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Logwin starts into the year 2014 with solid performance in line with expectations

DGAP-News: Logwin AG / Key word(s): Interim Report
Logwin starts into the year 2014 with solid performance in line with
expectations

05.05.2014 / 06:47

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Logwin starts into the year 2014 with solid performance in line with
expectations

Grevenmacher (Luxembourg) - The Logwin Group reports a solid start into the
financial year 2014 and the development has been fully in line with
expectations. After the divestments and re-focussing of business activities
in the Solutions business segment, revenues came to EUR 278.5m (2013: EUR
320.7m). Despite this significant decrease, the operating result (EBIT) of
EUR 8.0m was on previous year's level. The operating margin improved to 2.9
percent.

In the first quarter of FY 2014, revenues in the Solutions business segment
were clearly reduced against the prior year at EUR 127.7m (2013: EUR
171.5m) as a result of the divestments made in 2013. While the activities
in Media and Retail were able to demonstrate a stable development, the
other activities were able to contribute positively based on higher volumes
with existing customers. The operating result remained at the prior year's
level at EUR 3.2m (2013: EUR 3.2m). During the first three months of FY
2014, positive one-off effects resulting from the sale of business
activities offset non-recurring expenses for cost reductions and capacity
adjustments. The operating margin of the business segment improved to 2.5
percent (2013: 1.9 percent).

The Air + Ocean business segment generated revenues of EUR 151.3m in the
first quarter of 2014, slightly above the previous year (2013: EUR 148.9m).
Volumes continued to be nicely in both air and ocean freight amid volatile
rates. The operating result of the business segment could be improved to
EUR 6.4m (2013: EUR 6.0m).

Due to expected seasonal effects, net cash flow came to EUR -7.8m in the
first quarter (2013: EUR -2.6m). Cash in excess of about EUR 50m resulted
in a net liquidity of 30.4m (2013: EUR 37.9m). Based on the positive net
result of EUR 5.4m (2013: EUR 4.6m), the equity ratio improved further to
27.5 percent (2013: 26.3 percent).

For the full year 2014, Logwin Group expects an improved result against the
prior year despite the volatile market environment and one-time expenses
for measures aiming at profitability increases.


The quarterly financial report 2014 of the Logwin Group is available on the
Internet at: www.logwin-logistics.com



About Logwin AG

Logwin AG (Grevenmacher, Luxembourg) provides efficient logistics and