DGAP-Adhoc Logwin AG: Preliminary financial result - Logwin with unexpected positive overall development in the 2021 financial year
DGAP-Ad-hoc: Logwin AG / Key word(s): Preliminary Results/Annual Results
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Preliminary financial result - Logwin with unexpected positive overall development in the 2021 financial year
Grevenmacher (Luxembourg) - The Logwin Group announces preliminary, not yet finally audited financial result for 2021, which are above the previous forecasts.
Based on the preliminary financial result, the Logwin Group's sales increased by 64.9 % to EUR 1,851.8 million in the financial year 2021 (2020: EUR 1,123.3 million) due to volume and transport rate factors. The volume development and high freight rates in ocean and air freight in the business segment Air + Ocean were the main reason for this development. The business segment Solutions also achieved sales slightly above the previous year's level. The Logwin Group achieved operating earnings (EBITA) of EUR 100.9 million (2020: EUR 47.8 million) in the past financial year on the basis of the preliminary financial result, thus exceeding the previous year's result very significant by EUR 53.1 million. At EUR 63.5 million (2020: EUR 34.7 million), the net result for the financial year 2021 is expected to be around EUR 28.8 million higher than the previous year's figure. The result for the period takes into account an extraordinary write-down on the goodwill of the business segment Solutions in the amount of EUR 9.0 million as a result of the planned goodwill impairment test as of 31 December 2021. Based on the earnings development, Free Cash Flow is expected to be around EUR 89 million (2020: EUR 19 million), which is also very significantly higher than in the previous year. The above-mentioned key figures are preliminary and therefore subject to the ongoing finalization of year-end financial accounts.