a data base of global logistics industries - daily logistics news service

2010/05/21/(Fri)

CEVA Group plc, announces Quarter One, 2010 results [Forwarder]

Revenue of €1.49 billion showing solid year-on-year growth of 14.3%
EBITDA before specific items up 73.3%
Quarter One business wins stand at €484 million
Successful refinancing of over €1 billion of debt.
Hoofddorp, The Netherlands, 20 May 2010 – CEVA Logistics, one of the world’s leading supply chain companies, has today announced its Quarter One, 2010 financial results with solid revenue growth and ongoing business improvements.

“This is a robust start showing considerable year-on-year improvement, with clear evidence that our continued focus on business development, cash management and structural cost reduction is continuing to deliver results,” said John Pattullo, CEO, CEVA.

Three months ended 31 March 2010

Key Financials (actual exchange rates)

€ millions Q1 2010 Q1 2009 Growth
Revenue 1,488 1,302 14.3%
EBITDA before specific items1
52 30 73.3%


1 EBITDA excludes the impact of specific items which are significant non-recurring items such as restructuring and integration costs, rebranding costs and certain legal expenses.

Throughout the Quarter, we have seen revenue growth in our Contract Logistics operations with healthy growth in our retail, consumer and global automotive businesses.

EBITDA before specific items grew in part due to higher revenues and the continuation of our successful cost reduction program.

As stated at our Full Year 2009 results, the compression of freight management margins, which the industry experienced in Quarter Four of last year, has continued into 2010 as a result of a pickup in volumes coupled with constrained capacity. The impact on EBITDA has been mitigated through increased freight volumes, most notably originating in Asia Pacific.

We are maintaining our focus on strict cost management and cash flow. Net Working Capital (NWC) is a net minus €1 million at the end of this Quarter and CAPEX dropped to 1.2% of revenue, partly thanks to better asset utilization. In March this year, we successfully refinanced over €1 billion of debt previously maturing between 2014-2016, with the new debt due in 2018. This successful transformation of CEVA’s debt maturity profile has been achieved as a result of the continued support for CEVA in the capital markets. It is part of our ongoing strategy to actively manage our balance sheet and take reasonable opportunities to extend maturities and reduce our obligations as they arise.

In the first Quarter new business wins totaled €484 million with ongoing improvements in our share of business within the consumer, retail and technology sectors – this is directly in line with our 2010 Strategy of focusing on winning a greater share of these businesses.


Posted at 07:15

ページのトップへ ページのトップへ

広告

Twitter 

PHOTO

DHL supports relief efforts in Pakistan

DHL supports relief efforts in Pakistan

ICTSI Poland starts using MHC

ICTSI Poland starts using MHC

DHL provides extensive range of services for new air freight regulations

DHL provides extensive range of services for new air freight regulations

検索


カテゴリーリスト

最近の記事

リンク集

RSS1.0
powered by a-blog
Copyright (C) E-Logi.net All rights reserved.