slide Number 2
IFRS changes 2018
Next EVENTs
Disclaimer
Appendix
Balance sheet
Cash flow

	31-Dec-16		31-Dec-17		Change in

Cash flow before changes in working capital		1313		1536				r2 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Subtotal cash flow from operations gtgt (ltlt 2017 gtgt q_act_jan)13User Value 15298 Tsd			PY IS MANUAL

Changes in working capital		188		(480)				r3 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows131313267 Tsd - ltlt Increase (decrease) payables and accruals incl accrued cost of service gtgt (ltlt 2017 gtgt q_act_jan)13-695 Tsd - ltlt (Decrease) increase non-current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13256 Tsd - ltlt (Decrease) increase current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13-17508 Tsd - ltlt (Increase) decrease receivables other current assets and unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-4680 Tsd (Total)

Cash from operations		1501		1056				r4 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash generated from operations gtgt (ltlt 2017 gtgt q_act_jan)13User Value 10618 Tsd


Interest and income taxes paid		(394)		(383)				r6 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows1313-3709 Tsd - ltlt Income taxes paid gtgt (ltlt 2017 gtgt q_act_jan)13-122 Tsd - ltlt Interest paid gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-3831 Tsd (Total)

Net cash from operating activities		1107		673		-39			r7 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash from operating activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 6787 Tsd


Net cash from investing activities		(241)		(681)		183			r9 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in investing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -6870 Tsd


Free cash flow		866		(08)		-101			r11 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Free cash flow gtgt (ltlt 2017 gtgt q_act_jan)13User Value -083 Tsd


Net cash used in financing activities		(887)		(882)		-1			r13 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in financing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8818 Tsd


Net increase (decrease) in cash and cash equivalents		(21)		(890)				r15 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net increase (decrease) in cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8901 Tsd

Cash and cash equivalents at beginning of period		3923		3888				r16 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the beginning of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 38878 Tsd

Effect of exchange rate changes		(14)		111				r17 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Effect of exchange rate changes on cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 1108 Tsd

Cash and cash equivalents at end of period		3888		3109				r18 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the end of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd


Reported cash and cash equivalents at 31122016			3888				r21 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the beginning of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 38878 Tsd			Reported cash and cash equivalents at 31122016			3888

Profit YTD 122017			5746				r19 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Profit gtgt (ltlt 2017 gtgt q_act_jan)13User Value 5746 Tsd			Profit YTD 122017		3888		575

Other non-cash items (eg DampA)			9613				r23 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13132129 Tsd - ltlt Depreciation of property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)132157 Tsd - ltlt Amortization of intangible assets gtgt (ltlt 2017 gtgt q_act_jan)13-224 Tsd - ltlt Interest income and dividend on available-for-sale financial assets gtgt (ltlt 2017 gtgt q_act_jan)13-062 Tsd - ltlt Exchange differences gtgt (ltlt 2017 gtgt q_act_jan)13-033 Tsd - ltlt Loss (gain) on sales of property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)13000 Tsd - ltlt Gain on sales of financial assets gtgt (ltlt 2017 gtgt q_act_jan)13612 Tsd - ltlt Expenses for share-based compensation plans gtgt (ltlt 2017 gtgt q_act_jan)13564 Tsd - ltlt Other non-cash (income) and expenses gtgt (ltlt 2017 gtgt q_act_jan)134408 Tsd - ltlt Income tax expenses gtgt (ltlt 2017 gtgt q_act_jan)13---------------------139552 Tsd (Total)			Other non-cash items (eg DampA)		4462		961

Changes in working capital			-4798				r24 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows131313267 Tsd - ltlt Increase (decrease) payables and accruals incl accrued cost of service gtgt (ltlt 2017 gtgt q_act_jan)13-695 Tsd - ltlt (Decrease) increase non-current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13256 Tsd - ltlt (Decrease) increase current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13-17508 Tsd - ltlt (Increase) decrease receivables other current assets and unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-4680 Tsd (Total)			Changes in working capital		4944		480	neg

Interest and income taxes paid			-3831				r25 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows1313-3709 Tsd - ltlt Income taxes paid gtgt (ltlt 2017 gtgt q_act_jan)13-122 Tsd - ltlt Interest paid gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-3831 Tsd (Total)			Interest and income taxes paid		4561		383	neg

