Tag: Germany

Axel Springer slumps to FY net loss of 288 mln eur on PIN writedown

Posted by | Mar 3, 2008 | |

Axel Springer AG said it posted a full-year net loss of 288 mln eur, compared with a year-earlier profit of 291 mln, after the company wrote down the value of postal service unit PIN Group AG.

Axel Springer already said last year it expects to write down the value of PIN Group, in which it holds a majority stake, by up to 620 mln eur after talks with the other owners to finance the business failed.

Earnings before interest, tax and amortization, adjusted for one-time items, rose 12.5 pct year-on-year to 422 mln eur, Axel Springer said in a statement today.

Sales rose to 2.578 bln eur from 2.376 bln a year earlier, excluding revenues from PIN Group, which is reported under discontinued activities.

Axel Springer also said it will hike dividend payments to shareholders to a record level of 4.00 eur per share from 3.50 eur in 2006.

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PIN Group announces first unit closures

Posted by | Mar 3, 2008 | |

Insolvent German mail operator PIN Group announced the closure of a first unit in Germany and its subsidiary PIN West Mail, effective from March 1, 2008.

As much as 582 jobs are to be cut in two German cities, while the company has already cut some 680 jobs in different cities in Germany, said Bruno Kübler, financial administrator of the PIN Group holding company.

According to a report in the Financial Times Deutschland, PIN Group’s CEO is leading intense talks with investors over the sale of the whole group and the spokesman said there was still hope for a successful deal. A few days ago Kübler declared that the closure and insolvency of several PIN Group units did not rule out the possibility of a sale of the entire company later. The units could then be integrated and the laid-off employees could get their jobs back.

PIN Group employs around 9,000 at 91 sites across Germany. For the insolvency it has filed 37 of its units with a staff of 7,000. The insolvency payments at a dozen of the mentioned units will stop from the end of February 2008.

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Labour union Ver.di against possible sale of Deutsche Postbank

Posted by | Mar 2, 2008 | |

Members of the Ver.di labour union are preparing to voice their opposition to a possible sale of Deutsche Postbank AG at the supervisory board meeting of its parent company Deutsche Post AG on Monday.

‘A healthy company, like Postbank which makes one bln eur pre-tax profit, can exist by itself and should exist by itself,’ Gerd Tausendfreund, Ver.di member on Postbank’s supervisory board told Euro am Sonntag.

The union said it expects if the bank were sold or merged with another bank there would be likely job cuts. Above all, the IT department at Germany’s largest bank would probably be hardest hit, the newspaper said.

Tausendfreund said the entire part of the supervisory board which represents workers is against a sale.

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DPD Lithuania sales grow by 33 pct in 2007

Posted by | Feb 29, 2008 | |

DPD Lithuania has announced that its sales increased by 33 pct to LTL 52.3 million (EUR 15.15 million) in 2007. This year the company expects a higher sales increase of 35 pct.

DPD Lithuania managing director Vytautas Kudzys said that the company plans to open a new terminal, invest in new technologies that will accelerate working processes and implement solutions for reducing ecological problems.

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Deutsche Post declines to comment on report it bid for Beiersdorf logistics

Posted by | Feb 28, 2008 | |

A spokesman for Deutsche Post World Net AG declined to comment on a report it bid for a Beiersdorf AG contract, eventually concluded with Kuehne & Nagel International AG, to out-source logistics operations at its main Hamburg warehouse.

Beiersdorf, the German consumer goods company, yesterday said Kuehne & Nagel will handle its Hamburg logistics as well as the export of goods to subsidiaries abroad, but did not disclose financial details. The contract concludes its efforts to restructure its complete logistics chain.

A report in Die Welt today said the contract has a value of more than 1 bln eur, and that Deutsche Post’s express unit bid as well, not citing its sources.

The report said the contract is a major set-back to Deutsche Post, which is the market leader in German contract logistics.

Under contract logistics, companies out-source their complete integrated supply chain to logistics companies, for which these contracts offer higher margins than ordinary transport logistics.

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