Stinnes and Frans Maas see results surge
Germany’s Stinnes and Frans Maas of the Netherlands are the latest European road transport companies to report higher revenues and earnings on the back on a global logistics boom.
Stinnes, which became Europe’s largest trucker with the 1999 acquisition of Sweden’s BTL, reported a 40.8% surge in group pre-tax profits, to 231.9 million ($204 million) on revenues up only 2.3% at 12.03 billion ($10.6 billion).
The Schenker transport division boosted revenues by 14.7% to 5.96 billion, but there were marked differences between land, sea and air results. The land transport unit, which includes trucking, lifted revenues only 4% to 3.23 billion though operating profits improved 24% to 66.6 million. Global sea and air freight revenues surged 29.3% to 2.4 billion, and operating profit was 43.2% higher at 48.4 million.
Stinnes chief executive Wulf Bernotat said the company is looking for acquisitions in the more profitable logistics market in Europe and the U.S. for Schenker. It is also looking for a takeover candidate in the U.S. to help grow its sea and air freight business between North America and Asia.
Frans Maas reported a 13% jump in operating profits to 31.6 million ($27.8 million) on a 35% gain in net revenues to 942.1 million ($829 million).
The company said it strengthened its European market position in 2000 with key acquisitions in Belgium, the Netherlands and Germany, and by winning new pan-European orders and logistics services contracts. But profits were held back because an “explosive” increase in fuel prices coinciding with a shortage of capacity in the European transport market resulted in sharp increases in charter rates that couldn’t be fully passed on to customers.
The group, which has 175 depots in 25 European countries, forecast a further increase in net profits in the current year, “barring unforeseen circumstances.”
Frans Maas recently opened a new 36,000-square meter logistics center in the Netherlands to handle distribution for around 50 U.S. and Asian firms, and expanded its network in Bulgaria by acquiring 51% stakes in Vectra, a leading logistics provider and freight forwarder, and in Corsa, the country’s second largest air freight forwarder.
