DGAP-News: Logwin reports solid business performance in 2011
(firmenpresse) - DGAP-News: Logwin AG / Key word(s): Final Results
Logwin reports solid business performance in 2011
12.03.2012 / 07:01
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Logwin reports solid business performance in 2011
- Sales: 1,334.9 million euros / Operating Income: 21.6 million euros
- Net Result for the period of 7.0 million euros showed significant
improvement
- Refinancing of corporate bond successfully completed
- Net Financial debt reduced again to 11.7 million euros
Grevenmacher (Luxembourg) - The Logwin Group generated net sales of 1,334.9
million euros in the financial year 2011 and was thus almost at the level
of the previous year (2010: 1,356.5 million euros). Operating income (EBIT)
amounted to 21.6 million euros (2010: 24.1 million euros). The EBIT margin
dropped slightly to 1.6 %. In financial year 2011 the net result could
significantly be increased to 7.0 million euros (2010: 0.4 million euros).
The Logwin Group was able to further strengthen its financial stability in
the overall positive economic environment for financial year 2011.
Berndt-Michael Winter, Chairman of the Executive Committee and CEO of the
Logwin AG: 'We have given our strategic profile significantly sharper
contours. Even though operating income for Solutions does not yet match our
expectations, we are well positioned and will use our logistics expertise
and the outstanding customer base for sustained improvement in revenues.
The targeted expansion in future-oriented and growth markets for Air +
Ocean is already paying off appreciably.'
The business segment Solutions generated sales of 717.0 million euros and
thus achieved an increase of 4.0 % over last year (2010: 689.7 million
euros). Higher transport volumes and corresponding sales growth was
recorded in both the Retail Networks as well as in the automotive area of
General Cargo. The special Media networks also achieved a slight increase
in sales and contract logistics activities developed at a stable rate.
Despite the pleasing business expansion, the earnings performance remained
clearly beneath expectations. It was adversely impacted by the continuously
high transport costs throughout the year. Operating income (EBIT) amounted
to 3.5 million euros (2010: 8.1 million euros).
The business segment Air + Ocean generated sales of 618.4 million euros and
remained under last year's value (2010: 666.7 million euros). The market
conditions in the second half of the year grew increasingly more
challenging. Sea freight rates in particular, which sank to historic low
levels, were a major contributor to the 7.2 % drop in sales. Transport
volumes in both sea freight and air freight were slightly higher compared
to last year's levels. Noticeable growth was seen in the Asian business
units in particular. This resulted in an increase in operating income
(EBIT) to 24.9 million euros (2010: 22.7 million euros).
Refinancing of corporate bond successfully completed
With the early redemption of the remaining bond value of 65 million euros
on 15 June 2011, in financial year 2011 the Logwin AG successfully
completed the refinancing of its corporate bond issued in 2004. The
financial resources resulted from existing liquid funds, the first-time use
of the available factoring line, as well as the taking out of a long-term
bank loan. Positive lasting effects for the Logwin AG include the lowered
interest rate level resulting from this and thus noticeably reduced
interest expenditures. Net financial debt was significantly reduced to 11.7
million euros (2010: 28.1 million euros). The equity ratio increased from
32.6 % in 2010 to 37.2 % in 2011. During the reporting period the Logwin
Group was able to generate a net cash flow of 19.6 million euros (2010:
32.0 million euros).
Outlook
For the 2012 financial year the Logwin AG expects moderate growth in
business volumes and an accompanying increase in sales. Overall, the
company is looking to increase the operating income as compared to 2011. It
is intended to achieve this in particular by improving the earnings
situation in the business segment Solutions. In 2012, results will benefit
from this and from even lower interest expenses.
The Annual Financial Report 2011 of the Logwin Group is available on the
Internet at: www.logwin-logistics.com
About Logwin AG
As an external partner, Logwin AG, Grevenmacher (Luxembourg), develops a
comprehensive range of logistics and service solutions for trade and
industry. In 2011, the group generated sales of 1.3 billion euros and
currently employs more than 5,900 staff. Logwin operates in all main
markets worldwide and has over 250 locations across all continents. With
its two business segments Solutions (customer-focused contract logistics
solutions) and Air + Ocean (global air and sea freight activities), Logwin
AG is one of the leaders in the market.
Logwin AG is listed in the Prime Standard of the Deutsche Börse. The
majority shareholder is DELTON AG, Bad Homburg (Germany).
Your contact at Logwin:
Mara Hancker
Public Relations
Phone: +352 719690-1354
Fax: +352 719690-1359
pr-info(at)logwin-logistics.com
Dr. Karl-Heinz Kramer
Investor Relations
Phone: +352 719690-1112
Fax: +352 719690-1359
ir-info(at)logwin-logistics.com
www.logwin-logistics.com
End of Corporate News
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12.03.2012 Dissemination of a Corporate News, transmitted by DGAP - a
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Language: English
Company: Logwin AG
an de Längten 5
L-6776 Grevenmacher
Grand Duchy of Luxembourg
Phone: +352 719 690 0
Fax: +352 719 690 1359
E-mail: ir-info(at)logwin-logistics.com
Internet: www.logwin-logistics.com
ISIN: LU0106198319
WKN: 931705
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, München,
Stuttgart
End of News DGAP News-Service
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