Logwin with continuing solid business performance

Sales: 1,005.3 million euros / Operating income (EBITA): 17.0 million euros. Solutions: expansion of retail network and one-off costs impact result. Air + Ocean holds up well even in an economically weaker environment.
 
The Logwin Group generated total sales of 1,005.3 million euros in the  first nine months of 2012, which was around the same level as last year (2011: 1,009.2 million euros). At 17.0 million euros, operating income before valuation effects (EBITA) in the reporting period was below 
the same period of last year (2011: 23.8 million euros). After the impairment of goodwill assigned to the business segment Solutions totalling 53.0 million euros in the second quarter of 2012, the profit before interest and income tax (EBIT) for the first nine months of 2012 amounted to -36.0 million euros. 
 
The financial result improved in the reporting period to -4.8 million euros (2011: -7.8 million euros). Compared with the previous year, the significantly improved net cash flow resulted in reduced net financial debt. At the end of the first nine months of 2012 net result amounted to -45.5 million euros (2011: 9.3 million euros). Adjusted for the impairment of goodwill assigned to the business segment Solutions, this figure was 7.5 million euros (2011: 9.3 million euros).
 
Berndt-Michael Winter, Chairman of the Executive Committee (CEO) of Logwin AG comments, “Even if business performance at Solutions still was clearly below our expectations, Logwin was on the whole still able to hold up well in a weakened economic environment over the first nine months of 2012. 
 
This development is largely based on our successful sea and air freight activities and on systematic cost management. Contract logistics continue to be impacted by high transportation costs and considerable price pressure. We can see positive perspectives particularly in the capacity utilisation of our retail network and in the continuing optimisation of structures and processes.”
 
The business segment Solutions generated sales of 524.7 million euros in the first nine months 2012 (2011: 542.7 million euros). Positive performance in terms of volume was reported in particular by the Logistics and Warehousing activities in the region Central and Eastern Europe. In contrast, the areas of Media and Retail Logistics at Transport and Retail Networks were faced with lower volumes in the reporting period compared with the previous year.
 
Strong competitive pressure and the continuing high price of fuel also continued to influence the result for the first nine months. Costs for expanding the network and start-up costs for new business had a negative impact, as well. The operating result also includes profits from disposals as well as one-off expenses for necessary organisational changes. Operating income (EBITA) amounted to 1.4 million euros (2011: 7.7 million euros).
 
At the business segment Air + Ocean sales increased slightly in the first nine months of 2012 to 481.5 million euros (2011: 467.2 million euros). This was due to the overall increase in freight rates compared with the previous year and to positive growth in sea freight volumes. Air freight volumes in the first nine months were slightly below those of last year. National entities in Asia were able to continue expansion of inner-Asian transportation as well as imports from Europe. There was also pleasing development in the region Africa. The business segment was able to maintain the previous year’s level of earnings in the first nine months of 2012 and slightly increased operating income to 20.3 million euros (2011: 19.9 million euros).

Quelle: eyefortransport

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