DGAP-News Logwin AG: Logwin concluds FY 2020 with good results
DGAP-News: Logwin AG / Key word(s): Annual Results/Annual Report
Grevenmacher (Luxembourg) - In the 2020 financial year, the Logwin Group achieved a pleasingly stable sales and earnings performance despite the impact of the Covid 19 pandemic.
The Logwin Group reported almost unchanged total sales of EUR 1,123.3m in 2020 (2019: EUR 1,130.3m). At EUR 47.8m, operating result (EBITA) remained constant compared with the previous year's figure (2019: EUR 47.6m) as was the net result for the period of EUR 34.7m (2019: EUR 35.4m). The Logwin Group's equity ratio increased to 39.1 percent (2019: 35.5 percent).
The extensive measures taken to protect the 4,200 Logwin employees from the risk of a Covid 19 infection have been the predominant objective during the year 2020. At the same time, the customers' supply chains had to be secured and the key projects for the continued development of the IT capabilities were further driven forward.
The Air + Ocean business unit significantly increased its operating profit compared to the previous year, while the measures to combat the Covid 19 pandemic had a significant negative impact on the Solutions business segment. In the Air + Ocean business segment, sales increased to EUR 789.7m (2019: EUR 753.5m) due to a rise in freight rates as volumes were slightly below the previous year. In the Solutions business segment, the decline in sales to EUR 333.9m (2019: EUR 376.8m) was mainly due to the significant pandemic-related drop in sales in the German transport network. However, in the international transport business, sales increased slightly due to higher freight rates and volumes.
At EUR 18.6m, the free cash flow exceeded the previous year's figure of EUR 17.9m. The Logwin Group recorded a cash inflow from operating activities of EUR 67.7m (2019: EUR 65.4m). At EUR -17.7m, the investing cash flow was down on the previous year's figure of EUR -16.8m due to continued substantial investments into new Transport Management Systems. The Logwin Group's net liquidity has increased to a pleasing EUR 77.5m as of December 31, 2020 (2019: EUR 72.9m).