PAN Vision Increases Its Rate Of Change

18-03-08

PAN Vision Group, the Nordic region’s leading independent home entertainment distributor, is taking the next step in its process of change, which has already led to improved financial results. The games and film businesses will be integrated to increase efficiency, strengthen sales, and improve clarity towards customers and business partners.

Last week, PAN Vision presented its outcome for the financial year 2007. Turnover increased by 26% to 1 254 msek, and the operating result improved by 60 msek, from last year’s loss, to a profit of 22 msek.

PAN Vision Distribution and PAN Vision Publishing businesses will to a large extent be consolidated, thereby increasing efficiency and taking better advantage of sales, logistics, business development, administration.

All sales within PAN Vision will be managed by one sales unit. Pontus Frohde, currently Sales Director and Vice President of PAN Vision’s games business, has been appointed Sales Director for the PAN Vision Group.

The acquisitions and production operations are being divided into three business lines; games, films and hardware. Lars Brodal will be responsible for the business line films, Egil Strunke for games, and Pekka Salvela for hardware.

In connection with the changes taking place, KF, owner of PAN Vision Group, has acquired the remaining 20 percent of shares in PAN Vision Distribution from Petri Lehmuskoski. The company is thereby wholly owned by KF.

Due to the changes brought on by the consolidation, management in PAN Vision Distribution and PAN Vision Publishing is being altered. PAN Vision Publishing’s CEO, Klas Palmqvist, and PAN Vision Distribution’s CEO, Petri Lehmuskoski, are leaving their current positions.

Petri Lehmuskoski will become Sales Director for the Finnish business, which represents more than 50 percent of PAN Vision's total sales. Furthermore, he will act as senior advisor to the CEO and be responsible for strategic development of the games operation. Klas Palmqvist will leave PAN Vision Group.

-Klas Palmqvist has built and managed PAN Vision Publishing for many years. His efforts have been very valuable, and have contributed to ensuring that the company is in the strong position that it is today. In the new, consolidated organisation there is however no natural role for Klas, and we both agree that he should leave the organisation, says Per Almgren, CEO of PAN Vision Group.

-The market for home entertainment products is rapidly changing and PAN Vision has decided to assume a strong and long term position on the market. A consolidation of the business, with primary focus being placed on one common sales organisation for all product groups, is a natural and necessary step to create the clarity, power and efficiency that our customers expect from our sales organisation, Per Almgren continues.

For further information, please contact:

Per Almgren, CEO, +46 8 597 963 44, per.almgren@panvision.com

About PAN Vision

PAN Vision Group is the leading independent Nordic publisher and distributor of interactive entertainment. The company had a turnover of $201 million in 2007 and was created in 2001 through the merger of PAN Interactive, Vision Park, and Levande Böcker. PAN Vision also acquired BJ Electronics in Norway and Toptronics Oy (with operations in Finland, Sweden and Denmark) during 2004. PAN Vision is a part of the KF Group, owned by the Swedish Cooperative Union (KF).


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