LOGWIN AG

Interim / Quarterly Report • Aug 2, 2022

Logwin AG Interim Financial Report as of 30 June 2022

Key Figures 1 January – 30 June 2022

Earnings position	2022	2021
In thousand EUR
Revenues
Group	1,168,709	771,054
Change on 2021	51.6%
Air + Ocean	938,829	612,980
Change on 2021	53.2%
Solutions	231,224	158,377
Change on 2021	46.0%
Operating result (EBITA)
Group	71,830	36,581
Margin	6.1%	4.7%
Air + Ocean	70,264	38,718
Margin	7.5%	6.3%
Solutions	7,538	3,765
Margin	3.3%	2.4%
Net result
Group	41,035	27,733
Financial position	2022	2021
In thousand EUR
Operating cash flows	60,611	34,205
Free cash flow	42,186	13,677
Net asset position	30 June 2022	31 Dec 2021
	37.5%	35.4%
Equity ratio Net liquidity (in thousand EUR)	200,319
		168,363
	30 June 2022	31 Dec 2021
Number of employees	4,100	4,087

The interim financial report as of 30 June 2022 is published in English version is a translation from the German original, which is authoritative.

Group Interim Management Report

General conditions

Global economy After a stable start to the year due to catch-up effects, the global economic recovery was slowed by sharply rising inflation rates and further increasing supply bottlenecks. These factors were exacerbated in the second quarter by the Ukraine war and the resulting additional shortage of resources, which had a significant negative impact on the global economy. In China, the measures to combat the pandemic led to a restriction in economic development, particularly in the first quarter. Accordingly, industrial production and global trade developed only moderately in the first half of the year.

German (logistics) market In the first six months of 2022, the German economy was affected by opposing factors. On the one hand, private consumption rose very strongly year-on-year due to the discontinuation of most Covid-19 measures, on the other hand, private purchasing power has been weakened by the sharp rise in energy prices in the wake of the Ukraine war and increasingly by inflationary effects. Industrial production was slowed by supply bottlenecks and exports suffered from reduced demand. This is likely to have an impact on the German logistics economy in the coming months, although it has proven to be still very robust in the reporting period due to catch-up effects.

Competition and market The first half of 2022 continued to be characterized by capacity bottlenecks in ocean freight with extended congestions at major seaports. Nevertheless, the second quarter saw the beginnings of a recovery in container traffic, particularly at Chinese ports after the lockdowns. As a result of these developments, ocean freight rates have declined moderately from their peak. The air freight market showed slightly declining freight volumes in the first half of 2022 compared to the same period of the previous year. In the current year, the contract logistics market was able to benefit from the ending of measures to combat the Covid-19 pandemic and the associated demand-related catch-up effects.

Business performance of the Logwin Group

The Logwin Group again significantly increased its revenues and operating result (EBITA) in the first half of 2022. In the Air + Ocean business segment, sales were significantly higher than in the previous year due to the historically high freight rates with stable or slightly declining volumes. Sales in the Solutions business segment also increased significantly in the first half of the year. The increase in sales is mainly due to a freight rate-related rise in the business segment's international transport business. In addition, sales in contract logistics and in the national transport network were also up on the same period of the previous year, which had been dominated by Covid-19 measures.

With regard to the definition, calculation and reconciliation of the financial performance indicators of the Logwin Group presented below as well as the related explanations, please refer to the section "Financial corporate management" in the group management report in the annual financial report of Logwin AG as of 31 December 2021.

Earnings position

Revenues The Logwin Group achieved revenues of EUR 1,168.7m in the first half of 2022, thus exceeding the previous year's revenues of EUR 771.1m very significantly.

Air + Ocean

The Air + Ocean business segment generated revenues of EUR 938.8m in the first half of 2022 (prior year: EUR 613.0m), exceeding the previous year's level by 53.2% mainly due to freight rates.

