Alle Storys
Folgen
Keine Meldung von CEVA Logistics AG mehr verpassen.

23.07.2018 – 07:07

CEVA Logistics AG

EQS-Adhoc: CEVA Logistics Announces Preliminary Results for Second Quarter 2018


EQS Group-Ad-hoc: CEVA Logistics AG / Key word(s): Half Year Results
CEVA Logistics Announces Preliminary Results for Second Quarter 2018

23-Jul-2018 / 07:00 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 KR
The issuer is solely responsible for the content of this announcement.

--------------------------------------------------------------------------------
CEVA Logistics Announces Preliminary Results for Second Quarter 2018

Baar, Switzerland, 23 July 2018 - CEVA Logistics AG ("CEVA" or the "Group"), one
of the world's leading asset-light third-party logistics companies, announced
today preliminary results for the second quarter 2018 in the context of its
ongoing refinancing. These preliminary results are based on internal management
accounts and reflect CEVA's preliminary expectations for its results for the
period. The preliminary results have not been reviewed or audited by CEVA's
independent auditor.

Our business has continued to perform well in the second quarter ended 30 June
2018.

We expect revenue growth of approximately 7.3% versus the prior year comparable
period for the Group, with revenue increasing approximately 5.1% in constant
currency. Freight Management revenue growth is estimated at approximately 5.4%
while revenue growth in Contract Logistics has accelerated to approximately
4.7%, both in constant currency. Major industry sectors, including automotive,
continue to exhibit good growth.

We anticipate Adjusted EBITDA1for the second quarter to be approximately $77
million, an increase of approximately $7 million over the prior year comparable
period. This represents an EBITDA margin2of approximately 3.6%, up approximately
30 bps year on year in constant currency. We have made progress in our
productivity, cost reduction and other margin improvement initiatives.

For the first six months of 2018, Adjusted EBITDA is expected to be
approximately $143 million, $19 million higher year on year, with revenue growth
of approximately 5.2% in constant currency.

We expect net capex3to be approximately $47 million for the first six months of
2018 compared to $48 million in the prior year comparable period. We anticipate
net debt as of 30 June 2018 to be approximately $1,132 million compared to
$2,228 million as of 31 March 2018.

We have experienced limited impact on volumes from tariffs to date. Actually, we
have seen an acceleration of air volume growth in recent weeks. Our ongoing cost
reduction initiatives, we believe, will help us minimise any potential impact
from tariffs.

As part of its previously announced refinancing of the majority of its existing
debt facilites, CEVA has today also announced the launch of a private offering
of EUR300 million of senior secured notes due 2025 (the "Notes"). More details
regarding the private offering of the Notes can be found in a separate release.
This follows the prior launch of a private offering of $400 million of secured
term loan due 2025 and a $600 million new Revolving Credit and Ancillary
Facility due 2023. Subject to market conditions, the refinancing is expected to
complete early August.

In view of the ongoing refinancing, the publication of full financial results
for the second quarter 2018 has been brought forward; results will now be
released on 27 July 2018. A conference call will be held at 12pm CET.

To participate, please dial-in the following number:
Global: +31 20 341 82 49
Switzerland: +41 44 580 03 09
UK: +44 20 3365 3210
US: +1 (866) 349 6093

Ends

Notes to Editors:

1Adjusted EBITDA includes the Group's share of EBITDA from the Anji-CEVA joint
venture and excludes specific items and non-cash share based compensation

2 EBITDA margin is calculated based on the Group's EBITDA excluding the
Anji-CEVA joint venture, specific items and non-cash share based compensation
cost

3 Capital expenditure excluding finance leases additions

 

For additional information please contact:

Investors:
Pierre Bénaich
SVP Investor Relations
pierre.benaich@cevalogistics.com
+41 41 547 0048

Media:
David Urbach
SVP Corporate Development
david.urbach@cevalogistics.com
+41 799 333 083

Cathy Howe
Pilot Marketing
ch@pilotmarketing.co.uk
Tel: +44 (0)208 941 5381

CEVA - Making business flow
CEVA Logistics, a global asset-light third-party logistics company, designs and
operates industry leading supply-chain solutions for large and medium-size
national and multinational companies. Its integrated network in Freight
Management and Contract Logistics spans more than 160 countries. Approximately
56,000 employees are dedicated to delivering effective solutions across a
variety of industry sectors where CEVA applies its operational expertise to
provide best-in-class services. CEVA generated revenue of $7 billion and
adjusted EBITDA of $280 million in 2017. CEVA Logistics is listed on SIX Swiss
Exchange under ticker symbol CEVA. For more information, please
visitwww.cevalogistics.com.

