Annual Report 2014

A challenging market situation

Throughout the year, the market situation remained challenging in Russia. Due to the weakening of the ruble, growth was negative when measured in euros. The result is affected by decreasing GDP, weakening consumer demand, increasing inflation, and lower volumes of goods in air and sea freight. All things considered, we can be fairly satisfied with our result in Russia.

The volume of international freight declined during the year, and competition has intensified in the warehousing business, too. However, our warehouse fill rates remained at a good level in Russia.