Panalpina intensifies cost-cutting programme
Panalpina Group faces the lately falling freight volumes by intensifying the cost-cutting programme launched in 2008. In a press release the Executive Management announced the reduction of 1,400 to 1,600 jobs worldwide in 2009. This is approximately 10 per cent of the overall workforce, which had been 14,408 employees at last. The reduction will affect employees in all areas of the company. The group is looking for socially acceptable solutions for all concerned persons. Currency fluctuations, the withdrawal from domestic business in Nigeria and declining order volumes from the automotive industry had a substantial impact on the financial year 2008 at Panalpina. Nonetheless the globally acting transport and logistics group was able to achieve a year-on-year increase of 2.7 per cent to a net revenue of CHF 8.87 billion. “Both the airfreight and oceanfreight sectors of the company grew quicker than the market overall“, CEO Monika Ribar stresses in the annual report hot off the press. Panalpina transported 901,000 tons of airfreight and 1.278 million TEU of seafreight in the reporting period. Gross profit declined by 3.4 per cent to CHF 1.741 billion as a consequence of the above-named effects. This concerned the Europe/Middle East/Africa (minus 7.2%) and the North America regions (minus 6.2%). The Asia/Pacific (+ 6.3%) and Latin America regions (+ 12.1%) were able to post growth in gross profit. The operative result (EBITDA) amounted to CHF 240.7 million which is 33.3 per cent less than in 2007. The group’s net earnings amounted to CHF 113.8 million (minus 46%). Free Cash Flow was increased by 29.2 per cent to CHF 177.6 million. Quelle: Österreichische Verkehrszeitung |