The global freight transport and logistics Group, Panalpina, significantly increased its net forwarding revenue in the first quarter 2008 compared to the first quarter 2007 by 9.2%, currency adjusted even by 15.3%. The gross profit was with -2.2% slightly behind, however currency adjusted 3.1% above the previous year’s first quarter. With -39.7%, net earnings, impacted by events in Nigeria, were considerably below the first quarter 2007. In order to achieve an even more direct and customer-focused market approach, the Board of Directors has unanimously approved CEO Monika Ribar’s application to enhance the company’s management structures and to extend the Executive Board from five to seven functions.
‘In a changing global market with increasingly complex customer requirements, short reaction times and structures enabling flexible decisions are core elements for success,’ states CEO Monika Ribar. ‘With the new management structure, to be implemented with immediate effect, we consequently continue on our path to be customer-focused and very close to the market,’ she further explains. In order to build up even closer ties to customers’ business, the function Product & Procurement is now represented in the Executive Board. In addition, as a strategic management instrument, Human Resources is also a newly established Executive Board function. All the new Executive Board positions have been filled by highly qualified members of management from within the Group.
Monika Ribar has acknowledged his major achievements and explained that, ‘For many years he has considerably contributed to the development of the company.’
The Panalpina Group significantly increased its net forwarding revenue in the first quarter 2008 compared to the first quarter 2007 by 9.2%, currency adjusted by 15.3%. All regions have contributed to the pure organic growth. While Central- and South America, Asia/Pacific and Europe/Africa/Middle East/CIS increased their net forwarding revenues by more than eight percent, North America’s growth, impacted by the weak dollar, was only three percent. The Group’s contribution margin (gross profit) was slightly behind with -2.2% but currency adjusted 3.1% above the previous year’s result.
In its core activities the Panalpina Group outperformed compared to the market. In ocean freight volume growth increased by 14% (market growth at six percent to seven percent). The airfreight tonnage increased by 4.4% (market growth at three percent to four percent). In view of the high fuel price a certain shift from air freight to ocean freight was observed.