Solutions

Revenues in the Solutions business segment amounted to EUR 231.2m in the first half of 2022, up 46.0% on the previous year's revenues of EUR 158.4m. In the international transport network, sales increased significantly due to freight rates, with volumes remaining constant compared to the previous year. In the retail sector, revenues also increased significantly with the recovery after the officially ordered closures in the previous year's period. In contract logistics, recovery-related catch-up effects were evident in the first half of the year, as well resulting in year-on-year revenue increases.

Gross profit and gross margin In the first half of 2022, the gross margin of the Logwin Group was on a par with the previous year at 8.6%. While the margin in the Air + Ocean business segment increased slightly, it declined moderately in the Solutions business segment due to increased acquisition costs. Gross profit increased significantly from EUR 66.5m in the same period of the previous year to EUR 100.9m.

Selling, general and administrative costs At EUR 15.2m, selling costs in the first two quarters were up on the previous year's level of EUR 13.1m. Administrative costs rose from EUR 16.6m in the previous year to EUR 18.7m.

Operating result (EBITA) In the first half of 2022, the Logwin Group's operating result of EUR 71.8m significantly exceeded the previous year's result of EUR 36.6m. The Air + Ocean business segment made a significant contribution to the exceptionally strong increase in operating earnings (EBITA). In the Solutions business segment, a positive one off effect in particular led to a significant increase in earnings.

Air + Ocean

At EUR 70.3m, the operating result (EBITA) of the Air + Ocean business segment in the first half of 2022 was EUR 31.6m higher than the previous year's result of EUR 38.7m. In a market environment characterized by significant challenges due to capacity bottlenecks and congestions in the major seaports and despite historically high freight rates, the business segment was also able to benefit from the global economic catch-up effects.

Solutions

The Solutions business segment achieved an operating result (EBITA) of EUR 7.5m in the first six months of 2022 (prior year: EUR 3.8m). In the international transport business, the result showed a pleasing increase compared with the same period of the previous year. In the German transport network, the result improved compared to the previous year's result, but continued to have a negative impact on overall earnings, as did contract logistics. The payment of a quote from a previous customer insolvency increased earnings in this business segment.

Financial result and income taxes At EUR -1.3m, the financial result for the first two quarters of 2022 improved slightly on the prior-year figure of EUR-1.5m. Due to the strong increase in earnings and the final use of tax loss carry forwards in the previous year, income tax expense in the first half of 2022 of EUR -17.8m was significantly higher than the tax expense of EUR -7.3m in the same period of the previous year.

Net result In the first six months of 2022, the Logwin Group achieved a net result for the period of EUR 41.0m (prior year: EUR 27.7m). This includes an impairment loss of EUR -11.7m on goodwill allocated to the Solutions business segment.

Financial position

Operating cash flows At EUR 60.6m, the Logwin Group's cash flow from operating activities in the first half of the year was EUR 26.4 higher than the previous year's figure of EUR 34.2m, mainly due to the significant increase in the operating result. By contrast, higher tax payments had a negative impact on operating cash flows in the reporting period 2022.

Investing cash flows The Logwin Group's cash flow from investing activities in the first two quarters of 2022 was EUR -3.1m, EUR 2.2m above the previous year's figure of EUR-5.4m. The improvement is mainly attributable to capital expenditure, which has been reduced from EUR -3.3m due to the progress of investments in the new transport management systems.

Free cash flow The Logwin Group generated a free cash flow of EUR 42.2m in the first two quarters of the current year, significantly above the previous year's figure of EUR 13.7m.

Financing cash flows Financing cash flow in the first half of 2022 was EUR -32.7m compared with EUR -25.6m in the previous year. The deviation is mainly due to the higher distribution to the shareholders of Logwin AG for the financial year 2021 of EUR -17.3m compared to the distribution of EUR-10.1m in the previous year. Repayments of lease liabilities amounted to EUR -15.3m in the first six months (prior year: EUR -15.2m).

