Alle Storys
Folgen
Keine Story von CEVA Logistics mehr verpassen.

CEVA Logistics

CEVA Group Plc Reports Quarter 1, 2007 Results

Hoofddorp, The Netherlands (ots/PRNewswire)

- Strong Business Performance in all Segments
CEVA Group Plc, the leading global pure play contract logistics
company, released its first quarterly statements today since
achieving independence from TNT N.V. on November 4, 2006. These
statements represent a further milestone in the company's history and
include the following highlights:
  • Stable revenue performance between Q1 2007 and Q1 2006
  • Operating income grew to EUR15.5 million from EUR15.0 million Q1, 2006
  • EBITDA increased to EUR45.2 million from EUR35.0 million in Q1 2006
  • Pro forma adjusted EBITDA improved to EUR48.9 million from EUR45.6 million in 2006 (unaudited)
  • Net loss of EUR(14.9) million compared to EUR(7.7) million in Q1 2006, driven by higher interest costs owing to the company's new capital structure
  • Net cash flow of EUR14.2 million compared to EUR(22.1) million in Q1 2006
  • Pending acquisition of EGL, Inc. for approximately US$2 billion
CEO Dave Kulik commented: "The first quarter of 2007 represented
new evidence of the success our growth strategy. Major new contracts
were signed with, amongst others, General Motors Thailand Limited,
Rolls Royce Marine AS and John West Foods Ltd. These new contracts
confirm that our focus on targeted sectors and our service offering
results in successful and long-term growth. Close long-term customer
relationships are the essence of our business. We have begun
implementing our new global operating strategy, our roadmap for
optimising, enhancing and transforming CEVA's business. Our first
priority is growing our customer base and increasing our market
share. Our service portfolio, global network, sector expertise and
proven skills in cost control and efficiency will help us meet these
goals. With the same objectives in mind we are also putting increased
focus on improving our business development and account management
activities, as well as enhancing our people policies."
Net sales remained stable between Q1 2006 and Q1 2007 with
reported revenues of EUR861.6 million and EUR861.6 million for the
respective periods. This is the result of a decrease in North America
which was offset by strong growth in all other regions. Despite
neutral revenue development, EBITDA increased by 29% to EUR45.2
million for the quarter, up from EUR35.0 million in Q1 2006. This is
the result of a combination of improved operational performance,
lower head office costs and the absence of licence fee costs in 2007.
Net financial expense rose in Q1 2007 which increased the loss for
the quarter to EUR(14.9) million from EUR(7.7) million in Q1 2006.
In the first quarter of 2007 CEVA announced that John Pattullo
will take up the position of Chief Executive Officer in the August
2007. Dave Kulik will then become Vice Chairman of the CEVA Group.
In May 2007 CEVA announced that it will acquire freight forwarding
company EGL, Inc. for approximately US$2 billion. CEVA currently
intends to finance the acquisition with a combination of debt, with
up to approximately US$200 million of cash equity from CEVA's balance
sheet and up to  approximately US$100 million new cash equity from
Apollo (US$65 million  minimum commitment). The combination will
create the world's fourth largest  integrated supply chain management
company, with global capabilities in  freight forwarding and contract
logistics. It is anticipated that the  transaction will close in the
third quarter of 2007, and is subject to  EGL shareholder approval,
regulatory approval and certain other conditions."
    Q1 2007 INTERIM FINANCIAL STATEMENTS
    CONDENSED CONSOLIDATED AND COMBINED STATEMENTS OF INCOME AND EXPENSE
    (Unaudited)
    in EUR millions
                                                     Quarter 1,    Quarter 1,
                                                        2007           2006
    Revenues                                              863.5        870.6
    Other income                                            0.3          1.0
    Operating expenses                                    848.3        856.6
    Operating income                                       15.5         15.0
    Net financing expense                                 (30.4)       (15.9)
    Results from investments in associates                 (0.2)        (0.1)
    Loss before income taxes                              (15.1)        (1.0)
    Income taxes                                            0.2          0.3
    Loss for the period from continuing
    operations                                            (14.9)        (1.3)
    Loss from discontinued operations                         -         (6.4)
    Loss for the period                                   (14.9)        (7.7)
    Attributable to:
    Minority interests                                      0.3         (0.1)
    Shareholders/Predecessor net investment               (15.2)        (7.6)
    Loss for the period                                   (14.9)        (7.7)
    CONDENSED CONSOLIDATED AND COMBINED BALANCE SHEETS
    (Unaudited)
    in EUR millions
                                                  March 31,      December 31,
                                                     2007             2006
    Non-current assets                               1,599.2        1,647.3
    Current assets                                   1,091.4        1,113.6
    Assets classified as held for sale                   0.2              -
    Total assets                                     2,690.8        2,760.9
    Attributable to equity holders of the parent       270.2          285.6
