CEVA has reported its results for 2007 – a year that was marked by the merger of the former TNT Logistics business and EGL.
Before the merger in August 2007, CEVA operated as a pure-play contract logistics company, a result of its acquisition of TNT Logistics in November 2006. Since the merger, CEVA has offered integrated supply chain services through two service lines: Contract Logistics and Freight Management.
The merger of the Contract Logistics and Freight Management operations has been the key driver for major changes in CEVA’s financial results.
Proforma revenues (as if the merger occurred on January 1, 2006) were up 4.5% to €6.29 billion (2006: €6.03bn), with EBITDA up 56.1% to €284.8 million (2006: €182.5m). Adjusted EBITDA, relating mainly to M&A costs, was up 16.7% to €378.2 million (2006: €324.1m)
Almost 31% of the total revenue was generated by the Americas (€1.95bn). The balance was split between Northern Europe (25%), Asia-Pacific (23%) and Southern Europe (21%).
Including Freight Management from the date of acquisition, revenues were up 36.8% to €4.78 billion (2006: €3.49bn). EBITDA was up 238.9% to €263.7 million (2006L €77.8m), while adjusted EBITDA shows a 39.7% increase to €300.9 million (2006: €215.4m).
Contract Logistics accounted for 72.5% of the total revenue and 84.3% of EBITDA. This is attributed to a combination of new contracts and an increase in volumes on existing business across a number of regions.
The loss for the year ended December 31, 2007 increased to €195.1 million (2006: €99.8m), primarily due to the first time consolidation of Freight Management results, which includes a non-cash charge of €172.2 million relating to the partial amortisation of the EGL brand name.
CEVA CEO John Pattullo remarked that 2007 was a year of transformational change for the company, as well as a year of significant achievement. He added that 2008 will be an important year of delivery, and the company is confident that it will meet its goals for this year.
Before the merger in August 2007, CEVA operated as a pure-play contract logistics company, a result of its acquisition of TNT Logistics in November 2006. Since the merger, CEVA has offered integrated supply chain services through two service lines: Contract Logistics and Freight Management.
The merger of the Contract Logistics and Freight Management operations has been the key driver for major changes in CEVA’s financial results.
Proforma revenues (as if the merger occurred on January 1, 2006) were up 4.5% to €6.29 billion (2006: €6.03bn), with EBITDA up 56.1% to €284.8 million (2006: €182.5m). Adjusted EBITDA, relating mainly to M&A costs, was up 16.7% to €378.2 million (2006: €324.1m)
Almost 31% of the total revenue was generated by the Americas (€1.95bn). The balance was split between Northern Europe (25%), Asia-Pacific (23%) and Southern Europe (21%).
Including Freight Management from the date of acquisition, revenues were up 36.8% to €4.78 billion (2006: €3.49bn). EBITDA was up 238.9% to €263.7 million (2006L €77.8m), while adjusted EBITDA shows a 39.7% increase to €300.9 million (2006: €215.4m).
Contract Logistics accounted for 72.5% of the total revenue and 84.3% of EBITDA. This is attributed to a combination of new contracts and an increase in volumes on existing business across a number of regions.
The loss for the year ended December 31, 2007 increased to €195.1 million (2006: €99.8m), primarily due to the first time consolidation of Freight Management results, which includes a non-cash charge of €172.2 million relating to the partial amortisation of the EGL brand name.
CEVA CEO John Pattullo remarked that 2007 was a year of transformational change for the company, as well as a year of significant achievement. He added that 2008 will be an important year of delivery, and the company is confident that it will meet its goals for this year.