Logwin with significantly improved results in 2016
Grevenmacher (Luxembourg) – The Logwin Group reports on a successful year 2016. A significant increase in earnings was achieved in fiscal year 2016 due to both key activities Air + Ocean and Solutions.
In the financial year 2016 the Air + Ocean business segment succeeded in increasing air and ocean freight volumes. The growth of the intercontinental activities with new subsidiaries in Peru and Slovakia as well as the new branches contributed to the positive development. However, the very low freight rates as well as negative currency translation effects had a negative impact on revenues and led to a drop of 7.8% to EUR 623.3m (2015: EUR 676.1m). Nevertheless, in financial year 2016 the operating result (EBITA) of EUR 36.2m fully confirmed the prior year’s result (2015: EUR 36.2m). Due to the very difficult market situation with capacity shortage in both air and ocean freight the Air + Ocean business segment exceeds the expectations.
In the past financial year 2016, the business segment Solutions also developed positively as part of its strategy of focused growth. Despite the challenging market environment, the sustained market success was ensured by new concepts, the opening of new branches and the expansion of existing businesses. Due to changes in logistics concepts with major existing customers with revenues of EUR 369.1m the business segment recorded a slight decline compared to the prior year (2015: EUR 380.8m). With an operating result of EUR 5.3m (2015: EUR 0.5m), the improvement in earnings underlines the market success of the Solutions business segment.
The EBITA of the Logwin Group increased from EUR 30.3m to EUR 35.5m. At EUR 26.4m, the net result significantly exceeded the prior year’s figure of EUR 15.7m.
The net cash flow at EUR 26.6m (2015: EUR 33.1m) was once again at a satisfactory level. The cash flows from operating activities rose from EUR 30.0m to EUR 32.8m. After cash inflows from divestments in the prior year, the investing cash flows at EUR -6.2m were at an appropriate level (2015: EUR 3.1m). At the year-end 2016 the net liquidity after deduction of current financial liabilities amounted EUR 102.6m and was at a very high level (2015: EUR 77.3m). As of 31 December 2016 the equity ratio rose primarily due to the net result from 31.6% to 35.0%.
The Logwin Group expects a moderate increase in revenues and earnings for the 2017 financial year. The targeted business development will depend in particular on the global economic development as well as on the political framework.
Based on the sustainable positive earnings and liquidity development of the Logwin Group, the Board of Directors of Logwin AG decided to propose a dividend distribution of EUR 0.04 per share to the Annual General Meeting in April 2017 for the fiscal year 2016. The Board of Directors will also propose to consolidate the shares of the company in a ratio of 1:50 and to convert the shares of Logwin AG from bearer shares to registered shares.
The full Annual Financial Report 2016 can be downloaded from www.logwin-logistics.com.
About Logwin AG
Logwin AG (Grevenmacher, Luxembourg) provides efficient logistics and transport solutions for its customers from industry and trade. In 2016, the group generated sales of EUR 1.0bn and currently employed 4,200 staff. Logwin operates in all main markets worldwide and has around 190 locations on six continents. With its two business segments Solutions and Air + Ocean, Logwin AG is one of the leaders in the market.
Logwin AG is listed in the Prime Standard of the Deutsche Börse. The majority shareholder is DELTON AG, Bad Homburg (Germany).
Chief Financial Officer
Phone: +352 719690-1112
Logwin AG | ZIR Potaschberg | 5, an de Längten | 6776 Grevenmacher | Luxembourg | www.logwin-logistics.com