EQS-News

Logwin 2023 with satisfactory development in a difficult market environment

EQS-News: Logwin AG / Key word(s): Annual Results Logwin 2023 with satisfactory development in a difficult market environment (news with additional features) 11.03.2024 / 16:04 CET/CEST The issuer is solely responsible for the content of this announcement. Grevenmacher (Luxembourg) – The Logwin Group achieved a satisfactory revenue and earnings performance in 2023 in a difficult market environment. In line with expectations, Group revenue of EUR 1,257.5m was significantly below the previous year's level (2022: EUR 2,259.0m), mainly due to lower freight rates as a result of changed market conditions. At EUR 91.7m, the operating result (EBITA) in the 2023 financial year was below the previous year (2022: EUR 120.1m) as well. By contrast, the Logwin Group's net result increased to EUR 80.2m thanks to an improved financial result and the reassessment of deferred tax assets.

At EUR 917.2m, sales in the Air + Ocean business segment decreased significantly compared to the previous year (2022: EUR 1,796.0m) due to the significant fall in freight rates on the air and ocean freight market and a general decline in volumes. At EUR 341.9m, the Solutions business segment also generated lower revenue than in the previous year (2022: EUR 466.3m), due to the termination and sale of business activities as well as freight rate-related factors.

 

As expected, the Air + Ocean business segment was unable to repeat its extraordinarily good result from the previous year. At EUR 86.6m, the operating result (EBITA) in the Air + Ocean business segment declined significantly compared to the previous year (2022: EUR 140.6m). By contrast, the Solutions business segment exceeded the previous year's earnings with an operating result (EBITA) of EUR 18.9m (2022: EUR -3.6m) very pleasingly. The discontinuation of loss-making activities and measures to improve performance at various operating locations contributed to this development.