ostnews

Issue No. 89 - June 2011Current Information about Central and Eastern Europe

Pay differentials in CEE region rapidly disappearingCEE labour costs far lower than those in Austriapage 2

Carnet ATA for Bosnia and Herzegovinapage 3

Since 1 June: New GW- Premium servicespage 6

Euro zone: Waiting for new member statespage 4

Hungary struggling for economic recoverypage 5

Gebrüder Weiss books persistent growthpage 7

CEE labour costs far lower than those in AustriaIn 2010, average labour costs in Austria amounted to almost 4,000 euros per month, a figure considerably higher than that prevailing in CEE.

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red to apply for jobs in Austria, a process that they embark upon with plenty of self-confidence. They see their main selling point in the labour market of the beneficiary country as their qualifications, which they believe are in short supply there, and the cost advantage to their potential employer.

Pay differentials rapidly disappearingIn the past few years, head-hunting activities

from the West have caused salaries in Central and Eastern European countries to rise much faster than here in Austria. The Austrian Institute of Eco-nomic Research (WIFO) predicts that current pay differentials could well disappear within a decade. Lucka Zizek, Head of Labour Market Administrati-on in Slovenia, expects to see an increased flow of workers from her country to Austria; this in turn would lead to a rise in salaries in Slovenia as com-panies based there attempt to hold onto their skilled workers.

In the outside lane for purchasing powerAccording to a survey carried out the by the

Vienna Institute for International Economic Stu-dies, the CEE states are catching up in terms of the ratio of average net earnings to purchasing power parity. Last year, Slovenia reached 69 percent of Austria’s level – 1,800 euros per month. Next comes EU candidate state Croatia (59 percent), slightly ahead of the Czech Republic (58 percent). Particularly in the border regions, competition for the most highly skilled workers could lead to a har-monisation of buying power. With regard to unit labour costs, the divide between Austria and some of the CEE states is shrinking. “But CEE countries will only lose their cost advantage over Austria slowly and gradually,” says TPA Horwath tax expert Klaus Bauer-Mitterlehner.

According to a study carried out by tax advi-sers and auditors TPA Horwath, the most expensive country in the region was Slovenia, where wage costs amounted to 44 percent of those paid in Austria.

Slovenia was followed by the Czech Republic (32 percent) and Croatia (31.5 percent). Bulgaria brought up the rear, paying approximately 10 per-cent of the Austrian figure. According to the Ger-man Federal Statistical Office (Destatis), one hour of work cost an Austrian employer an average of 28 euros last year. In Hungary, an hour’s labour could be bought for around 7.30 euros, more than 70 percent cheaper than in Austria. In Slovakia, the hourly rate was 7.90 euros, and in the Czech Repu-blic, 10 euros. A significant proportion of labour costs arises from the tax and social security pay-ments levied by central government. In crisis-rid-den Hungary, this burden at 51.8 percent was already higher than in Austria (49.5 percent) in 2010. According to the Vienna Institute for Interna-tional Economic Studies, the figure for Slovenia is 44.9 percent, followed by Romania (43.1 percent) and Croatia (41.4 percent), with tail-ender Bulgaria on 34 percent. TPA Horwath anticipates a down-ward trend in the overall burden on income in the region.

Border regions catching upWith the final opening up of the labour market

on 1 May, experts expect that salaries and labour costs will increase in the medium term, especially in those CEE regions closest to the Austrian bor-der. In Bratislava and its environs, there is already little difference from Austria in terms of pay levels and quality of life. And in a comparison of stan-dards of living, Prague scores higher than Vienna. Among the ranks of highly qualified specialists in particular, there will be competition for the best workers. Czech and Polish employers are despe-rately looking for skilled labour. A representative of an international recruitment firm was recently quo-ted as saying that it is becoming more and more difficult to attract good workers to Austria. In futu-re, companies will be competing for the cream of the crop by offering the best pay rates – and in most CEE countries, there is still a wide gulf. According to an online survey carried out in Slova-kia, Slovenia, the Czech Republic and Hungary, it is the highly qualified in particular who are prepa-

