Anzeige
Mehr »
Login
Donnerstag, 28.03.2024 Börsentäglich über 12.000 News von 687 internationalen Medien
Spezial am Donnerstag: Rallye II. - Neuer Anstoß, News und was die Börsencommunity jetzt nicht verpassen will…
Anzeige

Indizes

Kurs

%
News
24 h / 7 T
Aufrufe
7 Tage

Aktien

Kurs

%
News
24 h / 7 T
Aufrufe
7 Tage

Xetra-Orderbuch

Fonds

Kurs

%

Devisen

Kurs

%

Rohstoffe

Kurs

%

Themen

Kurs

%

Erweiterte Suche
Dow Jones News
157 Leser
Artikel bewerten:
(0)

EQS-Adhoc: CEVA Logistics AG: CEVA continues to deliver good results in Q1 2018

EQS Group-Ad-hoc: CEVA Logistics AG / Key word(s): Quarter Results 
CEVA Logistics AG: CEVA continues to deliver good results in Q1 2018 
 
15-May-2018 / 06:45 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 continues to deliver good results in Q1 2018 
=-- 
CEVA Logistics AG 
Results for the First Quarter ended 31 March 2018* 
 
- *Revenue up 5.4% year-on-year in constant currency* 
 
*- Adjusted EBITDA of $66 million, up $12 million year-on-year* 
 
*- EBITDA margins improved in both Freight Management and Contract Logistics* 
 
*- Successfully completed all-primary IPO on Swiss Stock Exchange and raised 
CHF 1.2 bn - deleveraging will unlock important growth and margin 
opportunities* 
 
*- Expect to repay and refinance majority of existing debt facilities in 
coming months* 
 
Baar, Switzerland, 15th May 2018 - CEVA Logistics AG, one of the leading 
asset-light third-party logistics companies, announced today its results for 
the quarter ended 31 March 2018. 
 
*Key Financials *Q1 2018 * *Q1 2017* *Change YoY *   *Change YoY 
*                                                   constant FX* 
($ million) 
*Revenue *           1,790     1,596         12.2%          5.4% 
*EBITDA *(a)            53        45         17.8%         17.8% 
*EBITDA margin        3.0%      2.8%        20 bps        40 bps 
* 
*Adjusted               66        54         22.2%         20.0% 
EBITDA *(b) 
 
(a) EBITDA excludes specific items and share-based compensation cost 
 
(b) Adjusted EBITDA includes the proportional contribution of the ANJI-CEVA 
joint venture and excludes specific items and share-based compensation cost 
 
"I am pleased to report another good quarterly result. Q1 2018 has shown once 
more that CEVA is delivering on its transformation with continued growth and 
consistent EBITDA improvement. We've seen good momentum and had several new 
business wins. We have further improved productivity and reduced cost" said 
Xavier Urbain, CEO of CEVA Logistics. "The successful IPO opens a new chapter 
for CEVA. The deleveraged balance sheet and the strategic investment by CMA 
CGM will create important growth opportunities. I am confident that we can 
further improve margins and deliver significant earnings growth in the years 
to come - our target is to improve Adjusted EBITDA by $100 million in the 
medium-term." 
 
*Freight Management* 
 
Revenue in Freight Management was $803 million in the first quarter of 2018, 
an increase of 14.4% year-on-year or 8.7% in constant currency on the basis of 
good volumes, new business wins and higher freight rates, notably in Air. 
 
Revenue in Air Freight was strong with an increase of 21.8% year-on-year. 
Volume growth at 1.6% was lower than in prior quarters reflecting the delayed 
onboarding of new business wins and certain contract losses. Yields (Net 
Revenue per ton), however, were up 17.1% year-on-year driven by better 
procurement and active margin management. 
 
Revenue in Ocean Freight increased by 13.8% year-on-year. Ocean Freight 
volumes have increased 8.5% with good growth in all key trade lanes and market 
share wins. Yields in Ocean (Net Revenue per TEU) were broadly flat. Revenue 
in our other Freight Management activities increased 6.3%. 
 
Freight Management EBITDA increased by $5 million or 50% to $15 million, 
supported by yield improvements, continued productivity increases and 
efficiencies. EBITDA margin improved by 50 basis points to 1.9% in the 
seasonally lowest quarter. 
 
*Contract Logistics* 
 
Revenue in Contract Logistics was $987 million, an increase of 10.4% or 2.8% 
in constant currency versus prior year. This reflects volume growth, new 
business wins and the termination of certain contracts and transfer of the 
Contract Logistics activities in China to the Anji-CEVA JV (as of July 2017). 
Growth was particularly strong in some of the European clusters, Latin America 
and South-East Asia. 
 
