Frans Maas reports lower result for 2001

Dutch forwarding and logistics group Frans Maas realized a net profit of 12.3 million euro in 2001 (2000: 18.4 million). Net turnover for 2001 of 998 million euro (2000: 942 million euro). (3/21/2002)

After good performance in the first half of the year, the group felt the effects of the economic slowdown in the form of lower volumes.

In the first half, organic growth had amounted to 8 per cent; in the second, it was 5 per cent lower than in 2000. Organic growth for the year as a whole was 1 per cent. Acquisitions contributed 5 per cent to turnover during the year.

The gross margin for 2001 (38.9 per cent) was virtually the same in the second half as in the first and was fractionally higher than in 2000 (38.6 per cent).

Operating profit, excluding reorganization costs, fell by 14 per cent to 27.3 million euro (2000: 31.6 million). Including reorganization costs, operating profit amounted to 24.1 million, a decline of 24 per cent on 2000.

Results on logistics operations remained firm despite lower turnover in the high tech sector. In international freight forwarding, where results were lower than in 2000, measures were taken in the fourth quarter to adapt the fixed cost base without compromising the quality of services or the European network structure. Five locations (in Germany and Scandinavia) were closed and the number of permanent employees was reduced by more than 100. The attendant reorganization costs came to 3.2 million.

The development of the result in 2002 will be determined by the rate and degree of economic recovery. In view of the uncertainty of the recovery, a reliable forecast of the profit for 2002 cannot be made at present. Frans Maas has a solid base to improve its results once volumes begin to increase again.

Author:Newsdesk, eyefortransport.com