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Nine-month repeat profit for Panalpina

PRESS RELEASE

October 20, 2015: Panalpina has reported a net profit of CHF69.3 million on revenue of CHF4.41 billion for the first nine months of 2015. In the same period last year the company produced a net profit of CHF69.2 million on revenue of CHF4.95 billion.

Group gross profit decreased 6.0 percent to CHF1,107.3 million (currency adjusted: CHF1,177.0 million or 0.0 percent), while EBIT decreased 2.0 percent to CHF92.4 million (currency adjusted: CHF102.7 million or +9.0 percent).

EBIT was up in ocean freight and positive in logistics (compared to a loss from January to September 2014) but down in airfreight.

"In the first nine months of the year we succeeded in keeping EBIT and consolidated profit at previous year levels, despite a contracting airfreight market in the third quarter, our exposure to the oil and gas industry and historically high IT investments," said Panalpina CEO Peter Ulber.

Commenting on the outlook for ther remainder of the year he added: "The air and ocean freight markets will continue to be soft at best and a rebound of the oil price in the near future seems unlikely. It is all the more important that we continue to control cost with great discipline and implement new IT systems and processes in order to improve our productivity. We will accelerate our investments in less cyclical business to further reduce our exposure to certain industries."

Airfreight
In a very soft airfreight market that grew less than 1.0 percent from January to September 2015, Panalpina's airfreight volumes decreased 2.0 in the same period.

Panalpina transported less oil and gas and automotive cargo, but more perishables. Gross profit per ton decreased 4.0 to CHF715 (YTD 2014: CHF745), resulting in a total gross profit of CHF439.7 million (YTD 2014: CHF469.0 million). Airfreight achieved an EBIT of CHF67.6 million (YTD 2014: CHF85.3 million), while the EBIT-to- gross-profit margin for the first nine months of 2015 decreased to 15.4 percent (YTD 2014: 18.2 percent).

Ocean freight
Panalpina's ocean freight volumes grew 1.0 percent in the first nine months of 2015, which was slightly below market growth of 2.0 percent.

Gross profit per TEU decreased 3.0 percent to CHF300 (YTD 2014: CHF309) resulting in a total gross profit of CHF362.2 million (YTD 2014: CHF370.4 million). Ocean freight posted an EBIT of CHF22.8 million (YTD 2014: CHF16.0 million) and the EBIT-to-gross profit margin increased to 6.3 percent in the first nine months of 2015 (YTD 2014: 4.3 percent).

Logistics
In logistics, gross profit decreased 10.0 percent to CHF305.5 million (YTD 2014: CHF339.3 million) as a result of currency translation and the continued exit from underperforming sites.

In the first nine months of 2015, a positive EBIT of CHF2.0 million was achieved, compared to an EBIT loss of CHF6.9 million in the same period of last year. Logistics recorded the third positive quarter on EBIT level in a row.

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