Contract Logistics EBITDA increased by $3 million to $38 million. The focused 
improvement initiatives at key operations are showing good results. EBITDA 
margin was 3.9%, an increase of 30 basis points in constant currency. 
 
The quarter has seen the implementation of major automotive and industrial 
contracts that will benefit the coming quarters as well as significant wins of 
e-commerce and consumer/retail contracts, notably in the US, Australia and 
Brazil. 
 
*Financial results* 
 
The first quarter 2018 shows the progress CEVA is making in its transformation 
with continued good revenue growth, improved EBITDA and cash flows - this is a 
continuation of the performance in the prior quarters and a good start to the 
year. The first quarter is seasonally the weakest quarter for CEVA in terms of 
revenue, profits, margins and cash flows. 
 
Revenue in the first quarter of 2018 was $1,790 million, up 12.2% versus prior 
year or 5.4% in constant currency. 
 
Adjusted EBITDA was $66 million up $12 million or 22% year on year. Reported 
EBITDA was $53 million up $8 million year on year. 
 
EBITDA margin was 3.0% in the first quarter, an improvement of 40 basis points 
in constant currency. Both Freight Management and Contract Logistics showed 
better margins. 
 
As a result of completing the IPO and concurrent private placement with CMA 
CMG Group on 8 May 2018, CEVA has significantly strengthened its financial 
position. 
 
*Repayment of Debt and Refinancing* 
 
Following the successful IPO on SIX Swiss Exchange, CEVA has initiated the 
process of repaying debt with the net proceeds from the IPO. 
 
CEVA has recently delivered redemption notices for the 7.0% First Lien Loan 
Senior Secured Notes due 2021, the 9.0% Senior Secured Notes due 2021 and the 
12.75% Senior Notes due 2020 which will be repaid in due course. The company 
has also repaid a portion of the indebtedness under its term loan and other 
facilities. 
 
CEVA expects Moody's and S&P Global to update the company's credit ratings in 
coming weeks, reflecting the improved financial position. 
 
Following such updates, CEVA plans to replace the majority of its remaining 
debt facilities through a comprehensive refinancing. It is expected that a new 
financing package will be comprised of term loans, bonds, revolver and/or 
asset backed facilities in USD and EUR. Subject to prevailing market rates, 
CEVA expects to lower average interest rate to c.4.5% compared to the current 
6.5%. CEVA intends to execute the refinancing plan in the coming months 
subject to market conditions. 
 
*Outlook* 
 
Management targets to grow revenue above market and to increase EBITDA margins 
from the 3.3% recorded in 2017 to at least 4.0% in the medium-term. This 
should translate into an additional $100 million in Adjusted EBITDA. 
 
For 2018, CEVA expects continued good volume and revenue growth in view of the 
sales momentum and recent business wins. The further productivity, cost 
savings and pricing initiatives pursued in Freight Management, Contract 
Logistics and SG&A are expected to support an increase in EBITDA margin in the 
year. Benefits from deleveraging are expected to already partially materialize 
this year. As such, management continues to believe that it can achieve for 
2018, assuming no change in market conditions, double-digit Adjusted EBITDA 
growth and positive free cash flow (normalized for IPO and refinancing cost). 
 
*Investor call* 
 
CEVA Logistics will hold an investor call and webcast today at 12.00 CET to 
present its first quarter 2018 results. 
 
To participate, please register under 
https://www.kpneventcall.nl/EventRegistration/892b5313-292b-4dd6-bad3-74b98b5a 
93c7 [1], where you will get dial-in details and a personal pin code to access 
the call. 
 
Webcast: https://www.kpnwebshow.nl/3fy5gm9k [2] 
 
*Documents* 
 
CEVA Logistics Q1 2018 report and presentation are available under: 
 
http://www.ir.cevalogistics.com/websites/ceva/English/3000/results-centre.html 
[3] 
 
The recording of the investor call will be available at the above address 
after the call. 
 
*-End-* 
 
Notes to Editors: 
 
1. The results for the first quarter 2018 are for CEVA Holdings LLC, the 
predecessor company to CEVA Logistics AG. On 3 May 2018, CEVA Holdings LLC 
legally merged with CEVA Logistics AG with CEVA Logistics AG being the 
surviving entity that then listed on the Swiss Stock Exchange. 
 
2. EBITDA excludes specific items and share-based compensation cost. Adjusted 
EBITDA includes the proportional contribution of the ANJI-CEVA joint venture 
and excludes specific items and share-based compensation cost. 
 
