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Logwin with a respectable development in the first half of 2020 in view of the Covid 19 pandemic (news with additional features)

DGAP-News: Logwin AG / Key word(s): Half Year Results
31.07.2020 / 11:42
The issuer is solely responsible for the content of this announcement.

Logwin with a respectable development in the first half of 2020 in view of the Covid 19 pandemic

Grevenmacher (Luxembourg) – The first half of 2020 was marked for the Logwin Group as well worldwide by the Covid 19 pandemic. Logwin responded to the pandemic with a wide range of measures to protect above all the health of its employees and secure its customers’ supply chains. In addition, sales and operating earnings were supported by a number of measures such as the establishment of home offices and short-time work. By means of these measures in the first half of 2020, sales of EUR 537.7m (2019: EUR 560.1m) and an operating result (EBITA) of EUR 18.2m (2019: EUR 23.9m) were achieved. The operating margin of 3.4 % is a respectable development in view of the global restrictions caused by the Covid 19 pandemic.

The business segment Air + Ocean even achieved a slight increase overall increase in sales to EUR 379.9m (2019: EUR 370.2m). Declining volumes in air and sea freight were offset by significantly higher freight rates. The operating result of the business segment Air + Ocean fell by EUR 2.1m to EUR 19.9m (2019: EUR 22.0m) due to lower volumes.

In the first half of 2020 the business segment Solutions recorded a significant decline in sales to EUR 157.8m (2019: EUR 189.9m), which was mainly due to the sharp decline in volumes in the transportation network. Retail store closures and their only gradual release, as well as the continued reluctance of customers in view of the uncertainties about the further course of the Covid 19 pandemic, weighed heavily on the development. In addition, terminated customer deals and the sale of a contract logistics location contributed to the decline in sales. In view of these developments, the business segment Solutions recorded an operating result of EUR 1.8m (2019: EUR 5.5m).

At EUR 12.6m, net income for the period in fact was lower than in the previous year (2019: EUR 17.8m) due to the decline in operating earnings. The equity ratio however increased from 35.5 % to 38.7 % as of 30 June 2020, due to the significant decrease in total assets.

Compared to the previous year, the operating cash flow, which is influenced by seasonal factors, improved significantly and reached EUR 7.3m (2019: EUR -2.9m). Net liquidity amounted to EUR 45.1m as of 30 June 2020 (2019: EUR 72.9m). This includes the distribution to shareholders of a total of EUR 10.1m resolved by the Annual General Meeting, which corresponds to EUR 3.50 per share.

In comparison with the information provided in the Annual Financial Report 2019, the Logwin Group has adjusted its forecast for the earnings development in 2020. In view of the risks arising from the Covid 19 pandemic, that now have to be taken into account, the Logwin Group now expects its operating result (EBITA) to be significantly lower than in the previous year and as a result from this a significantly decreasing net income.

The aforementioned key performance indicators (KPIs) are an integral part of Logwin Group’s system of key figures and are described and defined in the section “Financial Performance Management” of the management report of the annual financial report 2019 in line with the European Securities and Markets Authority’s (ESMA) Guidelines on Alternative Performance Measures (APM) dated 5 October 2015.

The Quarterly Statement as of 30 June 2020 of Logwin Group is available on the internet at:
www.logwin-logistics.com

About Logwin AG
Logwin AG (Grevenmacher, Luxembourg) provides efficient logistics and transport solutions for its customers from industry and trade. In 2019, the group generated sales of EUR 1.1bn and currently employs about 4,300 staff. Logwin operates in all main markets worldwide and has around 190 locations on six continents. With its two business segments Solutions and Air + Ocean, 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 Logistics S.à r.l., Grevenmacher (Luxembourg).

Contact: www.logwin-logistics.com

Chief Financial Officer
Phone: +352 719690-1112
sebastian.esser@logwin-logistics.com

Sebastian Esser

 

31.07.2020 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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