DGAP-News Logwin AG: Quarterly statement - Logwin with pleasing earnings development in the third quarter - Seite 2
EBITA The Logwin Group achieved an operating result of EUR 35.9 million in the first nine months of 2020, falling short of the previous year's result by EUR 2.5 million (2019: EUR 38.4 million). The business segment Air + Ocean almost achieved the previous year's level due to increased sales despite a slight decline in margins. In contrast, earnings at the Solutions business segment fell significantly short of the previous year's level despite a pleasing development in the third quarter of 2020. In particular the effects of the measures to combat the Covid 19 pandemic on national transport network activities and unexpected maintenance expenses in connection with a branch facility had a negative impact.
Net result The net result of the Logwin Group amounted to EUR 25.1 million in the first nine months of 2020 and was thus below the level of the previous (2019: EUR 28.2 million). In addition to the decreased operating result, an increase in the tax rate also contributed to the decline in earnings.
Free cash flow At EUR -11.7 million, the Logwin Group's free cash flow was higher than previous years comparative value for the third quarter (2019: EUR -22.6 million) due to the reduced increase in seasonal working capital compared to the previous year.
Risks and change in forecast
Compared to the disclosures in the annual financial report 2019, the risk situation for the Logwin Group has changed significantly. The risks arising from the Covid 19 pandemic for international transport activities and contract logistics have increased significantly, also as a result of the measures taken to combat the pandemic as already reported in the first quarter of 2020. Due to the uncertainty about the further development of the infection events and its economic consequences, these risks continue to exist and have a considerable influence on the reliability of the forecast. A negative impact on the net assets, financial position and results of operations of the Logwin Group is considered very likely. With regard to other existing and potential risks, we refer to the Annual Financial Report 2019