Wider range for customers
These changes are important and, not least, positive for PNL in several different ways. Firstly, we will become more visible, which gives us better opportunities to penetrate the market.

In addition, PNL’s range will become wider as we will be able to offer customers products and services from all the other companies which are part of Bring. At the same time we will retain our distinctive focus on parcels within the Nordic region. This is and will remain our core competence.

A further benefit is that we will gain more customers as a result of the other companies within Bring being able to offer our services to their customers in a similar way.

We will also be able to benefit from the existing transport networks in place within the other Bring companies, both rationalising deliveries and reducing costs as a result.

Investments increase efficiency
While the change of ownership and entry into Bring open up exciting opportunities, they also require significant adjustments.
One key target for 2009 is to recapture a large part of the volume lost in connection with the loss of customers to Post Danmark when the company left PNL. This is why we are investing heavily in further improving our infrastructure in both Denmark and Sweden.

In Denmark we are building up a dedicated production system, with the terminal opening in April in Copenhagen as its hub. In Sweden we have invested in a new, modern main terminal in Jönköping, which will be operational in March. Our strong growth of 13 per cent per year over the last four years made it absolutely essential to build a new terminal to provide us with greater capacity, better efficiency and higher security.

Despite our ambitious growth strategy, it goes without saying that neither we nor our customers are immune to the current global economic downturn. We noticed a marked slowdown
in demand during the fourth quarter of 2008, although we still posted a very strong full-year result. Sales were approximately SEK 1.9 billion.

Well equipped for the future
How the market will develop in future is subject to greater uncertainty than usual. We are therefore monitoring volume trends very closely and are well prepared to implement measures if necessary. Even if growth in the market as a whole weakens, PNL continues to be favoured by the strong trend towards increased interest in online shopping. The combination of the economic situation and our own adjustment process means that we face significant challenges in 2009, but I am convinced that we are very well equipped to meet them.

The key reason for this optimism is the competence and commitment of our employees, and we attach great importance to developing this competence on an ongoing basis.

We also have a very strong product range. Our products within the CarryOn family are meeting with a very positive response on the market, and we continue to develop these products and adjust them in line with changing market requirements.
Another factor is the enhanced infrastructure resulting from the new terminals in Jönköping and Copenhagen. In 2008 we also further improved our IT systems, providing increased capacity, access to more information and simpler administration
for our customers.

Taken together, these strengths mean that I look forward to 2009 with great confidence. Although growth in the market as a whole will probably weaken and we will have to reposition and restructure the company as a result of the fact that Post Danmark has pulled out of the ownership and taken sales of SEK 700 m with it, I expect PNL/Bring Logistics to grow, win market shares and continue our positive development.


Benny Rhe Hansen,
President and Chief Executive Officer