Net asset position

Total assets Total assets of the Logwin Group amounted to EUR 843.4m as of 30 June 2022 (31 December 2021: EUR 797.0m). Current assets increased noticeably from EUR 592.3m as of 31 December 2021 to EUR 659.9m as of the balance sheet date. This increase was mainly caused by a sales-related increase in trade accounts receivable and contract assets from EUR 296.3m to EUR 326.7m, an increase in other assets from EUR 44.7m to EUR 54.4m, and an increase in cash and cash equivalents from EUR 248.0m to EUR 274.3m.

Non-current assets decreased to EUR 183.5 million in the first half of 2022 (31 December 2021: EUR 204.7m). The decline mainly relates to goodwill of EUR 45.7m (31 December 2021: EUR 57.4m), which decreased due to an interest rate-related impairment of goodwill allocated to the Solutions business segment in the amount of EUR -11.7m.

Liabilities Non-current liabilities decreased from EUR 92.9m as of 31 December 2021 to EUR 79.8m at the end of the first half of 2022. The reduction is mainly due to the adjustment of pension provisions in the amount of EUR 7.1m as a result of the increase in interest rates. Current liabilities amounted to EUR 446.9m as of the reporting date (31 December 2021: EUR 421.6m) and mainly included trade accounts payable of EUR 347.9m (31 December 2021: EUR 323.3m).

Equity In the first half of 2022, the Logwin Group's equity increased from EUR 282.5m as of 31 December 2021 to EUR 316.7m. The reduction in equity due to the shareholders of Logwin AG was more than offset by the net result for the period as well as the interest rate-related adjustment of pension provisions and positive effects from the currency translation of foreign subsidiaries. As a result of these effects, the equity ratio increased from 35.4% at the end of the previous year to 37.5% as of 30 June 2022.

Treasury shares As a result of the share buyback program approved by the Board of Directors on 17 March 2020, Logwin AG held a total of 5, 180 shares at a cost of EUR 0.8m as of 30 June 2022 (31 December 2021: 5,051 shares at EUR 0.8m). The share buyback program had begun on 18 March 2020 and has expired on 28 February 2022.

Employees

The Logwin Group employed 4,100 people worldwide as of 30 June 2022 (31 December 2021: 4,087). The number of employees in the Solutions business segment decreased by 56 compared to the end of 2021. There was an increase of 70 employees in the Air + Ocean business segment.

Risks

Compared with the information provided in the Annual Financial Report 2021, the risk situation for the Logwin Group has not changed significantly. Please refer to the Annual Financial Report 2021 with regard to existing and potential risks.

2022 General Meeting

The Annual General Meeting of Logwin AG was held as a conference call on 8 April 2022 in accordance with legal requirements in Luxembourg. In addition to approving the annual financial statements for 2021, the Annual General Meeting also adopted by a large majority the proposal of the Board of Directors to distribute an amount of EUR 6.00 per share for the past financial year on the basis of the 2,879,215 voting shares. As a result, a total of EUR 17.3m was distributed to shareholders in April 2022. Further details of the resolutions can be viewed at www.logwin-logistics.com/company/investors/ annual-general-meeting.html.

Outlook

General conditions In line with leading economic forecasts, the Logwin Group expects only restrained global economic expansion for the full year 2022. The economic outlook has deteriorated significantly, particularly in the emerging markets. In the advanced economies, on the other hand, positive effects are still expected from the normalization of consumer behavior, although these will be dampened by high inflation and the tightening of monetary policy. In addition, the uncertainty regarding gas supplies in the coming winter is leading to a clouding of expectations, particularly in the German economic area. For the global air and ocean freight forwarding market, the Logwin Group expects stable development based on market research data in view of the weakening demand that can be observed.

Risks to the expected development continue to arise from supply bottlenecks for raw materials and precursors and from a renewed significant increase in the incidence of Covid-19 infection, which could necessitate control measures in affected areas.

