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Intermediaries post positive results

March 10 - The HLPFI editorial inbox has been inundated with results statements from freight intermediaries which paint quite a positive picture.

DPDHL says that a slight drop in revenue in the MAIL division, caused in part by a regulatory change in value-added tax that took effect in mid-2010, was more than offset by vigorous top-line growth in all DHL divisions. 

Overall, Group revenues climbed by 11.4 percent to EUR51.5 billion. 

"Our strong performance in 2010 clearly demonstrates that we positioned ourselves at an early stage to be fit for the economic upswing and that our Strategy 2015 is increasingly bearing fruit," said Frank Appel, ceo of Deutsche Post DHL. "This past year was an important milestone on our way to sustainably increasing the company's earnings strength." 

For the current year, the Group expects the global economy to continue to recover, a development that will continue to fuel revenue and earnings growth at the company's DHL divisions. 

In the Global Forwarding, Freight division - which includes DHL Industrial Projects, the rise in volume that began in the second half of 2009 continued in 2010. In both air and ocean freight, rapidly rising transport volumes, combined with higher freight rates, generated top-line growth at high double-digit rates. A slowdown of the growth rates experienced towards the end of 2010 was primarily a result of the stabilisation of freight rates over the course of the year. 

Overall revenues in the division totaled EUR14.3 billion (USD17.7 billion) during the past financial year, a jump of more than EUR 3 billion (USD4.1 billion), or 27.6 percent, compared with the previous year's level of EUR11.2 billion (USD15.4 billion). As a result of the strong growth in demand, shortages of freight 
capacity occurred for most of 2010. This resulted in strongly increasing levels for freight rates. During the year, the division succeeded in passing on the higher rates to its customers, though with some time lags. As a result, there was a negative impact on margins until the third quarter. Thanks to the strong growth in revenue and a continuing intense focus on cost management, profitability rose significantly: the division was able to increase its underlying operating profit by 41.8 percent to EUR 390 million (USD538.9 million) during 2010. 

At www.dp-dhl.de readers can find a copy of the entire Annual Report. 

Meanwhile, The Logwin Group says that its closed its 2010 financial year with significant increases in sales and earnings, achieving sales of EUR1.3565 billion (USD1.7 billion), an increase of 21.9 percent over the previous year's EUR1.113 billion (USD1.5 billion). 

At EUR24.1 million (USD33.1 million), operating income (EBIT) is significantly above the figure for the previous year EUR9.7 million (USD13.4 million). 

Berndt-Michael Winter, chairman of the Executive Committee of Logwin AG comments: "Logwin developed positively in 2010. We have chosen the right course and maintained the confidence of our customers. Focusing on our core business, efficient services and maximum flexibility make Logwin a reliable and strong logistics partner. We will continue the systematic implementation of our strategy,aiming for sustained, profitable growth." 

Logwin says that it assumes that growth in business volumes and hence sales will be stable in 2011. The corporate management aiming for profitable growth will enable the Logwin Group to benefit from an economic recovery in 2011. The Annual Report 2010 of the Logwin Group and the Financial Statement of Logwin AG can be found atwww.logwin-logistics.com 

The Panalpina Group announced double-digit volume growth in its air and oceanfreight businesses, while also expanding its market share in 2010. 

Net forwarding revenue rose by 20 percent to CHF7,164 million (USD). The new organisation has proven successful with costs only rising moderately despite the strong growth. Productivity as well as profitability have improved significantly yielding in a gross profit increase of 7.5 percent to CHF 1,480 million (USD1,585). 

Panalpina CEO Monika Ribar stated that, "2010 was very successful for the Panalpina Group in a number of different respects. We succeeded in taking full advantage of strong global economic growth, raising our core activity business volumes at rates that outperformed market averages. With our gains in market share and robust growth in the adjusted margins, we have solidified our position in the industry. The various measures initiated at the start of the year have clearly come to fruition, and the completion of investigations by the US Department of Justice is a relief for the organisation." 

With an eye to future development, Ribar notes that: "We emerged stronger from the crisis, and the objectives we achieved in 2010 have created an excellent foundation for 2011. We anticipate single digit market growth for both air and ocean freight this year, and seek to win further shares of the market. To this end, we will further expand our global sales organisation and continue to invest in growth markets such as China, India and Brazil, as well as in selected industries. This will include the evaluation of acquisition opportunities. With our new organisation, reinforced product units and strong compliance structure, we are the ideal business partner for our customers." 

Finally, CEVA Logistics reported record revenue and robust EBITDA performance for the year to 31 December 2010, building on the momentum established in the third quarter. 

Revenues of EUR6.8 billion (USD9.3 billion), up 25 percent year-on-year and now ahead of pre-recessionary levels were accompanied by a strong recovery in EBITDA to EUR292 million (USD403.4 million) with margins driven by a broad programme of initiatives. 

Commenting on the results, John Pattullo, CEO said: "I'm delighted with the progress made across the Group in 2010. After a challenging start to the year, we have focused relentlessly on business basics and on driving a series of transformational projects. 

"We have a well defined operating model, a clear plan for future growth and have established good momentum as we enter 2011. We are confident that we will continue to grow both revenue and profit in the coming months." 

With markets now recovering around the world, CEVA says that it is pleased to be entering 2011 with a strong business model, a clear plan for future growth and with good momentum. It says that it is confident that it will continue to grow both revenue and profit in the coming months.

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