In 2014, although sales fell marginally, operating result or EBITA more than doubled as compared to the previous year at the Logwin Group.
In a press release, Logwin Group said EBITA surged to €25.1 million in financial year 2014 as against €12.0 million in 2013.
The decline in consolidated sales from €1,219.7 million in the prior year to €1,129.4 million in 2014 is in line with expectations due to the divestments made in 2013.
Logwin added that the financial strength of Logwin is further demonstrated by a net liquidity of €50.8 million, with both business segments, Solutions and Air + Ocean contributing to the significant improvements.
The Air + Ocean business segment generated revenues of €648.1 million in 2014, up 4.8 per cent from €618.1 million in 2013, from encouraging growth rates recorded particularly in sea freight.
The Air + Ocean business segment improved its operating result by 15.2 per cent to €31.2 million in 2014 as against €27.1 million, with operating margin also growing to 4.8 per cent compared to 4.4 per cent.
“An especially strong improvement in margins was achieved in the South East Asia region,” Logwin noted.
At €479.5 million, revenues in the Solutions business segment were below the prior-year figure of €600.6 million, but also in line with expectations.
“The decrease was a result of the disposals and site closures carried out in the prior year,” the company observed.
The operating result of the business segment improved to €3.6 million as, unlike the previous year, there was no significant net impact from non-recurring expenses and the focus on core activities started to pay off.
The improvement in results is the driver for the further enhancement of the Logwin Group’s financial strength.
On the basis of cash and cash equivalents of €67.0 million on December 31, 2014 compared to €58.6 million at 2013-end, the Logwin Group reported a net liquidity of €50.8 million.
Buoyed by the positive net result of €13.8 million in 2014 from a loss of €2.9 million in the prior year, the equity ratio increased to 27.9 per cent from 26.3 per cent on December 31, 2013.
