Logwin prognosticates moderate growth for 2012
Historic low levels in sea freight rates reduced Logwin’s sales in the business segment Air + Ocean in 2011
Following a solid business performance in 2011, as Logwin reports, the group expects moderate growth in business volumes and an accompanying increase in sales for the current financial year. Operating results shall benefit from an improved earnings situation in the business segment Solutions (customer-oriented contract logistics solutions), as announced by the enterprise employing about 5,900 staff. The group’s profit will benefit from this and even lower interest expenses, the management announced when presenting the 2011 annual report.
The Logwin group generated net sales of EUR 1,335 million (down 1.6 per cent) in the 2011 financial year and achieved an operating income (EBIT) amounting to EUR 21.6 million (2010: EUR 24.1 million). The EBIT margin dropped slightly from 1.8 per cent in 20120 to 1.6 per cent. In financial year 2011 the net result increased significantly to EUR 7 million.
The business segment Solutions generated sales of EUR 717 million and thus achieved an increase of 4 per cent over the last year. Due to high transport costs the earnings performance remained clearly beneath expectations. Operating income (EBIT) amounted to EUR 3.5 million (2010: EUR 8.1 million), resulting in an EBIT margin of 0.5 per cent, after 1.2 per cent in 2010.
The business segment Air + Ocean generated sales of EUR 618.4 million (2010: EUR 666.7 million). This resulted in an increase in operating income (EBIT) to EUR 24.9 million (2010: EUR 22.7 million), leading to an improved EBIT margin from 3.4 to 4 per cent. The market conditions in the second half of the year became increasingly challenging, characterised by sea freight rates sinking to historic low levels, the management says in the 2011 annual report. Nonetheless transport volumes in both sea freight and air freight were slightly higher compared to last year’s levels, which can be explained by noticeable growth in the Asian business units in particular.
Quelle: LogEastics
Portal: www.logistik-express.com