Proprietor of media, owner andpublisher: Gebrüder WeissGmbH, Wiener Straße 26,A-2326 Maria-Lanzendorf, ÖsterreichEditors: Klaus Tumler, Bianca Baumgartner, F 01.79799.7901,ost-news@gw-world.comTranslation: Sternkopf Communica-tions, Fabrikweg 4, 09557 Flöha, DeutschlandPrinted by: Hans Jentzsch & Co GmbH, Scheydgasse 31, 1210 WienCirculation: 5.000 copiesOstnews is published: four times a yearPictures (unless stated otherwise):Gebrüder Weiss Ges.m.b.H. ; Sub-ject to error and printing error.Cover picture: istockphotoDECLARATION ACCORDING TO § 25MEDIA : Proprietor of media andpublisher: Gebrüder Weiss GmbHWiener Straße 26, A-2326 Maria-Lanzendorf, P 01.79799.0Business object:international forwarding agentBasic line of text:Information of companies abouteconomic relations with Centraland Eastern Europe.

Imprint

Russia: Change in regi-stration regulations

Experts expect labour costs in the CEE region to increase.

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With a change in the law that came into force on 20 March, registration regula-tions for foreign nationals have been relaxed, as the previous set of immigration rules that applied before 15 February have now been reinstated. Foreign natio-nals have seven working days – instead of the pre-vious three – to register with the Federal Migration Service (FMS). To do this, they will need the migrati-on card they were issued with when they entered Russia. In addition, foreign employees may once again register their address as their place of work instead of their actual residential address. Furthermore, the employer can once again assume the role of ‘spon-sor’ rather than just the landlord.

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Import - Export page 3

Bosnia and Herzegovina: New entry requirements

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Slovenia: New regulations for payment deadlinesOn 16 March 2011, a new law came into force specifying general payment deadlines and also the consequences of late payment.

Free subscription

The law introduces a completely new ele-ment into the Slovenian legal system, incorpo-rating the relevant directive from the EU Parlia-ment and Council.

IB.Service reports that the new law specifies payment deadlines according to status, i.e. distinguishing between businesses and public bodies. For business-to-business payments where the payment deadline has been agreed con-tractually, the deadline for payment may not be longer than 60 days. For public bodies, on the other hand, the deadline is 30 days. Under certain circumstances, this time limit can be extended to a maximum of 60 calendar days. If no payment deadline has been agreed contractually, the debitor will be deemed to be in default in the follo-wing circumstances:

• 30 days after the receipt of an invoice or another equivalent document that represents a standard demand for payment;

• 30 days after the receipt by the debtor of goods or services in cases where the date of receipt of documentation is in dispute;

• 30 days after the receipt of goods or services in cases where the debtor has received the documentation before receipt of goods or services;

• 30 days after the receipt of goods or services in cases where verification and acceptance of these was agreed or was laid down in law and the debtor received the documentation before verification and/or acceptance.

The consequences of default are a contractually or statutorily determined interest rate on the overdue amount and the payment of a fixed sum of 40 euros as reimbursement of recovery costs. In addition, creditors are entitled to full compensation and have the right to insure against overdue payments, thereby invoking reserved rights of ownership.

For the first time, the ATA Carnet customs document will also be accepted for goods that are being temporarily imported to undergo a manufacturing process.

The International Chamber of Commerce (ICC) regards Bosnia and Herzegovina’s entry into the ATA Carnet system as a major achievement, since the country is an important transit state to other countries in the Balkan region, for example Ser-bia, Croatia and Montenegro, which have already signed up to the agreement. Since 18 April, ATA Carnets under the Istanbul Convention are accepted in Bosnia and Herzegovina for the follo-wing purposes:• fairs and exhibitions• professional equipment• samples• goods for educational, scientific and cultural purposes• goods imported for sporting activities

• live animals and• goods for manufacturing processesThe latter are subject to certain restrictions. It is therefore recommended that you contact the customs office in the place of use well in advance. The carnet is to be completed in English, Croatian, Serbian or Bosnian.

Carnet ATA for Bosnia and HerzegovinaOn 18 April 2011, the Balkan state became the 70th country to accept the ATA Carnet system, thereby simplifying customs formalities and reducing costs on the import of certain goods.

Bosnia and Herzegovina: 70th member of the ATA Carnet system

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Since the beginning of this year, new entry requirements have applied to foreigners tra-velling to Bosnia and Herzegovi-na. They must bring with them 150 convertible marks (KM) in cash or the equivalent in foreign currency (e.g. around 77 euros) for each day of travel. For a five-day trip to Bosnia and Herzego-vina, this means that each tra-veller must be carrying 750 KM or around 384 euros in cash (preferably in small denominati-ons of under 50 euros). It is not enough simply to be in posses-sion of a debit or credit card. In any case, credit cards are only accepted in exceptional circum-stances and/or in major urban centres.

