Jürg Honegger, Chief Financial Officer of the global freight forwarding and logistics group Panalpina, has taken the decision to resign for personal reasons. He will leave the Company during the course of next year to take up a new professional challenge. His successor will be announced in due course.
Panalpina, one of the world’s leading providers of transport and logistics services, has been awarded significant further business from its customer Solvay Chemicals. The new air freight services will be in addition to the 13 000 TEU ocean freight per year that Panalpina already transports for Solvay. Solvay operates in pharmaceuticals, chemicals and plastics and has 400 units in over 50 countries.
The global freight transport and logistics group Panalpina continued its strong organic growth and again improved its profitability in the first nine months of 2007. Substantial new business wins in the major strategic key industries helped to further increase market shares in all areas. Gross profit grew by 16.4%, Ebit by 33.1% and net earnings by 33.3%.
In connection with alleged concerted practices in the area of transportation services, on 10 October 2007 the Swiss Federal Competition Commission (Weko) conducted a search also of the premises of Panalpina in Basel. A similar investigation by US anti-trust authorities has been conducted in the company’s headquarters in the USA.
Panalpina, one of the world’s leading suppliers of forwarding and logistic services, has suspended part of its service offering in Nigeria including its temporary importation services for oil and gas customers. The announcement is made today at Panalpina’s Investor Day in London. The suspension of these services and its potential impact on certain global agreements with oil and gas customers is expected to have an effect on the group’s Ebitda; for the current fiscal year this is estimated to be between CHF 20 to 30 million. Despite this impact, the Company has confirmed its positive outlook and financial guidance for 2007.
In the first six months of 2007, the global freight transport and logistics group Panalpina continued its solid organic growth, further improved its profitability and increased market shares in all respects. While gross profit rose by 17.5%, Ebit grew by 53.5% and net earnings by 56.4%.
Some of Panalpina’s customers have announced to US authorities the review of their business practices related to Nigeria. Panalpina has decided to conduct its own internal investigations.
The global transport and logistics group Panalpina has appointed Mario Kropf new Regional CEO for its AMEC (Africa, Middle East, Central Asia) business region. He will take office on 1 August 2007, reporting directly to CEO Monika Ribar.
The global transport and logistics group Panalpina has received an award for excellent partnership from Lufthansa Cargo. Both organizations have been working together for many years.
The global transport and logistics group Panalpina has appointed Alastair Robertson as the new Head of Human Resources (HR). He will take office on 1 September 2007 and will report directly to the CEO Monika Ribar.
The Annual General Meeting of Panalpina World Transport (Holding) Ltd., held on 15 May 2007, was well attended once again. The participating shareholders represented 48.57% of the share capital. All motions proposed by the Board of Directors were approved by an overwhelming majority.
Thanks to a strong first-quarter momentum and further significantly enhanced profitability, the global transport and logistics group Panalpina continues its very successful development. While gross profit increased by 18.9%, Ebit grew by a remarkable 93.9% and net earnings even by 109.0%.
The Board of Directors of the global freight transport and logistics group Panalpina has appointed its member Rudolf W. Hug as new Chairman Designate. He will take office subsequent to the Annual General Meeting of 15 May 2007, succeeding Panalpina’s longstanding Chairman Gerhard Fischer, who will retire after 42 years with Panalpina.
Roland Wider has resigned from his Executive Board and Chief Administrative Officer position of the global freight transport and logistics group Panalpina today. This decision was taken by mutual agreement.
Panalpina, the global freight transport and logistics group, continues its solid organic growth and posts excellent results for the year 2006 due to a strong performance and further improved profitability. The Group increased its net forwarding revenue by 11.3% to CHF 7,735 million, boosted net earnings by an impressive 52.5% to CHF 184 million and created more than 700 new jobs worldwide.
Panalpina and the NYK Group have agreed to cooperate both in Japan and internationally. The two companies can ideally support each other due to their complementary geographic networks and similar business models. According to the agreement, the NYK subsidiary Yusen Air & Sea Service (YAS) will become Panalpina’s agent in Japan whilst Panalpina will represent YAS’ interests in various countries in addition to its existing network.