DGAP-News: Logwin increases earnings significantly in the third quarter
(firmenpresse) - DGAP-News: Logwin AG / Key word(s): Interim Report
Logwin increases earnings significantly in the third quarter
02.11.2011 / 06:58
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Logwin increases earnings significantly in the third quarter
- Sales: 1,009.2 million euros / Operating income: 23.8 million euros
- EBIT margin increases to 2.4 %
- Positive net result: 9.3 million euros
Grevenmacher (Luxembourg) - In spite of a slowdown in economic momentum the
Logwin Group generated sales of 1,009.2 million euros in the first nine
months of the year, maintaining the same level as the previous year (2010:
1,011.0 million euros). Operating income (EBIT) increased by 23.7 % to 23.8
million euros (2010: 19.2 million euros). This led to a rise in the EBIT
margin to 2.4 % (2010: 1.9 %). Net result of the Logwin Group at the end of
the reporting period amounted to 9.3 million euros (2010: -1.5 million
euros). Important factors here were the lower interest charges resulting
from the premature redemption of the corporate bond and the disappearance
of costs arising from discontinued business operations.
Dr. Antonius Wagner, Deputy Chairman of the Executive Committee (CFO) of
Logwin AG explains, 'We geared ourselves to deal with the tough market
environment and on the whole concluded the third quarter successfully.
Performance at the business segment Air + Ocean was pleasing despite
declining flows of goods around the world. Solutions showed positive sales
growth although the income was impacted by high freight rates and diesel
prices. The refinancing of the corporate bond that we carried out is having
a very positive effect on net earnings.'
The business segment Solutions generated sales of 542.7 million euros in
the first nine months of 2011, exceeding the previous year's figure by 5.5
% (2010: 514.2 million euros). A major contribution was made by the special
networks operating under Transport and Retail Networks as well as General
Cargo activities. The latter benefited in particular from continued growth
in the automotive sector. Contract logistics activities showed satisfactory
development primarily due to the well-filled order books of customers in
industry-related fields. However, continuing high capacity-related freight
rates and the continuing high price of diesel had a negative effect on
earnings. Operating income (EBIT) amounted to 7.7 million euros, which was
slightly below the figure for the previous year (2010: 8.1 million euros).
The figure for the comparative period in 2010, however, still included
proceeds from the sale of fringe activities in the amount of 0.7 million
euros.
In the reporting period sales at the business segment Air + Ocean amounted
to 467.2 million euros (2010: 496.5 million euros). This represented a
decline of 5.9 %, which was above all due to historically low levels of sea
freight rates in the third quarter. Transport volumes in sea freight
developed slightly above the level for the previous year while air freight
volumes were above comparative levels. Despite an increasingly challenging
market environment, operating income (EBIT) grew by 22.2 % to 19.9 million
euros (2010: 16.3 million euros).
Logwin AG's equity ratio climbed to 36.7 % (31 December 2010: 32.6 %). Net
cash flow amounted to -5.7 million euros.
Outlook Although the Logwin Group expects a seasonal fall in volumes for
the fourth quarter, it still maintains its objective for the current year
of raising the level of profitability achieved in 2010. An improved
financial result is anticipated thanks to reduced interest expenses.
Combined with the disappearance of costs from the discontinued business
operations, this will contribute to higher group earnings compared with the
previous year.
The nine-month 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 2010, the group generated sales of 1.4 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).
Contact: www.logwin-logistics.com
Mara Hancker
Public Relations
Phone: +352 719690-1353
Fax: +352 719690-1359
pr-info(at)logwin-logistics.com
Peer Brauer
Investor Relations
Phone: +352 719690-1112
Fax: +352 719690-1359
ir-info(at)logwin-logistics.com
End of Corporate News
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02.11.2011 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
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, München,
Stuttgart
End of News DGAP News-Service
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144309 02.11.2011
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Datum: 02.11.2011 - 06:58 Uhr
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