Profit increase for Pan Nordic Logistics, owned by the postal companies

Pan Nordic Logistics, owned by Post Denmark and Norway Post, has increased their profit with SEK 14.6 million during 2001, compared to previous years profit of SEK 0.2 million. The turnover for 2001 was SEK 1.1 billion.

Last years results totalled SEK 14.8 million, which is a very strong outcome, compared to previous years results, and this development is mainly due to the 88 per cent turnover increase. This turnover increase is a consequence of the business projects started last year that now has had the chance to operate for a full year (2001).
During the same period, the balance-sheet total increased from 350 million to 410 million, the cash flow during this time was positive, SEK 47 million, and the liquidity was a total of SEK 167 million on 31 December.

During 2001 Pan Nordic Logistics carried out two major operations to further expand the company and the range of services. The main operation, the development of a comprehensive Scandinavian portfolio of parcel services, was pursued during the whole of 2001. This new service package is called CarryOn and was launched earlier in 2002. The package contains three basic services with a variety of additional optional services. CarryOn also includes EDI (Electronic Data Exchange). The other major operation took part in November, when Swedish Post AB decided to pull out of the partnership. At this point Pan Nordic Logistics started building their own Swedish distribution net.

The results for 2001 showed that Pan Nordic Logistics business is effective and that our CarryOn services fulfil the needs of the Scandinavian clients. During 2002 we will continue our business development by forming new partnerships. Our aim is to be the leading Scandinavian supplier of courier, express and parcel services, within the next two years, comments Benny Rhe Hansen, CEO, Pan Nordic Logistics.

For more information, contact:
Benny Rhe Hansen, CEO, Pan Nordic Logistics Phone: +45 40 305588
Mariann Eriksson, Public Relations Manager, Pan Nordic Logistics
Phone: +46 702 10 12 61
If you would like to order a copy of the annual financial report, send e-mail to: info@pannordic.com

About Pan Nordic Logistics:

Pan Nordic Logistics AB is a logistics company operating on the international market and focusing on international parcel services. The companys goal is to drive and develop an integrated Scandinavian logistics network, with strong links to the rest of the world.

The company was set up in 1997 and is owned today by Norway Post and Post Denmark. Pan Nordic Logistics has its Head Office in Stockholm and local offices in Norway, Denmark, Finland and Sweden.

Pan Nordic Logistics ABs turnover was SEK 1.1 billion in 2001 and the company currently has 160 employees.
For more information: www.pannordic.com.