Revenue expectations The Logwin Group has adjusted its forecast in view of its better-than-expected business performance in June 2022. The Logwin Group now expects sales for the full year 2022 to develop at the previous year's level, after a significant decline had previously been planned. This development affects both business segments Air + Ocean and Solutions. The significantly higher sales in the first half of the year than in the previous year are expected to be offset by the beginning normalization of freight rates and increasingly dampening economic factors. The development of sales remains highly dependent on the development of air and ocean freight rates.

Earnings expectations Based on current developments, the Logwin Group's operating result (EBITA) will also be at least on a par with the previous year. Due to its continued good performance, the Air+ Ocean business segment is expected to confirm its operating result (EBITA) at the previous year's level. The operating result (EBITA) of the Solutions business segment is also expected to be at the level of the previous year again, taking into account one-off effects.

The Logwin Group's forecast remains subject to a very high degree of uncertainty due to the particular development of the market environment, in particular as a result of the global Covid-19 pandemic and developments in Ukraine.

Condensed Consolidated Interim Financial Statements

Income Statement

	2022	2021
1 January - 30 June In thousand EUR
Revenues	1,168,709	771,054
Cost of sales	-1,067,810	-704,553
Gross profit	100,899	66,501
Selling costs	-15,226	-13,142
General and administrative costs	-18,738	-16,627
Other operating income	14,050	4,369
Other operating expenses	-8,605	-4,058
Impairment losses on financial assets measured at amortized cost	-550	-462
Operating result before impairments of property, plant and equipment and
other intangible assets	71,830	36,581
Impairment of property, plant and equipment
Operating result (EBITA)	71,830	36,581
Goodwill impairment	-11,665
Net result before interest and income taxes (EBIT)	60,165	36,581
Finance income	182	86
Finance expenses	-1,476	-1,632
Net result before taxes	58,871	35,035
Income taxes	-17,836	-7,302
Net result	41,035	27,733
Attributable to:
Shareholders of Logwin AG	40,504	27,478
Non-controlling interests	531	255
Earnings per share - basic and diluted (in EUR):
Net result attributable to the shareholders of Logwin AG	14,07	9.53
Weighted average number of shares outstanding	2,879,270	2,882,889

Condensed Consolidated Interim Financial Statement Income Statement | Statement of Comprehensive Income

Statement of Comprehensive Income

	2022	2021
1 January - 30 June In thousand EUR
Net result	4 1,035	27,733
Gains on currency translation of foreign operations	4,042	1,934
Other comprehensive income that may be reclassified into profit or loss in future
periods	4,042	1,934
Remeasurement of the net defined benefit liability	7,050	2,355
Deferred tax from remeasurement of the net defined benefit liability	-528	-458
Other comprehensive income that will not be reclassified into profit or loss in
future periods	6,522	1,897
Other comprehensive income	10,564	3,831
Total comprehensive income	51,599	31,564
Attributable to:
Shareholders of Logwin AG	50,873	31,256
Non-controlling interests	776	308

Statement of Cash Flows

1 January - 30 June In thousand EUR	2022	2021
Net result before income taxes	58,87 1	35,035
Financial result	1,294	1,546
Net result before interest and income taxes	60, 165	36,581
Reconciliation adjustments to operating cash flows:
Depreciation and amortization	19,912	19,540
Result from disposal of non-current assets	-74	-144
Goodwill impairment	1,665
Other	3,326	945
Income taxes paid	-15,905	-4,636
Interest paid	-1,433	-1,536
Interest received	183	86
Changes in working capital, cash effective:
Change in receivables	-35,611	-92,018
Change in payables	18,181	75,117
Change in inventories	202	270
Operating cash flows	60,611	34,205
Capital expenditures in property, plant and equipment and other intangible assets	-3,296	-6,038
Proceeds from disposal of non-current assets	156	680
Investing cash flows	-3,140	-5,358
Net cash flow	57,471	28,847
Change of current loans and borrowings	41	109
Payment of liabilities from leases	-15,285	-15,170
Distribution to shareholders of Logwin AG	-17,275	-10,083
Distributions to non-controlling interests	-1 15	-197
Payments for acquisitions of own shares	-38	-244
Financing cash flows	-32,672	-25,585
Free cash flow (= Net cash flow less payment of liabilities from leasing contracts)	42,186	13,677
Effects of exchange rate changes on cash and cash equivalents	1,534	682
Change in cash and cash equivalents	26,333	3,944
Cash and cash equivalents at the beginning of the year	248,013	168,408
Change	26,333	3,944
Cash and cash equivalents at the end of the period	274,346	172,352

