DGAP-News: Logwin AG / Key word(s): Half Year Results
Logwin: Continued improvement in earnings in the first half of 2011
03.08.2011 / 06:55
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Logwin: Continued improvement in earnings in the first half of 2011
- Sales: 659.4 million euros / Operating income: 12.6 million euros
- Positive net earnings: 3.6 million euros
- Refinancing of corporate bond complete
Grevenmacher (Luxembourg) - The Logwin Group generated sales of 659.4
million euros in the first six months of 2011 (2010: 649.5 million euros).
Compared to the previous year, it was able to increase operating earnings
(EBIT) to 12.6 million euros (2010: 10.1 million euros). At the end of the
half year the EBIT margin climbed to 1.9 % (2010: 1.6 %). The Logwin Group
ended the first six months with net result of 3.6 million euros (2010:
-3.4 million euros).
Berndt-Michael Winter, Chairman of the Executive Committee (CEO) of Logwin
AG comments, 'Logwin performed soundly in a challenging market environment.
Air + Ocean equaled last year's sales despite very low sea freight rates.
The price of diesel, which has risen by 13.5 per cent since June 2010, and
noticeably lower freight capacities resulted in a significant increase in
transportation costs at Solutions. We have responded with a number of
measures to protect profitability.'
The business segment Solutions generated sales of 351.2 million euros in
the first half of 2011, increasing sales over the previous year slightly by
3.4 % (2010: 339.7 million euros). Transport and Retail Networks in
particular achieved significantly higher levels of sales while contract
logistics activities remained by and large stable. However, rising freight
rates impacted earnings in the first six months of the year. At 2.9 million
euros, operating income (EBIT) was below the figure for the previous year
(2010: 3.5 million euros). The figure for the comparative period in 2010,
however, included proceeds of 0.7 million euros from the sale of fringe
activities.
Sales at the business segment Air + Ocean amounted to 308.4 million euros,
almost equaling the level for the same period of the previous year (2010:
309.5 million euros). Although a distinct increase in volumes was achieved
in air freight, sea freight volumes largely remained at the same level as
last year while freight rates declined. Operating income (EBIT) increased
in the first six months of 2011 by 2.5 million euros over the previous year
to 12.4 million euros (2010: 9.9 million euros). The improvement in
earnings was mainly due to growth at business units Europe Middle East and
Far East Asia.
Logwin AG's equity ratio climbed to 37.1 % (December 31, 2010: 32.6 %). The
increased volume of business and seasonal effects compared with the
previous year resulted in a significant increase in working capital in the
first six months. Net cash flow was -16.6 million euros. Cash flow from
financing activities at -24.0 million euros primarily reflects payment
flows connected with the refinancing of the corporate bond.
Refinancing completed
In the first half of 2011 Logwin AG redeemed the outstanding volume of the
corporate bond of 65.0 million euros issued in 2004. Refinancing could be
performed successfully in the reporting period with existing liquid funds,
through the first-time use of the existing factoring line and by taking out
a long-term bank loan.
The Half-Year 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 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:
Dominique Simone Klopp
Public Relations
Phone: +352 719690-1354
Fax: +352 719690-1359
pr-info@logwin-logistics.com
Peer Brauer
Investor Relations
Phone: +352 719690-1112
Fax: +352 719690-1359
ir-info@logwin-logistics.com
End of Corporate News
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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@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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134170 03.08.2011
DGAP-News: Logwin: Continued improvement in earnings in the first half of 2011
| Source: EQS Group AG