European Unionpage 4

Poland: Amendment to VAT regulations

Euro zone: Waiting for new member statesRomania has now resolved to introduce the euro in 2015 after all. The Czech Republic, on the other hand, has been cautious about naming a target date.

The euro zone is looking rather unsteady. Scepticism is growing in the ‘new’ EU coun-tries, due in part to the crisis in member states such as Greece, Portugal and Ireland.

In the Czech Republic, hostility towards the sin-gle EU currency is growing. A survey carried out by the Prague market research institute STEM revealed that only 22 percent of the 1,245 Czechs interviewed were in favour of adopting the euro. The market researchers attribute this low level of approval to the difficulties experienced by euro zone countries over the past months. Only 29 per-cent of Czechs expect the introduction of the euro to improve the standing of their country, while 78 percent fear it will lead to price increases.

The euro: A recipe for ‘stupidity’ or ‘success’?The Czech government which came into power

in the summer of 2010 under Prime Minister Petr Necas has so far also been cautious regarding entry to the euro zone. There is no target date for it in the government’s programme. According to Necas, introducing the euro at this time would be an act of “economic and political stupidity”, since the Czech koruna allows the country to react to economic developments with greater flexibility. A number of experts doubt Romania’s target of 2015; some suspect that it is simple political manoeu-vring on the basis of showing willing. After all, there is no point in closing down your options with Brus-sels. If, by 2015, Romania should manage to fulfil the Maastricht criteria and the requirements of the Exchange Rate Mechanism II, this will involve

“great hardship”. As Peter Havlik from the Vienna Institute for International Economic Studies (WIIW) explained to the APA, there is room for scepticism regarding the net level of government borrowing which currently amounts to more than seven per-cent of GDP. That the criteria really can be met was demonstrated by the Estonians who introduced the euro at the beginning of the year. However, achieving this goal during and despite the global downturn amounted to a ‘Herculean task’. From 2009, the small Baltic state cut its expenditure with a will of iron. The population groaned under the strain. GDP fell by 20 percent, wages plummeted by 25 percent and unemployment rose to over 20 percent, but the criteria were met. In 2010, Estonia’s GDP grew once again by more than two percent. According to a survey, more than two-thirds of

companies doing business in Estonia see far more advantages than disadvantages in the introduction of the single EU currency. And investors have grown particularly fond of the country. In one survey, 92 percent of German companies that have already invested in Estonia said they would definitely do so again.

Hungary out of the reckoningBy contrast, Hungary is currently nowhere near

ready for the euro, with a national debt of more than 80 percent (Maastricht criteria: 60 percent). Accor-ding to Eurostat, net government borrowings at 4.1 percent are also above the Maastricht criteria (3.0 percent). Only recently, the Hungarian finance mini-ster named 2020 as a possible date for entry into the euro. Havlik expects a relatively rapid introduc-tion of the euro in the two Baltic states of Latvia and Lithuania. They could manage it in the next three years, as they have a fixed exchange rate system without the bonus of a common currency. For the Czech Republic and Hungary, he sees a delay of at least five years as an ongoing legacy of the global downturn. Havlik acknowledges that, although in the short term countries with flexible exchange rates have withstood the economic crisis better than countries with fixed rates, euro membership represents a better medium- to long-term strategy.

Among the various chan-ges to the law governing sales tax that were introdu-ced at the beginning of the year is an increase in VAT rates from 22% to 23% and from 7% to 8% respec-tively.Certain goods, for examp-le those traded internatio-nally, and the supply of various agricultural pro-ducts will now attract a VAT rate of 5% instead of the previously applicable 0% or 3%. The new VAT rates remain in force until 31 December 2013.

Romania: Sharp decline in investment in 2010

In the past year, invest-ment in the Romanian eco-nomy decreased by 13.5% to 55.69 billion lei (approxi-mately 12.4 billion euros) in comparison with 2009. Investment had already fal-len by almost a third in 2009 as a consequence of the economic crisis. In the final quarter of 2010, investment was only around 5.3% lower than during the same period in 2009.

Romania has been in recession since autumn 2008. Since summer 2010, tough austerity measures have been introduced by the government to scale down the enormously high level of budget expenditu-re. These include swing-eing cuts in wages and pensions as well as in public investment. As a result of this programme, the 2010 budget deficit was reduced from 7.4% (2009) to 6.5%

„To introduce the euro at this time would be an act of eco-nomic and political stupidity.“

Petr Necas, Prime Minister of the Czech Republic

The euro is better than a flexible exchange rate system.

