DGAP-News: Logwin AG / Key word(s): Final Results
Logwin AG: Logwin closes 2010 financial year with significant
increases in sales and earnings
09.03.2011 / 06:57
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Logwin closes 2010 financial year with significant increases in sales and
earnings
- 21.9 % increase in sales; due in large to Air + Ocean
- Operating earnings (EBIT) with very pleasing rise in both business
segments
- High cash flow and capital increase reduce net debt significantly; equity
ratio 32.6 %
Grevenmacher (Luxembourg) - In the 2010 financial year, the Logwin Group
achieved sales of 1,356.5 million euros. This represents an increase of
21.9 % over the previous year (2009: 1,113.0 million euros). At 24.1
million euros, operating income (EBIT) is significantly above the figure
for the previous year (2009: 9.7 million euros). The EBIT margin doubled
from 0.9 % to 1.8 %.
Berndt-Michael Winter, Chairman of the Executive Committee (CEO) of Logwin
AG comments, 'Logwin developed positively in 2010. We have chosen the right
course and maintained the confidence of our customers. Focusing on our core
business, efficient services and maximum flexibility make Logwin a reliable
and strong logistics partner. We will continue the systematic
implementation of our strategy, aiming for sustained, profitable growth.'
The business segment Solutions generated sales of 689.7 million euros,
which was largely in line with the previous year (2009: 690.4 million
euros). On the other hand, operating income (EBIT) increased significantly
over the previous year to 8.1 million euros (2009: 1.0 million euros). The
business activities with customers in industry-specific fields in
particular benefited from the market improvements in 2010. High competitive
pressures in contract logistics and utilization fluctuations in the
specialist networks continue to put a strain on this business segment's
profitability.
The business segment Air + Ocean generated sales of 666.7 million euros in
the 2010 financial year (2009: 423.9 million euros) and was thus able to
build on the positive sales development reported before the financial and
economic crisis. This was due in particular to the strong rise in customer
demand with pleasing volume growth in air and sea freight and significant
increases in freight rates. Operating income (EBIT) amounted to 22.7
million euros (2009: 14.2 million euros). The pleasing increase in earnings
is mainly due to increased volumes between Asia and Europe.
Capital increase and the corporate bond
As a result of the capital increase totalling 40 million euros performed in
October 2010, Logwin AG was able to make an early repayment on half of its
corporate bond due in 2012. This measure will result in a noticeable
reduction in the group's future interest expenses. The capital increase and
the disposal of the business segment Road + Rail have improved the Logwin
Group's long-term financial structure.
Cash flow
Operating cash flow amounted to a very pleasing 25.1 million euros (2009:
9.2 million euros). Besides the positive growth in the operating business,
the business segment Solutions and the business segment Air + Ocean both
contributed to this very positive development through strict working
capital management. Net cash flow in the reporting period could be
significantly increased from 7.7 million euros to 32.0 million euros. Net
financial debt was reduced from 98.2 million euros to 28.1 million euros as
a result of the capital increase and the very positive net cash flow.
Equity ratio was at 32.6 %.
Outlook
The Logwin Group assumes that growth in business volumes and hence sales
will be stable in 2011. The corporate management aiming for profitable
growth will enable the Logwin Group to benefit from an economic recovery in
2011. The future performance of the business segment Solutions will be
largely characterized by further developing business with existing
customers combined with a systematic expansion of profitable business with
new customers. The business segment Air + Ocean assumes a moderate rise in
freight volumes for 2011, with freight rates remaining stable.
The Annual Report 2010 of the Logwin Group and the Financial Statement of
Logwin AG are 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 over 5,600 staff. Logwin operates in all main markets
worldwide and has around 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).
End of Corporate News
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09.03.2011 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
GroÃherzogtum Luxemburg
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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114865 09.03.2011
DGAP-News: Logwin AG: Logwin closes 2010 financial year with significant increases in sales and earnings
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