Statement of Cash Flows | Balance Sheet

Balance Sheet

	30 June 2022	31 Dec 2021
In thousand EUR
Assets
Goodwill	45,701	57.366
Other intangible assets	19,861	20.979
Property, plant and equipment	98,739	104.759
Investments	701	781
Deferred tax assets	17,506	20.007
Other non-current assets	1,017	844
Total non-current assets	183,525	204.736
Inventories	1,209	1.411
Trade accounts receivable	296,297	261.396
Contract assets	30,452	34.922
Income tax receivables	3,225	1.862
Other receivables and current assets	54,375	44.685
Cash and cash equivalents	274,346	248.013
Total current assets	659,904	592.289
Total assets	843,429	797.025

	30 June 2022	31 Dec 2021
In thousand EUR
Liabilities
Share capital	131,300	131,300
Group reserves	184,264	150,666
Treasury shares	-838	-800
Equity attributable to the shareholders of Logwin AG	314,726	281,166
Non-controlling interests	1,930	1,319
Shareholder's equity	316,656	282,485
Non-current liabilities	46,517	51,631
Pensions provisions and similar obligations	24,075	31,616
Other non-current provisions	3,460	3,365
Deferred tax liabilities	5,755	6,325
Other non-current liabilities	22
Total non-current liabilities	79,829	92,938
Trade accounts payable	347,861	323,257
Current liabilities from leases	27,330	27,884
Current loans and borrowings	180	135
Current provisions	9,188	9,470
Income tax liabilities	14,744	12,794
Other current liabilities	47,641	48,062
Total current liabilities	446,944	421,602
Total liabilities and shareholder's equity	843,429	797,025

Statement of Changes in Equity

	Equity attributable to the
In thousand EUR	Share capital	Additional paid-in- capital	Retained- earnings
1 January 2021	131,300	175,777	-74,726
Net result			27,478
Other comprehensive income			1,897
Total comprehensive income			29,375
Acquisition of own shares
Distributions		-10,083
Attribution of retained earnings to additional paid-in capital		48,947	-48,947
30 June 2021	131,300	214,641	-94,298
1 January 2022	131,300	214,641	-60,350
Net result			40,504
Other comprehensive income			6,522
Total comprehensive income			47,026
Acquisition of own shares
Distributions		-17,275
30 June 2022	131,300	197,366	-13,324

The accompanying notes are an integral part of these consolidated interim financial statements.

Statement of Changes in Equity

shareholders of Logwin AG
Accumulated other comprehensive income
Currency translation reserve	Treasury shares	Total	Non-controlling interests	Total shareholders' equity
-7,907	-387	224,057	795	224,852
		27,478	255	27,733
1,881		3,778	ર્દ 3	3,831
1,881		31,256	308	31,564
	-244	-244		-244
		-10,083	-211	-10,294
-6,026	-631	244,986	892	245,878
-3,625	-800	281,166	1,319	282,485
		40,504	531	41,035
3,847		10,369	195	10,564
3,847		50,873	726	51,599
	-38	-38		-38
		-17,275	-115	-17,390
222	-838	314,726	1,930	316,656

Notes to the Condensed Consolidated Interim Financial Statements as of 30 June 2022

1 Basis of accounting

These condensed consolidated interim financial statements have been prepared pursuant to § 115 WpHG and in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union. The interim statements comply in particular with the provisions of IAS 34 "Interim financial reporting" and do not include all the information and disclosures required in the consolidated annual financial statements. These condensed consolidated interim financial statements should therefore be read in conjunction with the Group's annual financial statements as of 31 December 2021.