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Hungary struggling for economic recovery

In late 2010, Hungary caused great disple-asure by introducing special taxes for large corporations in the banking, telecommunicati-ons and retail sectors.

In the next few weeks, the Hungarian authori-ties must justify the introduction of this ‘crisis tax’ to the EU Commission. If they are unsuccessful, the matter will be referred to the European Court of Justice. Yet Hungary is already considering exten-ding the time period for these special taxes, which in 2010 provided the exchequer with revenue of 583 million euros. The government has already announced its intention to extend the bank levy by another year. Inghild Rumpf, Commercial Attaché at the Austrian Embassy in Budapest, confirmed to the APA that “the trend is in this direction”.

Extended period of ‘crisis tax’Originally, the special tax was to be reduced by

half in 2012. In March, however, a package of reforms (Szell Kalman Plan) was unveiled which assumed revenue of 180 billion forints (around 664 million euros) from these taxes would continue into 2012. The banks had originally calculated that the extraordinary tax burden would be reduced to the EU level by 2012. A representative of the Hun-garian banking industry recently complained that, faced with the burden of the bank levy, the sector could not cover the credit requirements of the Hungarian economy. According to the govern-ment, the aim of the Szell Kalman Plan is to reduce public debt, to prevent further debt accumulating

in the future and to give the Hungarian economy a sustained boost. According to the Economic Research Institute (GKI), evaluation of the Hun-garian economy and of the development of finan-cial processes depends on the “credibility” of the planned structural changes that are to be applied in the medium term to keep the budget deficit below the Maastricht threshold of 3 percent. An analysis concluded that the financial market was waiting for the government to “finally make a start on structural changes”.

Lack of investmentAt the beginning of the year, some experts war-

ned that Hungary’s special taxes could deprive the country of international investment. Austrian companies were early to invest in Hungary, and some have already been there for many years. At present, however, it is more about encouraging small and medium-sized enterprises to get invol-ved in the Hungarian market. During the financial crisis, there was a real slump in the relocation of Austrian SMEs. “We can now see it picking up again,” says Rumpf.

After all, SMEs are not affected by the special taxes. Meanwhile, the government of Viktor Orban is relying on a reduction in income tax to strengthen purchasing power and to stimulate the economy. But this is not really working yet. The domestic economy continues to weaken. It is rather the hig-her earners on more than 300,000 forints (approxi-mately 1,600 euros) who are benefiting from cur-rent tax rates.

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The country which has been particularly badly affected by the global down-turn finds itself constantly having to fend off criticism from the EU.

Czech Republic: Amend-ment to VAT regulations

To add to its economic woes, the government in Budapest could also be facing legal proceedings.

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Changes to the law gover-ning sales tax in the Czech Republic came into force in April. According to auditors and tax consultants Grant Thornton, the amendment significantly changes the provisions related to cor-rection of the tax base and tax amount. The relevant clauses are 42, 43, 45 and 74.

• Corrections as provided in Section 42:A tax payer has the duty to correct the tax base or tax amount in the following cir-cumstances: in the case of cancellation or refund of the whole, or part, of the taxable supply; in the case of a decrease or increase of the tax base, based on the conditions agreed after the date of taxable supply; in the case of the return of excise duty, if the goods were not delivered; in the case of the return of a pay-ment from which the tax-payer was obliged to pay tax at the date of its receipt, and if the taxable supply did not actually occur, and also if the payment was used to cover another taxable supply.

• Corrections as provided in Section 43:This deals with cases where the tax payer has paid the wrong amount of tax. In cases where the tax payer has paid too much tax in error (e.g. if tax was applied in the case of a tax-exempt transaction), corrections are possible; in cases where the tax payer has paid too little tax in error, however, he has until the end of the month following the month in which the mistake was discovered to correct it.

