Logwin’s Road + Rail division is now past
Logwin AG suffered from the impact of the global economic crisis in the financial year 2009 The balance press conference Logwin AG (Grevenmacher/Luxemburg) held on 10 March was completely in the sign of the strategic reorientation. Berndt Michael Winter, Chairman of the Executive Committee (CEO), announced that the activities in the business segment Road + Rail are being abandoned. They were going to place a focus on the multifaceted development opportunities in the business segments Solutions (customer oriented contract logistics) and Air + Ocean (freight forwarding). However, they still remain an integrated logistics service provider with comprehensive logistics and transport solutions expertise, thanks to the access to general cargo networks via strong partners and cooperations, the manager emphasises. In the Solutions and Air & Ocean business segments, employing a staff of 5,500 persons, Logwin struggled with cuts in production (particularly in the automotive industry), drastic falls in trading volumes and very low freight rates in 2009. This resulted in a decline in sales of 20.9 per cent to EUR 1.11 billion. The operating income (EBIT) amounted to EUR 9.7 million, which is considerably lower than in 2008 (EUR 28.8 million). The Solutions segment showed sales revenues of EUR 690.4 million (down 20.2 per cent) and an EBIT of EUR 1 million (2008: EUR 12.3 million) in the 2009 balance. Air + Ocean activities generated sales of EUR 423.9 million (down EUR 23.4 per cent) and an EBIT of EUR 14.2 million (2008: EUR 23.5 million). The business segment Road + Rail achieved sales of EUR 514.6 million in the reporting period (2008: EUR 687.2 million). This represents a decrease of 25.1 per cent. The operating result fell to minus EUR 16.1 million (2008: minus EUR 5.5 million). As a result of the divestments and closures, which have already been completed to a large extent, there were one-time expenses as well as accounting profits and losses totalling to minus EUR 36.6 million. In view of the planned reduction of land transportation activities, a full goodwill impairment loss was already made in the first half of 2009 on the business segment Road + Rail amounting to EUR minus 27.3 million. Quelle: Österreichische Verkehrszeitung |