DGAP-News Logwin AG: Quarterly statement - Logwin with pleasing earnings development in the third quarter
DGAP-News: Logwin AG / Key word(s): Quarterly / Interim Statement/9 Month figures
Overall economic condition
Grevenmacher (Luxembourg) - Following a significant decline in the global economy as a result of the Covid 19 pandemic in the spring of 2020, a noticeable global recovery has been starting in the second quarter. However, in most economies, economic activity is still below the pre-crisis level. Leading economic research institutes expect a noticeable decline in global production for the year 2020 followed by a significant increase in 2021. The forecasts are based on certain assumptions about the further development of the infection events of the Covid 19 pandemic and its economic consequences. They are therefore subject to a very high degree of uncertainty, especially in view of the fact that the number of infections is rising again significantly.
In the reporting period, the logistics markets relevant to Logwin have been negatively impacted by the impairment of economic activity in many parts of the world, global trade and, in particular, the effects of the measures to combat the Covid 19 pandemic, especially on the stationary retail business.
Net assets, financial situation and earnings position
Revenues In the first nine months of 2020 the revenues of the Logwin Group decreased by 3.4 % to EUR 822.9 million (2019: EUR 851.5 million). Despite lower volumes in ocean and air freight, the Air + Ocean business segment achieved an increase in sales from EUR 560.7 million to EUR 574.4 million mainly due to significantly higher freight rates. At EUR 248.4 million, net sales of the business segment Solutions business segment were below the previous year's figure of EUR 290.8 million, mainly due to the effects of the Corona pandemic on national network activities in Germany and effects from certain site sales and closures.