Logwin Logistics Reports Significant Growth in the First Half of 2021

The Logwin Group achieved a revenue of 771.1 million euros in the first six months of the financial year, which is 43.4% above the previous year’s revenue of 537.7 million euros. This development was driven by significantly increased volumes in air and sea freight as well as rate increases compared to the previous year in sea freight.

(Grevenmacher) Based on the strong revenue increase, the Logwin Group was able to significantly improve its operating result (EBITA) and operating margin to 4.7% (2020: 3.4%) despite the very tense capacity situation throughout the first half of 2021 and ongoing pressures due to the Covid-19 pandemic.

The operating result (EBITA) of the Logwin Group rose significantly in the first half of 2021 from 18.2 million euros in the previous year to 36.6 million euros. In the Air + Ocean segment, the operating result increased by 18.8 million euros to 38.7 million euros (2020: 19.9 million euros). There was also an increase in the Solutions segment from 1.8 million euros to 3.8 million euros. This improvement in the Solutions segment was achieved despite ongoing pressures on retail activities due to pandemic control measures. The net profit for the period was 27.7 million euros, significantly above the previous year’s level (12.6 million euros) due to the positive development of the operating result.

2021 Forecast Adjusted

In the first two quarters of the current year, the Logwin Group achieved a free cash flow of 13.7 million euros (2020: -16.1 million euros). The net liquidity as of June 30, 2021, was 86.5 million euros, exceeding the level at the end of the previous year (2020: 77.5 million euros).

Compared to the information in the 2020 annual financial report, the Logwin Group adjusted its forecast for revenue and earnings development in 2021 with the ad hoc announcement on July 23, 2021, due to the significantly better-than-expected business development in the first half of 2021. Based on the developments in the first half of the year, the Logwin Group now expects significant revenue growth to around 1.5 billion euros. The extent of the revenue increase still largely depends on the further development of freight rates and volumes.

Air + Ocean Segment Sees Significant Growth

The Air + Ocean segment is expected to significantly exceed the previous year’s level, while a slight revenue increase is anticipated in the Solutions segment. The operating result (EBITA) of the Logwin Group is also expected to increase significantly compared to the previous year based on current developments and is likely to be in the range of 65 million euros. The net profit is also expected to rise significantly based on the anticipated development of the operating result (EBITA).

The forecast remains subject to a significantly increased level of uncertainty due to the special development of the market and competitive environment and the potential impacts of global pandemic control measures.

The aforementioned key performance indicators (KPIs) are part of the metrics system used in the Logwin Group and are explained and defined in the section “Financial Corporate Management” in the Group Management Report in the 2020 annual financial report in accordance with the guidelines for alternative performance measures of the European Securities and Markets Authority (ESMA) dated October 5, 2015.

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