March 11 - In its 2013 financial year, the Logwin Group reported total revenues of EUR1.22 billion (USD1.68 billion) compared with EUR1.32 billion (USD1.82 billion) in 2012.
The company says that the fall in revenue is due primarily to the sale of business activities and the closure of locations in its so-called solutions business sector, as well as average lower freight rates over the course of the year in the air and ocean business segment, explained Logwin.
Over the year, however, the financial strength of the company improved further with net liquidity climbing from EUR7.2 million (USD9.9 million) at the end of 2012 to EUR37.9 million (USD52.48 million) in the same period of 2013.
In 2013 the company's solutions business generated revenues of EUR600.6 million (USD831.7 million), which was below the level of the the previous year, but Logwin reported pleasing growth in individual business relationships with existing major customers in the retail network.
Although the air and ocean business sector's revenues decreased from EUR633.2 million (USD877.1 million) in 2012 to EUR618.1 million (USD856.8 million) in 2013, the company reported above market growth in ocean freight volumes primarily as a result of increased exports from Europe and inner-Asian transportation.
For the financial year 2014, Logwin expects a decrease in revenues due to the ongoing restructuring of the solutions business sector, while transport volumes of the air and ocean business segment are anticipated to expand.
Revenues will continue to be heavily dependent on the freight rate development, explained the company.