3. The 7.0% First Lien Loan Senior Secured Notes due 2021 will be redeemed on 
24 May 2018 at a redemption price of 101.75% of principal amount plus accrued 
and unpaid interest thereon to the redemption date; the 9.0% Senior Secured 
Notes due 2021 will be redeemed on 24 May 2018 at a redemption price of 
102.250% of principal amount plus accrued and unpaid interest thereon to the 
redemption date; and the 12.75% Senior Notes due 2020 will be redeemed on 13 
June 2018 at a redemption price of 100.00% of principal amount plus accrued 
and unpaid interest thereon to the redemption date; the 9.0% Senior Secured 
Notes due 2021 will be redeemed on 24 May 2018 at a redemption price of 
102.250% of principal amount plus accrued and unpaid interest thereon to the 
redemption date; and the 12.75% Senior Notes due 2020 will be redeemed on 13 
June 2018 at a redemption price of 100.00% of principal amount plus accrued 
and unpaid interest thereon to the redemption date. 
 
*For more information, please contact:* 
 
*Investors:* 
Pierre Benaich 
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 
 
Dynamics Group AG 
Thomas Balmer / Philippe Blangey 
tba@dynamicsgroup.ch / prb@dynamicsgroup.ch 
+41 43 268 32 32 
 
Pilot Marketing 
Derek Jones dj@pilotmarketing.co.uk 
Cathy Howe ch@pilotmarketing.co.uk 
London, UK 
+44 20 8941 5381 
 
*CEVA - Making business flow* 
CEVA Logistics, a leading global asset-light supply chain management company, 
designs and implements industry leading solutions for large and medium-size 
national and multinational companies. Approximately 56,000 employees in more 
than 160 countries are dedicated to delivering effective and robust 
supply-chain solutions across a variety of sectors where CEVA applies its 

(MORE TO FOLLOW) Dow Jones Newswires

May 15, 2018 00:45 ET (04:45 GMT)

operational expertise to provide best-in-class services across its integrated 
network. For more information, please visit www.cevalogistics.com [4]. 
 
SAFE HARBOR STATEMENT: 
This news release may contain forward-looking statements. These statements 
include, but are not limited to, discussions regarding industry outlook, the 
Company's expectations regarding the performance of its business or joint 
ventures, its liquidity and capital resources, its guidance for 2018 and 
beyond, and the 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 
press 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 the Company's global operations, 
fluctuations and increases in fuel prices, the Company's substantial 
indebtedness, restrictions contained in its debt agreements and risks that it 
will be unable to compete effectively. Further information concerning the 
Company and its business, including factors that potentially could materially 
affect the Company's financial results, is contained in the Company's annual 
and quarterly reports, available on the Company's website, which investors are 
strongly encouraged to review. Should one or more of these risks or 
uncertainties materialize 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. 
 
End of ad hoc announcement 
685751 15-May-2018 CET/CEST 
 
 
1: http://public-cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=2e70ac2208f419f63736705ebce953ce&application_id=685751&site_id=vwd&application_name=news 
2: http://public-cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=aa8f0755fdd7dc5b16e03db9d904cae6&application_id=685751&site_id=vwd&application_name=news 
3: http://public-cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=d855dd5ffbc893c0c75883e88452d38f&application_id=685751&site_id=vwd&application_name=news 
4: http://public-cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=7003b4a5222aa3f86bea6b061249e50c&application_id=685751&site_id=vwd&application_name=news 
 

(END) Dow Jones Newswires

May 15, 2018 00:45 ET (04:45 GMT)

Großer Dividenden-Report 2024 von Dr. Dennis Riedl
Der kostenlose Dividenden-Report zeigt ganz genau, wo Sie in diesem Jahr zuschlagen können. Das sind die Favoriten von Börsenprofi Dr. Dennis Riedl
Jetzt hier klicken
© 2018 Dow Jones News
Werbehinweise: Die Billigung des Basisprospekts durch die BaFin ist nicht als ihre Befürwortung der angebotenen Wertpapiere zu verstehen. Wir empfehlen Interessenten und potenziellen Anlegern den Basisprospekt und die Endgültigen Bedingungen zu lesen, bevor sie eine Anlageentscheidung treffen, um sich möglichst umfassend zu informieren, insbesondere über die potenziellen Risiken und Chancen des Wertpapiers. Sie sind im Begriff, ein Produkt zu erwerben, das nicht einfach ist und schwer zu verstehen sein kann.