EQS-News

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

EQS-News: Logwin AG / Key word(s): Quarterly / Interim Statement Earnings development in the first quarter of 2024 affected by intensified price competition despite rising volumes (news with additional features) 30.04.2024 / 11:37 CET/CEST The issuer is solely responsible for the content of this announcement. Overall economic conditions

Grevenmacher (Luxembourg) – The global economy continued to expand modestly in the first quarter of 2024. Global trade stabilized despite the negative impact of the conflicts in the Middle East. The absence of supply shortfalls for energy, raw materials and certain intermediate products as well as lower commodity and energy prices compared to the prior year contributed to this. Economic output in the eurozone stagnated in the first quarter of 2024, while inflation rates subsided. The Chinese economy recovered slightly in the reporting period.

The air and ocean freight markets showed a significant increase in competitive pressure in the first quarter of 2024. Ocean freight rates were at a higher level in the first quarter than in the prior year, while air freight rates declined.

Net assets, financial situation and earnings position

Revenues In the first quarter of 2024, the Logwin Group's sales of EUR 311.0m were below the prior year (2023: EUR 362.4m). The Air + Ocean business segment generated sales of EUR 245.2m and was on a par with the prior year (2023: EUR 252.0m). Increased volumes in air and ocean freight partially compensated for the lower freight rates. In the Solutions business segment, sales of EUR 66.2m were significantly below the prior year's figure of EUR 110.8m. With an overall stable business development, this decline in sales was mainly due to reduced volumes in the international transport business, the closure of a contract logistics location and the disposal of the German retail network. Business expansion, particularly in the Southern European national companies and in Eastern Europe, had a positive effect on sales development in the Solutions business segment.