Important addresses

AlbaniaDR: Prinz-Eugen-Straße 18/1/5, 1040 Wien, T +43 1 328 86 56AC: Nazorjeva 6, Postni predal 1595 1000 Ljubljana, T +386 1 513 97 70

BelarusDR: Hüttelbergstraße 6, 1140 WienT +43 1 419 96 30 - 11AC: see Russia

Bosnia-HerzegowinaDR: Tivoligasse 54, 1120 WienT +43 1 811 85 55AC: Fra Andjela Zvizdovica 1/19, Tower B, 71000 Sarajevo T +387 33 26 78 40

BulgariaDR: Schwindgasse 8, 1040 WienT +43 1 505 31 13AC: ul. Zar Samuil 35, 1000 SofiaT +359 2 953 15 53

Czech RepublicDR: Penzinger Straße 11 - 13, 1140 Wien, T +43 1 899 580AC: Krakovská 7P.O.B. 493111 21 Praha 1, T +420 2 22 21 02 55

CroatiaDR: Heuberggasse 10, 1170 WienT +43 1 480 20 83AC: Postanski pretinac 2510001 Zagreb, T +385 1 488 19 00

EstoniaDR: Wohllebengasse 9/13, 1040 Wien Tel: +43 1 503 77 61AC: Mannerheimintie 15 a B00260 Helsinki, T +358 9 43 66 33 0

HungaryDR: Bankgasse 4-6, 1010 WienT +43 1 537 80 - 300AC: Délibáb utca 21, 1062 Budapest VI T +36 1 461 50 40

LatviaDR: Stefan Esders Platz 4, 1190 Wien T +43 1 403 31 12AC: see Estonia

LithuaniaDR: Löwengasse 47, 1030 WienT +43 1 718 54 67AC: see Estonia

MacedoniaDR: Maderstraße 1/10, 1040 WienT +43 1 524 87 56AC: Genex Apartmani, Apt. 103 Vla-dimira Popovica 6, 11070 Novi Beo-grad T +381 11 301 58 50

MoldawiaDR: Löwengasse 47/10, 1030 WienT +43 1 961 10 30AC: see Romania

MontenegroDR: Nibelungengasse 13, 1010 Wien T +43 1 715 31 02AC: see Macedonia

PolandDR: Hietzinger Hauptstraße 42c, 1130 Wien T +43 1 870 15 100AC: Saski Crescent Centerul. Królewska 16, 00-103 WarszawaT +48 22 586 44 66

DR: Diplomatic Representation in AustriaAC: Austrian commercial attaché

Gebrüder Weisspage 6

Since 1 June: New GW-Premium servicesAfter the product launch of GW pro.line in March, the Premium services GW pro.line 16/12/10 will be - in addition to the Basic product - available.

transit times. Our customers can rely on Gebrü-der Weiss, because every shipment is monitored during all transport stages. With GW pro.line 16|12|10, we offer a service with real added value for the attractive markets in Central and Eastern Europe,” says Walter Konzett, Head of Product Management Land Transport.

Over the last three years, Gebrüder Weiss has invested 100 million euro in the expansion of its networks as well as in information and communi-cation technology in Central and Eastern Europe. This enables and supports the current extension of its services.

Austria: First climate-neutral logistics hallSustainability is one of the core values of GW, as proven by the construction of Austria‘s first climate-neutral logistics hall at the Wörgl site.

by a conversion of the entire logistics facility to renewable energy. Overall these will result in annual CO2 savings of around 90 tonnes. The greenhouse gases that cannot be avoided have been offset in a final step by supporting a certified climate protec-tion project – the construction of a wind farm in India. „The construction of the climate-neutral hall in Wörgl is another milestone in our sustainability strategy, which we have defined as a combination of economic, environmental and social responsibi-lity. Our commitment in these areas is measurable and transparent,“ Senger-Weiss explaines.

At around two million euro, the investment in this building project was above average, but it should pay for itself in the long term.

Thanks to the new logistics hall, 1,300 m² of new

handling and commissioning space was added to the Wörgl site by February 2011, along with an addi-tional cold store with 150 pallet spaces. The entire construction project was supported by Climate-Partner Austria GmbH, international strategic con-sultants in voluntary climate protection. All CO2 emissions caused by the construction and operati-on of the logistics hall were first ascertained by Cli-matePartner and the potential for reduction was analysed. Climate-neutral means that climate pro-tection is taken into account even before the first ground is broken. The new hall was built entirely using a wood frame method because avoiding the usual metal panels avoids generation of CO2. In addition, the use of an energy-saving heat pump as the heat source will achieve a reduction in green-house gases of around 59 tonnes per year. These structural measures to reduce CO2 are rounded off

According to the selected service option, delivery takes place before 16:00 pm (GW pro.line 16), before 12:00 pm (GW pro.line 12) or before 10:00 am (GW pro.line 10).

