CEVA Full Year 2007 Results
CEVA Group Plc released its 2007 Annual Report today. This report includes the following financial highlights:
- Growth in proforma revenues of 4.5% following merger of freight management and contract logistics
- Proforma EBITDA increased to €284.8 million from €182.5 million
- roforma Adjusted EBITDA improved to €378.2 million from €324.1 million
- Solid financing structure and cash position of €174.9 million
Proforma results in table below show the results of CEVA's Contract Logistics and Freight Management operations as if the merger occurred on the 1 January 2006:
| |
2007 |
2006 |
|
| Revenues |
€6,294.9m |
€6,026.0m |
4.5% |
| EBITDA |
€284.8m |
€182.5m |
56.1% |
| % revenues |
4.5% |
3.0% |
|
| Adjusted EBITDA* |
€378.2m |
€324.1m |
16.7% |
| % revenues |
6.0% |
5.4% |
|
*Adjustments in 2007 relate mainly to merger costs and in 2006 to the CEVA acquisition.
CEVA Group Plc delivered the following reported results, which includes Freight Management from the date of acquisition:
| |
2007 |
2006 |
|
| Revenues |
€4,781.1m |
€3,494.6m |
36.8% |
| EBITDA |
€263.7m |
€77.8m |
238.9% |
| % revenues |
5.5% |
2.2% |
|
| Adjusted EBITDA* |
€300.9m |
€215.4m |
39.7% |
| % revenues |
6.3% |
6.2% |
|
*Adjustments in 2007 relate mainly to merger costs and in 2006 to the CEVA acquisition.
The merger of our freight management and contract logistics operations is the key driver for major changes in our financial results. This merger was effective from 2 August 2007, thus the full year performance of our business is not fully reflected.
CEVA CEO John Pattullo commented:
"2007 was a year of transformational change for our young company as we combined the former contract logistics division of TNT with the US-based freight forwarder Eagle Global Logistics (EGL) to create a global supply chain Group.
TNT Logistics and EGL are remarkably complementary: TNT's contract logistics activities center primarily in Europe, while EGL's freight forwarding activities are based mainly in Asia Pacific and the Americas. EGL's strengths in the technology and retail/consumer sectors complement TNT's strong presence in the automotive industry. And, most importantly, the two cultures have proved very compatible - the process and quality orientation of TNT Logistics alongside the drive and customer focus of EGL form a powerful combination.
I am particularly pleased with our new leadership team which combines senior management from the two previous companies with talent recruited externally. Together, they bring a singular depth of experience from across the supply chain industry to the exciting challenge of building a world-class company.
Recently, we have developed and deployed a clear vision for CEVA: by 2010, we want to be the most admired company in the supply chain industry with revenues of ? 10 billion. We will not be the biggest, but we aim to become the best in our sector. To reach this ambitious goal, we will be guided by three strategic imperatives - Unity, Growth, and Excellence. By channeling all of our efforts in these three directions, we will be able to achieve substantial change quickly.
2007 was a year of significant achievement for CEVA. I believe we have taken strong first steps on our journey to creating a world-class supply chain company. We are, however, at the early stages of this journey, and 2008 will be an important year of delivery. I have every confidence that we will meet our goals for this year and will continue building CEVA into a role model for the supply chain industry."
Paula Satink
Tel: + 31 23 568 3492
Paula.Satink@cevalogistics.com