For the preparation of the condensed consolidated interim financial statements the same accounting policies and valuation methods have been adopted as were applied for the preparation of the consolidated financial statements as of 31 December 2021.

The condensed consolidated interim financial statements have been approved by the Audit Committee of Logwin AG on 2 August 2022.

2 Consolidation scope

The group of fully consolidated subsidiaries as of 30 June 2022 comprises two domestic and 52 foreign companies (31 December 2021: two domestic and 51 foreign companies). In the reporting period, a new Portuguese company was established in the Solutions business segment.

3 New accounting provisions

The International Accounting Standards Board (IASB) and the IFRS Interpretation Committee (IFRS IC) have published new accounting provisions in recent years. The table below contains the new standards and interpretations that had to be adopted for the first time for financial year 2022:

Standard / interpretation			Mandatory adoption (in the EU) for the annual period beginning on- or after	En- dorse ment
Amendment	IFRS 3	Reference to the Conceptual Framework	1 January 2022	Yes
Amendment	IAS 16	Proceeds before intended use	1 January 2022	Yes
Amendment	IAS 37	Onerous contracts - Cost of fulfilling a Contract	1 January 2022	Yes
Amendment	various	Annual Improvements 2018-2020	1 January 2022	Yes

The above-mentioned amended accounting standards were generally for the first time in the current reporting period. The revised regulations are currently not expected to have any material effects on the future financial statements of the Logwin Group.

4 Segment reporting

The classification of segments is made according to the business segments of the Logwin Group. The segment structure reflects the current organizational and management structure of the Logwin Group. This means that reporting is in line with the requirements of IFRS 8.

Transactions between the segments are made at "arm's length" identical to transactions with third parties. The information on the business segments is reported after consolidations of intrasegment transactions. Transactions between the segments are eliminated in the column "Consolidation".

1 January - 30 Jun 2022 In thousand EUR	Air + Ocean	Solutions	Other	Consoli- dation	Group
External revenues	938,122	230,496	91		1,168,709
Intersegment revenues	707	728	655	-2,090
Revenues	938,829	231,224	746	-2,090	1,168,709
Operating result (EBITA)	70,264	7,538	-5,972		71,830
Goodwill impairment		-11,665			-11,665
Net result before interest and income taxes (EBIT)					60, 165
Financial result					-1,294
Profit before tax					58,871
Income taxes					-17,836
Net result					41,035

The tables below set forth segment information of the business segments:

1 January - 30 June 2021 In thousand EUR	Air + Ocean	Solutions	Other	Consoli- dation	Group
External revenues	612,828	157,709	517		771,054
Intersegment revenues	152	668	632	-1,452
Revenues	612,980	158,377	1,149	-1,452	771,054
Operating result (EBITA)	38,718	3,765	-5,902	-	36,581
Goodwill impairment
Net result before interest and income taxes (EBIT)					36,581
Financial result					-1,546
Profit before tax					35,035
Income taxes					-7,302
Net result					27,733

5 Disaggregation of revenues

In the following table, external revenues are disaggregated by existing segments and primary geographical markets in order to reflect the influence of economic factors on the nature, amount, timing and uncertainty of revenues and cash flows.

