Logwin reports 34% growth in 9M EBITA 04 November 2014

Ocean freight recorded growth rates far in excess of the market

Logwin increased its operating result (EBITA) by 34.3%, to €23.1 million during the first nine months of 2014 (2013: €17.2 million). At €842.4 million, consolidated revenues of the nine-month period were in line with expectations and below the prior year’s revenues of €932.4 million due to disposals.

In the Solutions business segment, revenues of €366.6 million in the first three quarters were below the prior year's figure of €470.7 million as a result of disposals and location closures carried out in 2013. The operating result of the business segment increased to €5.5 million due to an overall satisfactory performance with key customers (2013: €0.3 million). This led to an improved operating margin of 1.5% (2013: 0.1%). Non-recurring effects from the termination of business activities had impacted the prior year’s result.

The Air + Ocean business segment recorded a volume-related sales growth of 2.9% in the first three quarters of 2014 and reported revenues of €474.6 million, up 2.9% (2013: €461.2 million). Particularly encouraging volume growth achieved in the business segment Air + Ocean was in ocean freight, with growth rates far in excess of market growth. At €23.6 million, the operating result of the business segment exceeded the prior year's result by 12.9% (2013: €20.9 million). In particular tEurope and Asias business has developed positively in the Air + Ocean segment.

The Logwin Group showed net liquidity of €39.4 million as of 30 September 2014 (31 December 2013: €37.9 million), while the net cash flows of €2.4 million have been impacted by seasonal effects in the first nine months of 2014. The improved net result of €13.2 million (2013: €4.0 million) contributed to an increase in the equity ratio to 28.1% at (31 December 2013: 26.3%).