EQS-News

Earnings development in the first quarter of 2024 affected by intensified price competition despite rising volumes - Seite 2

EBITA At EUR 19.0m, the Logwin Group's operating result (EBITA) remained below the prior year's result (2023: EUR 24.9m) due to the overall significant increase in competitive pressure. The Air + Ocean business segment generated a quarterly result below the prior year's level due to market conditions. The Solutions business segment improved its operating result (EBITA) in the first quarter. In both business segments, the acquisition of new customers and the expansion of existing customer business, measures to increase efficiency and the opening of new locations or national companies contribute to the development of business activities. Following the acquisition of a majority interest in Supply Chain International Ltd. in Auckland, New Zealand, in the first quarter of 2024 and the opening of locations, particularly in Europe, further expansions of the international network are planned over the course of the year.

Net result The Logwin Group's net result for the period amounted to EUR 15.8m in the first quarter of 2024 (2023: EUR 19.5m).

Free cash flow In the first quarter of 2024, the Logwin Group generated a free cash flow of EUR 13.1m, slightly below the prior year's figure (2023: EUR 17.7m).

Risks and change in forecast

Compared with the disclosures in the Annual Financial Report 2023, the risk situation for the Logwin Group has not changed significantly. There is still an increased economic risk as a result of continued high inflation rates and the current geopolitical tensions. As part of its risk management, Logwin identifies emerging risks at an early stage and pursues their minimization. Nevertheless, an unexpected negative impact on the net assets, financial situation and earnings position of the Logwin Group cannot be ruled out. With regard to other existing and potential risks, we refer to the Annual Financial Report 2023.

Compared with the forecast report in the Annual Financial Report 2023, no significant changes have occurred regarding the expected development of the Logwin Group. Assuming a year-on-year recovery in freight rates, the Logwin Group expects revenue for 2024 to remain at the prior year level and a decline in the operating result (EBITA) and net result.