DGAP-News: Logwin with continuing solid business performance
(firmenpresse) - DGAP-News: Logwin AG / Key word(s): Quarter Results
Logwin with continuing solid business performance
02.11.2012 / 07:06
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Logwin with continuing solid business performance
- Sales: 1,005.3 million euros / Operating income (EBITA): 17.0 million
euros
- Solutions: expansion of retail network and one-off costs impact result
- Air + Ocean holds up well even in an economically weaker environment
Grevenmacher (Luxembourg) - The Logwin Group generated total sales of
1,005.3 million euros in the first nine months of 2012, which was around
the same level as last year (2011: 1,009.2 million euros). At 17.0 million
euros, operating income before valuation effects (EBITA) in the reporting
period was below the same period of last year (2011: 23.8 million euros).
After the impairment of goodwill assigned to the business segment Solutions
totalling 53.0 million euros in the second quarter of 2012, the profit
before interest and income tax (EBIT) for the first nine months of 2012
amounted to -36.0 million euros.
The financial result improved in the reporting period to -4.8 million euros
(2011: -7.8 million euros). Compared with the previous year, the
significantly improved net cash flow resulted in reduced net financial
debt. At the end of the first nine months of 2012 net result amounted to
-45.5 million euros (2011: 9.3 million euros). Adjusted for the impairment
of goodwill assigned to the business segment Solutions, this figure was 7.5
million euros (2011: 9.3 million euros).
Berndt-Michael Winter, Chairman of the Executive Committee (CEO) of Logwin
AG comments,
'Even if business performance at Solutions still was clearly below our
expectations, Logwin was on the whole still able to hold up well in a
weakened economic environment over the first nine months of 2012. This
development is largely based on our successful sea and air freight
activities and on systematic cost management. Contract logistics continue
to be impacted by high transportation costs and considerable price
pressure. We can see positive perspectives particularly in the capacity
utilisation of our retail network and in the continuing optimisation of
structures and processes.'
The business segment Solutions generated sales of 524.7 million euros in
the first nine months 2012 (2011: 542.7 million euros). Positive
performance in terms of volume was reported in particular by the Logistics
and Warehousing activities in the region Central and Eastern Europe. In
contrast, the areas of Media and Retail Logistics at Transport and Retail
Networks were faced with lower volumes in the reporting period compared
with the previous year. Strong competitive pressure and the continuing high
price of fuel also continued to influence the result for the first nine
months. Costs for expanding the network and start-up costs for new business
had a negative impact, as well. The operating result also includes profits
from disposals as well as one-off expenses for necessary organisational
changes. Operating income (EBITA) amounted to 1.4 million euros (2011: 7.7
million euros).
At the business segment Air + Ocean sales increased slightly in the first
nine months of 2012 to 481.5 million euros (2011: 467.2 million euros).
This was due to the overall increase in freight rates compared with the
previous year and to positive growth in sea freight volumes. Air freight
volumes in the first nine months were slightly below those of last year.
National entities in Asia were able to continue expansion of inner-Asian
transportation as well as imports from Europe. There was also pleasing
development in the region Africa. The business segment was able to maintain
the previous year's level of earnings in the first nine months of 2012 and
slightly increased operating income to 20.3 million euros (2011: 19.9
million euros).
Outlook
Based on current economic forecasts, the Logwin Group no longer expects
recovery in the general economy in the current financial year. Against this
background, and taking account of seasonal fluctuations, a stable finance
and earnings situation is expected for the remaining three months. Despite
a slowdown in economic activity, the business segment Air + Ocean expects
to deliver continuing solid economic performance in the fourth quarter of
2012. Development of the business segment Solutions in the remaining three
months will also be marked by high cost and competitive pressures as well
as by the effects of measures aimed at increasing efficiency.
The nine-month financial report 2012 of the Logwin Group is available on
the Internet at: www.logwin-logistics.com
About Logwin AG
Logwin AG, Grevenmacher (Luxembourg), develops comprehensive logistics and
service solutions as an external partner for industry and trade. In 2011,
the group generated sales of 1.3 billion euros and currently employs more
than 5,700 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).
Contact:
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
End of Corporate News
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02.11.2012 Dissemination of a Corporate News, transmitted by DGAP - a
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The issuer is solely responsible for the content of this announcement.
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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
Indices: Prime All Share (PXAP), Classic All Share (CLXP),
DAXsector All Transportation&Logistics (4N87), DAXsector
Transportation&Logistics (CXPL), DAXsubsector All
Logistics (4N99), DAXsubsector Logistics (I1LB)
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, München,
Stuttgart
End of News DGAP News-Service
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191252 02.11.2012
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