Net cash from investing activities			-6813				r26 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in investing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -6870 Tsd			Net cash from investing activities		3879		681	neg

Financing activitiesdividend			-8818				r27 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in financing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8818 Tsd			Financing activitiesdividend		2998		882	neg

Effect of exchange rate changes			1108				r28 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Effect of exchange rate changes on cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 1108 Tsd			Effect of exchange rate changes		2998		111

Reported cash and cash equivalents at 31122017			31085				r29 PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the end of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd		PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Subtotal cash flow from operations gtgt (ltlt 2017 gtgt q_act_jan)13User Value 15298 Tsd		PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows131313267 Tsd - ltlt Increase (decrease) payables and accruals incl accrued cost of service gtgt (ltlt 2017 gtgt q_act_jan)13-695 Tsd - ltlt (Decrease) increase non-current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13256 Tsd - ltlt (Decrease) increase current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13-17508 Tsd - ltlt (Increase) decrease receivables other current assets and unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-4680 Tsd (Total)	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash generated from operations gtgt (ltlt 2017 gtgt q_act_jan)13User Value 10618 Tsd		PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows1313-3709 Tsd - ltlt Income taxes paid gtgt (ltlt 2017 gtgt q_act_jan)13-122 Tsd - ltlt Interest paid gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-3831 Tsd (Total)	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash from operating activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value 6787 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in investing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -6870 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Free cash flow gtgt (ltlt 2017 gtgt q_act_jan)13User Value -083 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net cash used in financing activities gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8818 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Net increase (decrease) in cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value -8901 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the beginning of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 38878 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Effect of exchange rate changes on cash and cash equivalents gtgt (ltlt 2017 gtgt q_act_jan)13User Value 1108 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the end of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 31085 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Cash and cash equivalents at the beginning of the period gtgt (ltlt 2017 gtgt q_act_jan)13User Value 38878 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13Row ltlt Profit gtgt (ltlt 2017 gtgt q_act_jan)13User Value 5746 Tsd	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows13132129 Tsd - ltlt Depreciation of property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)132157 Tsd - ltlt Amortization of intangible assets gtgt (ltlt 2017 gtgt q_act_jan)13-224 Tsd - ltlt Interest income and dividend on available-for-sale financial assets gtgt (ltlt 2017 gtgt q_act_jan)13-062 Tsd - ltlt Exchange differences gtgt (ltlt 2017 gtgt q_act_jan)13-033 Tsd - ltlt Loss (gain) on sales of property plant and equipment gtgt (ltlt 2017 gtgt q_act_jan)13000 Tsd - ltlt Gain on sales of financial assets gtgt (ltlt 2017 gtgt q_act_jan)13612 Tsd - ltlt Expenses for share-based compensation plans gtgt (ltlt 2017 gtgt q_act_jan)13564 Tsd - ltlt Other non-cash (income) and expenses gtgt (ltlt 2017 gtgt q_act_jan)134408 Tsd - ltlt Income tax expenses gtgt (ltlt 2017 gtgt q_act_jan)13---------------------139552 Tsd (Total)	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows131313267 Tsd - ltlt Increase (decrease) payables and accruals incl accrued cost of service gtgt (ltlt 2017 gtgt q_act_jan)13-695 Tsd - ltlt (Decrease) increase non-current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13256 Tsd - ltlt (Decrease) increase current provisions and other liabilities gtgt (ltlt 2017 gtgt q_act_jan)13-17508 Tsd - ltlt (Increase) decrease receivables other current assets and unbilled forwarding services gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-4680 Tsd (Total)	PAC Freivogel Dominik Referenced Value (value_1_PQACTJAN02)1313Document 2017 - 2017_YE_Annual_Report13Chapter Consolidated Statement of Cash Flows1313-3709 Tsd - ltlt Income taxes paid gtgt (ltlt 2017 gtgt q_act_jan)13-122 Tsd - ltlt Interest paid gtgt (ltlt 2017 gtgt q_act_jan)13---------------------13-3831 Tsd (Total)	Reported cash and cash equivalents at 31122017	3109	3888

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