The new Premium products guarantee the customers time-definite delivery of their goods and extend the GW pro.line services to internatio-nal transport between Austria, Switzerland, the Czech Republic, Hungary, Slovakia, Slovenia, Romania and Bulgaria.

Powerful networksBy taking this step, Gebrüder Weiss widens

the geographical radius of its existing services in the premium segment considerably. ”The GW pro.line 16|12|10 services are based on the powerful Gebrüder Weiss networks, which stand out through daily connections and very attractive

Austria‘s first climate-neutral logistics hall at the Wörgl site.

Important addresses

RomaniaDR: Prinz-Eugen-Straße 60, 1040 Wien T +43 1 505 32 27AC: Strada Logofat Luca Stroici Nr. 15 020581 Bucuresti, T +40 372 06 89 00

RussiaDR: Reisnerstraße 45-47, 1030 Wien T +43 1 712 12 29AC: Starokonjuschennyi per. 1119 034 Moskau, T +7 495 725 63 66

SerbiaDR: Rennweg 3, 1030 WienT +43 1 713 25 95AC: see Macedona

SlovakiaDR: Armbrustergasse 24, 1190 Wien T +43 1 318 90 55 - 200AC: Europeum Business CentreSuché myto 1, 3. Stock 811 03 Bratislava, T +421 2 59 100 600

SloweniaDR: Nibelungengasse 13/III, 1010 Wien T +43 1 586 13 09AC: see Albania

Ukraine DR: Naaffgasse 23, 1180 WienT +43 1 479 71 72 11AC: Posolstwa Awstriji - Torhowyj Widdil wul. Melnykowa, 12 A, Büro 7, 04050 Kiew, T +380 44 503 35 99

DR: Diplomatic Representation in AustriaAC: Austrian commercial attaché

Gebrüder Weiss

Gebrüder Weiss books persistent growth

Thanks to positive market evolution, Gebrüder Weiss was able to significantly increase its net sales from the previous figure of EUR 830 million to around EUR 978 million.

With a stable equity ratio of over 55%, Gebrüder Weiss is on course with its strategy of sustainable development. „The overall economic recovery following the crisis has doubtless fostered this welcome trend. Starting in March 2010 our order levels rebounded significantly“, said CEO Wolfgang Niessner. Consolidated turnover in the land transport area grew by 11.8% to EUR 643.8 million. All investments planned for 2010, in total EUR 20 million, were implemented and two major building projects were completed.

Consistently pursuing corporate strategiesThe logistics terminal in Senec (Slovakia)

commenced operation in April, and the new termi-nal in Sibiu (Romania) was put into service in November. Other milestones in the expansion of the network in Central and Eastern Europe are planned, including the construction of a large terminal in Prague. „However, the good bottom line is also a result of consistently pursuing our

corporate strategies. This includes the consolidation or strengthening of the CEEC land transport organisation and global expansion in the Air & Sea area“, according to Niessner.

Long-term investment policyFinance Director Wolfram Senger-Weiss added:

„We wish to act and grow in a sustainable manner, which is why we are adhering to our long-term investment policy. This includes building new, modern logistics facilities as well as investing in mergers and acquisitions. In 2010 we again increased our majority interest in the former Eurocargo in Serbia, a freight forwarder that now operates under the name Gebrüder Weiss.“

More good news is that cash flow has returned to the pre-crisis (2008) level of well over EUR 50 million, and the equity ratio is over 55%.

Furthermore, the group‘s net product rose by 11.5% to EUR 310 million, putting it close to the 2008 level. The staff level has remained stable at 4,414 and almost reached 4,500 again by the end of the year. And in 2010, Gebrüder Weiss employed 168 apprentices and received a State Distinction Award for its extraordinary achievements in appren-tice training.

page 7

The transport and logistics company closed the 2010 financial year with a provisional 17.8% increase in turnover compared to the previous year.

• Increase in net turnover from a previous figure of 830 to around 978 million euros• Provisional increase in turnover of 17.8 percent• Consolidated turnover in the land transport area of 643.8 million euros (increa-se in turnover of 11.8%), in Air & Sea of 216.8 million euros (increase in turnover of 57.5 %)• Equity ratio is over 55%• Net product of the Group: 310 million euros (increase of 11.5%)• around 4,500 employees

Bilanz 2010

The management of Gebrüder Weiss can look back on 2010 as a successful year of business.

the orange way of Service Excellence

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