1 January - 30 June 2022	Air + Ocean	Solutions	Other	Group
In thousand EUR
Germany	409,368	86,281	91	495,740
Austria	81,985	135,483		217,468
Other EU	135,953	8,732		144,685
Asia/Pacific	252,462			252,462
Other	58,354			58,354
Total revenues	938,122	230,496	91	1,168,709

1 January - 30 June 2021 In thousand EUR	Air + Ocean	Solutions	Other	Group
Germany	261,867	69,408	517	331,792
Austria	53,775	82,163		135,938
Other EU	82,226	6,138		88,364
Asia/Pacific	175,742			175,742
Other	39,218			39,218
Total revenues	612,828	157,709	517	771,054

Goodwill impairment 6

The already initiated and still planned interest rate increases of the European Central Bank represent a socalled "triggering event" for an impairment test of the goodwill allocated to the Solutions business segment in the amount of EUR 11.7m. The risk-free base interest rate increased from 0.1% to 1.25% in the reporting period, with the majority of the increase occurring in the second quarter. There was no indication of impairment of the goodwill allocated to the Air + Ocean business segment.

For the impairment test, the recoverable amount of the cash-generating unit was determined on the basis of a value-in-use calculation using cash flow projections based on the business segment's planning, which is subject to significant uncertainties and judgments. Compared with the impairment test carried out at the end of 2021, the discount rate after taxes has increased to 7.3% (31 December 2021: 5.9%). This corresponds to a pre-tax discount rate of 9.4% (31 December 2021: 7.5%). Based on the planning assumptions, as the sustainable EBITA margin used to calculate the perpetual annuity, the average EBITA margin for the years 2021 (actual) to 2025 (plan), adjusted for nonrecurring items, was 1.6%, unchanged from the prior-year reporting date the. A growth rate of 0.75% was also assumed unchanged.

As a result of the impairment test, a recoverable amount of EUR 30.9m was determined, so that the goodwill allocated to the business segment Solutions had to be impairment loss in the reporting period amounted to EUR 11.7 m.

7 Capital and reserves

On 8 April 2022, the Annual General Meeting of Logwin AG took place as a conference call. In addition to approving the annual financial statements for 2021, the Annual General Meeting also adopted by a large majority the proposal of the Board of Directors to distribute an amount of EUR 6.00 per share for the past fiscal year on the basis of the 2,879,215 shares with dividend entitlement. As a result, a total of EUR 17.3m was distributed to shareholders in April 2022.

From the share buyback program resolved by the Board of Directors on 17 March 2020, Logwin AG held a total of 5,180 shares at a cost of EUR 0.8m as of 30 June 2022 (31 December 2021: 5,051 shares at EUR 0.8m). The share buyback program started on 18 March 2020 and was limited until 28 February 2022. It was based on the authorization of the Annual General Meeting on 10 April 2019.

8 Additional information on financial instruments

The following table shows the fair values of derivative financial instruments and material other financial instruments whose fair value could be reliably determined as of 30 June 2022 and 31 December 2021:

In thousand EUR	30 June 2022	31 Dec 2021
Securities measured at fair value through profit or loss (FVtPL)	528	608
Equity investments measured at fair value through profit or loss (FVtPL)	174	173
Trade accounts receivable measured at fair value through profit or loss	10,124	7,553
Derivative financial instruments from currency hedges
with positive market value	6,235	3,826
with negative market value	-4.927	-3,486

The non-current financial instruments measured at fair value through profit or loss were reported in the balance sheet under financial assets. The derivative financial instruments used for currency hedging are included in other receivables and assets or other current liabilities. With regard to the methods and assumptions used to determine the fair values of financial instruments, please refer to the Annual Financial Statements 2021.

Contingent liabilities 0

In the first six months, there were no significant changes in contingent liabilities in respect of bank and other guarantees, letters of comfort and other liabilities arising in the ordinary course of business. It can still be assumed that no significant obligations will arise from this.

To the extent necessary, provisions are recognized for individual matters that could possibly lead to a claim. Beyond this, no claims are expected.