Safe Harbor Statement:
This news release contains specific forward-looking statements. These
forward-looking statements include, but are not limited to, discussions
regarding the proposed refinancing described above, its guidance for 2018 and
beyond, discussions regarding industry outlook, CEVA's expectations regarding
the performance of its business or joint ventures, its liquidity and capital
resources, and other non-historical statements. These statements can be
identified by the use of words such as "believes" "anticipates," "expects,"
"intends," "plans," "continues," "estimates," "predicts," "projects,"
"forecasts," and similar expressions. All forward-looking statements are based
on management's current expectations and beliefs only as of the date of this
news release and, in addition to the assumptions specifically mentioned in the
above paragraphs, there are a number of factors that could cause actual results
and developments to differ materially from those expressed or implied by these
forward-looking statements, including the effect of local and national economic,
credit and capital market conditions, a downturn in the industries in which we
operate (including the automotive industry and the air freight business), risks
associated with CEVA's global operations, fluctuations and increases in fuel
prices, CEVA's substantial indebtedness, restrictions contained in its debt
agreements and risks that it will be unable to compete effectively. Further
information concerning CEVA and its business, including factors that potentially
could materially affect CEVA's financial results, is contained in the annual and
quarterly reports of CEVA Logistics AG (and its predecessor CEVA Holdings LLC),
available on the Company's website, which investors are strongly encouraged to
review. Should one or more of these risks or uncertainties materialise or the
consequences of such a development worsen, or should underlying assumptions
prove incorrect, actual outcomes may vary materially from those forecasted or
expected. CEVA disclaims any intention or obligation to update publicly or
revise such statements, whether as a result of new information, future events or
otherwise.

The information on estimated second quarter ended 30 June 2018 results is based
on internal management accounts and reflects CEVA's preliminary expectations for
its results for the period. These estimates have been prepared by management and
have not been reviewed or audited by an independent auditor. The estimates
should not be regarded as a representation or forecast by CEVA or any other
person regarding CEVA's results that will be reported for the second quarter
ended 30 June 2018 and investors should not place undue reliance on them. CEVA's
actual results could vary from these estimates and the differences could be
material.

Disclaimer:
The Notes have not been and will not be registered under the U.S. Securities Act
of 1933, as amended (the "Securities Act"), and may not be offered or sold in
the United States absent registration or an applicable exemption from, or in a
transaction not subject to, the registration requirements of the Securities Act.

The Notes will be offered and issued only (i) in the United States, to persons
who are "qualified institutional buyers" (as defined in Rule 144A under the
Securities Act) and (ii) outside the United States, to persons who are not "U.S.
persons" (as defined in Rule 902 under the Securities Act) in reliance on
Regulation S of the Securities Act other than retail investors in the European
Economic Area, whereby a retail investor is defined as a person who is one (or
more) of: (i) a retail client as defined in point (11) of Article 4(1) of
Directive 2014/65/EU, as amended; or (ii) a customer within the meaning of
Directive 2002/92/EC, as amended, where that customer would not qualify as a
professional client as defined in point (10) of Article 4(1) of MiFID II; or
(iii) not a qualified investor as defined in Directive 2003/71/EC, as amended.

This announcement is for information purposes only and shall not constitute an
offer to sell or the solicitation of an offer to buy the Notes and shall not
constitute an offer, solicitation or sale of any Notes in any jurisdiction in
which such offering, solicitation or sale would be unlawful. The Notes are not
being offered to potential purchasers in any jurisdiction in which the making or
acceptance thereof would not be in compliance with the securities, blue sky or
other laws of such jurisdiction. As regards the United Kingdom, this
announcement, and any other material related thereto, is being distributed for
information purposes only and its distribution is not, nor is it intended to be,
a communication of an invitation or inducement to engage in investment activity.
Without prejudice to the foregoing, this announcement and other material are
directed only at persons who: (i) fall within the definition of investment
professional under article 19(5) of the United Kingdom Financial Services and
Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Financial
Promotion Order"); or (ii) are high net-worth entities and other persons falling
within article 49(2)(a) to (e) of the Financial Promotion Order; or (iii) are
persons falling within article 43 of the Financial Promotion Order; or (iv) are
persons to whom an invitation or inducement to engage in investment activity
(within the meaning of section 21 of the Financial Services and Markets Act 2000
(as amended)) in connection with the issue or sale of any Notes may otherwise be
lawfully communicated or caused to be communicated (all such persons together
being referred to as "Relevant Persons"). This announcement is directed only at
Relevant Persons and must not be acted on or relied on by persons who are not
Relevant Persons. Any investment or investment activity to which this press
release relates is available only to Relevant Persons and will be engaged in
only with Relevant Persons.

This announcement is not a public offering or an offer of securities to the
public in any jurisdiction, including, but not limited to Switzerland or any
European Economic Area member state that has implemented Directive 2003/71/EC,
and any amendments thereto (together with any applicable implementing measures
in any member state).

MiFID II professionals/ECPs-only / No PRIIPs KID - Manufacturer target market
(MIFID II product governance) is eligible counterparties and professional
clients only (all distribution channels). No PRIIPs key information document
(KID) has been prepared as not available to retail in EEA.

--------------------------------------------------------------------------------
End of ad hoc announcement------------------------------------------------------

706825  23-Jul-2018 CET/CEST