Airfreight
Light and shade in Panalpina's annual figures
Basel, 01.03.2016 - The forwarding and logistics company Panalpina proved "very resilient" in 2015, as stated in a press release: "In an extremely challenging environment, the Panalpina Group recorded a slight increase in EBIT and net profit." EBIT reached CHF 117.2 million (on a constant currency basis: CHF 134.2 million or +15.0%) and net profit CHF 88.2 million (on a constant currency basis: CHF 100.6 million or +16.3%) in 2015. While volumes in Air and Ocean Freight fell slightly below the previous year's level, Logistics achieved its first positive annual result at EBIT level.
"We have maintained profitability in a year characterized by a weak market, the low oil price, negative currency effects and high IT investments on our part," says Panalpina CEO Peter Ulber. "The results demonstrate our resilience in difficult times. Without currency effects, EBIT would have increased by as much as 15 percent."
EBIT increased
Panalpina's gross profit decreased by 7.1% to CHF 1 473.8 million in 2015 (currency-adjusted: CHF 1 571.4 million or -0.9%; 2014: CHF 1 586.0 million). Panalpina reported full-year EBIT of CHF 117.2 million (currency-adjusted: CHF 134.2 million or +15%), slightly higher than last year (2014: CHF 116.7 million). The reported EBIT/gross profit margin increased from 7.4% in 2014 to 8.0% (currency-adjusted: 8.5%) in 2015. The Group's net profit amounted to CHF 88.2 million in the reporting year (currency-adjusted: CHF 100.6 million or +16.3%), compared to CHF 86.5 million in the previous year.
Air FreightPanalpina's air freight volumes decreased by 2.5% in 2015. The decline is attributable to lower volumes from customers in the oil and gas and automotive industries, who had fewer goods transported. The company transported 836,200 tons of air freight last year (2014: 857,800 tons). Gross profit per tonne decreased by 5.8% to CHF 699 (2014: CHF 742). Airfreight gross profit fell to CHF 584.1 million (2014: CHF 636.3 million). Airfreight achieved an EBIT of CHF 88.5 million, compared to CHF 112.0 million in the previous year. The EBIT/gross profit margin amounted to 15.2% in 2015, compared to 17.6% in the previous year.
Ocean FreightPanalpina's ocean freight volumes decreased by 0.8% year-on-year, while the market grew by an estimated 1%. The company transported 1,593,900 TEU (20-foot containers) in 2015 (2014: 1,606,500 TEU). Gross profit per TEU decreased by 1.5% to CHF 301 (2014: CHF 306), resulting in a gross profit of CHF 480.4 million (2014: CHF 491.5 million). Seafreight recorded an EBIT of CHF 26.6 million in 2015, compared to CHF 12.9 million in 2014. The EBIT/gross profit margin doubled from 2.6% in 2014 to 5.5% in 2015.
LogisticsGross profit in Logistics fell by 10.7% to CHF 409.3 million in 2015 (2014: CHF 458.2 million). However, with the disposal of loss-making assets, Logistics achieved its first positive annual result of CHF 2.1 million at EBIT level, compared to an EBIT loss of CHF 8.2 million in the previous year.
OutlookLast year Panalpina expanded its Logistics Manufacturing Services, took over its Egyptian agent Afifi and opened new offices in Morocco, Kenya and Myanmar. Panalpina also acquired a majority stake in Airflo, Kenya's second-largest airfreight forwarder specializing in the global export of perishable goods. "With a number of initiatives already launched and more to come, we aim to grow faster than the air and ocean freight market in 2016," says Ulber. Panalpina expects the air freight market to grow by 1 to 2% and the ocean freight market by 2% in 2016.
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