Panalpina finished the year 2014 on expectations. It more than doubled its EBIT to CHF 116.7 million (approx. US$12.90 million) in 2014 compared to the previous year. Consolidated profit jumped from CHF 11.7 million to CHF 86.5 million. Panalpina grew air freight volumes slightly ahead of the market and clearly outperformed the market in ocean freight. Significant progress was made in logistics, with the turnaround ahead of schedule.
“In 2014, we executed on our clearly laid out strategy. This shows in the results we achieved,” says Panalpina CEO Peter Ulber. “Streamlining in ocean freight continues, which is a crucial prerequisite for the large-scale and complex transition to our new business platform SAP TM in 2015. We are satisfied with the achieved growth in air freight and particularly pleased with the turnaround in logistics.”
Reported EBIT more than doubled
In 2014, Panalpina’s net forwarding revenue remained stable at CHF 6,707.1 million (2013: 6,757.6 million), while group gross profit increased 2 per cent to CHF 1,586.0 million (2013: CHF 1,561.0 million). Panalpina achieved an EBIT of CHF 116.7 million for the whole year, up from a reported CHF 48.0 million last year (adjusted for fines and goodwill impairment 2013: CHF 108 million). The reported EBIT-to-gross profit margin increased to 7.4 per cent, up from 3.1 per cent in 2013 (adjusted 2013: 6.9 per cent). The group’s consolidated profit amounted to CHF 86.5 million; up from CHF 11.7 million (adjusted 2013: 71.7 million) a year ago.