Logwin AG feels slight uptrend
| All three Logwin Group segments report substantial decline in turnover “We will emerge from the crisis in a more efficient state than when we entered it at the end of 2008”, said Berndt-Michael Winter, Chairman of the Executive Committee (CEO) of Logwin AG, when the interim report about the business development in the first nine months of 2009 was presented. For the provider of global transport and logistics services the reporting period was marked by a strict cost management combined with adjustment of capacities and streamlining of structures. In the first nine months of 2009 Logwin achieved sales of EUR 1.174 million (2008: EUR 1.573 million). The decrease in sales in the traditionally stronger third quarter was less than in the previous three months and reflects initial cautious optimism that the economy is stabilizing, according to Mr. Winter. Earnings before interest and taxes (EBIT) and before restructuring costs and impairments amounted to EUR 0.3 million (2008: EUR 25.0 million). “Improved earnings in the third quarter resulting from cost reductions were able to compensate the operating losses incurred in the first half of the year”, they say in a press release. With EUR 5.5 million, the operating cash flow of the Logwin Group showed a positive development at the end of the reporting period. The improvement in working capital was due to the strict management of receivables. In the fist nine months of 2009, Logwin’s Solutions business segment achieved sales of EUR 459.3 million (2008: EUR 550.6 million). Earnings before restructuring costs and impairments, negatively affected by drastic declines in volumes and severe price pressure, amounted to EUR 4.7 million (2008: EUR 11.6 million). Due to the weak, market-related developments in volumes and to significantly lower air and sea freight rates, sales of the Air + Ocean business segment fell to EUR 306.6 million (2008: EUR 415.7 million). EBIT amounted to EUR 11.2 million (2008: EUR 16.7 million). As a result of the market-related decrease in transport volumes and lower freight rates, the Road + Rail business segment generated significantly lower sales of EUR 444.7 million compared to the previous year (2008: EUR 651.5 million). Despite extensive measures aimed at lowering costs and reducing capacities in the transport business, the segment reported a significantly negative EBIT before restructuring costs and impairments of minus EUR 11.4 million (2008: EUR 1.7 million). Quelle: Österreichische Verkehrszeitung |