    Minority interest                                   33.5           33.2
    Group equity                                       303.7          318.8
    Non-current liabilities                          1,534.2        1,548.6
    Current liabilities                                852.9          893.5
    Liabilities related to assets classified as
    held for sale                                          -              -
    Total equity and liabilities                     2,690.8        2,760.9
    CONDENSED CONSOLIDATED AND COMBINED CASH FLOW STATEMENTS
    (Unaudited)
    in EUR millions
                                                     Quarter 1,    Quarter 1,
                                                        2007           2006
    Loss before income tax                               (15.1)         (1.0)
    Adjustments for:
    Depreciation, amortisation and impairments            29.7          20.0
    Result on sale of property, plant and
    equipment                                             (0.3)          1.0
    Investment income and results from
    investments in associates                             30.6          16.1
    Changes in working capital and provisions             12.1         (45.2)
    Interest paid                                        (10.5)         (2.9)
    Change in income taxes                                 2.3         (24.1)
    Other                                                  2.5           9.9
    Net cash from operating activities                    51.3         (26.2)
    Net cash used in investing activities                 14.4         (11.8)
    Net cash provided by financing activities            (51.5)         15.9
    Cash and cash equivalents at the beginning
    of the period                                        264.7          93.4
    Change in cash and cash equivalents                   14.2         (22.1)
    Foreign exchange                                      (0.1)            -
    Cash and cash equivalents at the end of the
    period                                               278.8          71.3
    CONDENSED CONSOLIDATED AND COMBINED STATEMENTS OF CHANGES IN GROUP EQUITY
    (Unaudited)
    in EUR millions
                                                       Quarter 1,
                                                          2007
    Group equity at December 31, 2006                     318.8
    Issuances                                                 -
    Results for the period                                (14.9)
    Currency translation adjustments                       (0.2)
    Group equity at March 31, 2007                        303.7
    Attributable to equity holders of the parent          270.2
    Minority interest                                      33.5
    Group equity at March 31, 2007                        303.7
NOTES TO THE CONDENSED CONSOLIDATED AND COMBINED INTERIM FINANCIAL
STATEMENTS
CEVA Group Plc (the "Company") is a company incorporated in the
United Kingdom on August 9, 2006, with bond securities registered on
the Alternative Securities Market of the Irish Stock Exchange since
December 6, 2006. On November 4, 2006 the Company acquired the
logistics business from TNT N.V.
The financial report of the Company for Q1 2007 comprises the
Company and its subsidiaries (together referred to as the "Group")
and the Company's interest in associates.
ACCOUNTING POLICIES
The accounting policies are consistent with those applied in the
Annual Report 2006 of CEVA Group Plc.
Comparative figures are pro forma on a combined basis.
FORWARD-LOOKING STATEMENTS NOTICE
Some statements in this press release are "forward-looking
statements" within the meaning of U.S. federal securities laws. We
intend that these statements be covered by the safe harbors created
under these laws. By their nature, forward-looking statements involve
risk and uncertainty because they relate to events and depend on
circumstances that will occur in the future. These forward-looking
statements involve known and unknown risks, uncertainties and other
factors that are outside of our control and impossible to predict and
may cause actual results to differ materially from any future results
expressed or implied. These forward-looking statements are based on
current expectations, estimates, forecasts, analyses and projections
about the industries in which we operate and management's beliefs and
assumptions about future events. In addition to the assumptions
specifically mentioned in this press release, important factors that
could cause actual results to differ materially from those expressed
or implied include, but are not limited to, the results and the
timing of the conclusion of our tax investigations and our
discussions or disagreements with other tax authorities and the other
factors discussed in our annual report. Given these uncertainties, no
assurance can be given as to our future results and achievements. You
are cautioned not to put undue reliance on these forward-looking
statements, which only speak as of the date of this press release and
are neither predictions nor guarantees of future events or
circumstances. We do not undertake any obligation to release publicly
any revisions to these forward-looking statements to reflect events
or circumstances after the date of this press release or to reflect
the occurrence of unanticipated events, except as may be required
under applicable securities laws.

Contact:

For further information, please contact: CEVA Logistics, Mr Paul
Kwakkenbos, Marketing & Communications Director, Tel +31-612-059086,
Fax +31-20-500-6217, Email: paul.kwakkenbos@cevalogistics.com

Weitere Storys: CEVA Logistics
Weitere Storys: CEVA Logistics