DGAP-News: Logwin AG: Logwin experiences a strong start to 2011
(firmenpresse) - DGAP-News: Logwin AG / Key word(s): Quarter Results
Logwin AG: Logwin experiences a strong start to 2011
04.05.2011 / 06:42
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Logwin experiences a strong start to 2011
- Sales increase by 4.9 %, EBIT grows by 13.1 %
- Significantly positive net result achieved
- Premature redemption of corporate bond planned
Grevenmacher (Luxembourg) - The Logwin Group generated sales of 336.3
million euros in the first quarter of 2011 (2010: 320.7 million euros). It
was able to increase operating earnings (EBIT) by 13.1 % to 8.4 million
euros compared to the previous year (2010: 7.4 million euros).
Additionally, positive effects arose from reduced interest expenses and the
discontinuation of charges caused by activities having been disposed of.
The Logwin Group closed the first quarter with a net result of 3.4 million
euros (2010: 0.2 million euros).
Berndt-Michael Winter, Chairman of the Executive Committee (CEO) of Logwin
AG comments, 'We had a good start to 2011. Air + Ocean reported an increase
in volumes and Solutions also benefited from projects with new customers
and the expansion of existing business. After this good opening, we expect
the Logwin Group to continue to perform well and are positive about
prospects for the current year.'
The business segment Solutions generated sales of 180.7 million euros in
the first three months of 2011, which represents an increase of 3.2 %
(2010: 175.1 million euros). The activities of Transport and Retail
Networks especially set the positive tone, while Logistics and Warehousing
showed stable performance. Business with customers in industry-related
sectors in particular benefited from the overall positive mood. Operating
earnings (EBIT) of 4.2 million euros approximately equaled those of the
previous year (2010: 4.4 million euros).
In the reporting period, sales at the business segment Air + Ocean amounted
to 155.7 million euros (2010: 145.5 million euros). This 7.0 % increase in
sales was achieved despite increasing freight capacities and the associated
significantly lower freight rates primarily in sea freight. Almost all
regions contributed to this positive development. Operating earnings
increased by around 1.1 million euros to 5.9 million euros (2010: 4.8
million euros).
In the first quarter of 2011, higher volumes of business led to an increase
in working capital and thus to negative net cash flow of -10.0 million
euros at the end of the reporting period. Logwin had cash and cash
equivalents of 55.2 million euros at its disposal at the end of the
quarter.
Corporate bond and refinancing
Logwin AG intends to redeem the remaining outstanding amount of 65 million
euros of the corporate bond, issued in 2004, prematurely on 15 June 2011.
Refinancing is planned to be effected by making use of the existing
factoring line, by taking up a new bank loan and by using existing cash and
cash equivalents. This will result in a further reduction in interest
expenses.
The quarterly financial report 2011 of the Logwin Group is available on the
Internet under: 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 2010, the group generated sales of 1.4 billion euros and
currently employs approximately 5,600 staff . Logwin operatesin 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:
Dominique Simone Klopp, Public Relations
P: 00352/719690-1354, F: 00352/719690-1359
pr-info(at)logwin-logistics.com
Peer Brauer, Head of Investor Relations
P: 00352/719690-1112, F: 00352/719690-1359
ir-info(at)logwin-logistics.com
End of Corporate News
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Language: English
Company: Logwin AG
an de Längten 5
L-6776 Grevenmacher
Großherzogtum Luxemburg
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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122794 04.05.2011
Datum: 04.05.2011 - 06:42 Uhr
Sprache: Deutsch
News-ID 33952
Anzahl Zeichen: 0
contact information:
Kategorie:
Business News
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