10 Related party transactions

Entities and persons are regarded as related parties if one party has the ability to control the other party or has an interest in the entity that gives it significant influence over the entity, if the party is an associate or if the party is an member of the key personnel of the entity or its parent.

Mr. Stefan Quandt is considered a related party to Logwin AG as he is the sole shareholder of DELTON Logistics S.à r.l., which holds a majority interest in Logwin AG. Mr. Stefan Quandt is also the sole shareholder of DELTON Health AG and AQTON SE and shareholder and Deputy Chairman of the Supervisory Board of BMW AG, Munich. Within the meaning of IAS 24 "Related Party Disclosures" he is a related party to these companies.

Logwin AG generated rental income of EUR 4k (prior year: EUR 4k) from DELTON Logistics S.à r.l. in the first six months. The Logwin Group purchased services from DELTON Logistics S.à r.I. in the amount of EUR 63k (prior year: EUR 40k). In addition, the following supply and service relationships existed with DELTON Health AG, Bad Homburg v.d.H., and its subsidiaries.

	DELTON Health AG and its subsidiaries
1 January - 30 June In thousand EUR	2022	2021
Services provided	298	227
Services received	384	407
	30 June 2022	31 Dec 2021
Receivables	25
Payables	348	136

Furthermore, Logwin AG had entered into a framework agreement with AQTON SE for money market transactions, which was cancelled with effect from 1 April 2022. At the end of the past fiscal year, Logwin AG's short-term cash investments amounted to EUR 75.0m. The framework agreement on money market transactions was replaced by a loan agreement with a ban facility of up to EUR 120.0m as of 1 April 2022. As of 30 June 2022, Logwin AG had current receivables from AQTON SE of EUR 100.0m (31 December 2021: EUR 0.0m). In the reporting period, custody fees of EUR 31k were incurred in connection with these agreements (previous year: EUR 10k). In the first six months of 2022, the Logwin Group generated sales of EUR 9,870k (previous year: EUR 9,067k) with companies of the BMW Group. Receivables from the BMW Group amounted to EUR 5,216k as of 30 June 2022 (31 December 2021: EUR 3,362k).

In addition, Logwin Group companies procured vehicles from BMW Group mainly by leasing. The resulting lease payments for Logwin Group for the first half-year of 2021 amounted to EUR 395k (prior year: EUR 504k). Liabilities to the BMW Group from unpaid lease instalments amounted to EUR 70k as of 30 June 2022 (31 December 2021: EUR 65k).

The following business relationships applied with associated and affiliated, non-consolidated companies:

		Associated and affiliated, not consolidated companies
1 January - 30 June	In thousand EUR	2022	2021
Services provided		926	206
Services received		520	155
		30 June 2022	31 Dec 2021
Receivables		138	422
Payables		157	280

Furthermore, there are business relationships between the Logwin Group and members of the Board of Directors. The Logwin Group incurred expenses of EUR 33k in the first half of 2022 (prior year: EUR 9k).

All transactions with related parties were carried out at arm's length conditions and in accordance with the "dealing at arm's length" principles.

11 External review

The consolidated interim financial statements were neither audited according to article 1750-1 of the Luxembourg law dated 10 August 1915 with all following changes, nor limited reviewed by an auditor.

12 Events after the reporting period

No significant events occurred after the reporting period.

Responsibility statement

"To the best of our knowledge, and in accordance with the applicable reporting principles for interim financial reporting, the interim consolidated financial statements give a true and fair view of the assets, liabilities, financial position and profit or loss of the group, and the interim management report of the group includes a fair review of the development and performance of the business and the position of the group, together with a description of the principal opportunities and risks associated with the expected development of the group for the remaining months of the financial year."

Dr. Antonius Wagner

Sebastian Esser

CEO, Chairman of the Board of Directors

CFO, Deputy chairman of the Board of Directors

Logwin AG | ZIR Potaschberg | 5, an de Längten | L-6776 Grevenmacher | Luxembourg