CEVA Logistics AG has reported its results for the fourth quarter and full year ended 31 December 2018.
2018 was a year of structural changes including a major move towards deleveraging:
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Revenue growth of 5.2% in 2018 compared to previous year
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Adjusted EBITDA of US$260 million, including US$54 million of one-time costs
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Net debt down to US$1,192 million as of 31 December, 2018, representing a significant decrease of 43% compared to US$2,089 million a year earlier
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Strategic partnership launched with CMA CGM to boost CEVA’s growth and improve its profitability
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Launch of a friendly Public Tender Offer of CMA CGM on 12 February until 14 March, 2019 to fully settle around 17 April, 2019
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Confirmation of medium term financial targets
“CEVA finished the year with sound commercial performance in 2018. Margins have been impacted by one-time costs, in particular Contract Logistics in Italy. Looking ahead, we are confident in our ability to meet our enhanced medium-term targets with the support of our strategic partner CMA CGM. The organization is on track to accelerate its transformation and turnaround action plan in the next three years and beyond. Our expectations for 2021 are to exceed US$9 billion of revenue and reach an Adjusted EBITDA of US$470-490 million which corresponds to an EBITDA margin of 4.5 to 5%. A new chapter for CEVA is being written, together with our strategic partner," says Xavier Urbain, CEO of CEVA Logistics.
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Key Financials for Q4
(US$ million)
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Q4 2018
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Q4 2017
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Change YoY
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Change YoY constant FX
|
|
Revenue
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1,908
|
1,895
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+0.7%
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+6.6%
|
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EBITDA (a)
|
50
|
57
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-12.3%
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-5.7%
|
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EBITDA margin
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2.6%
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3.0%
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-40 bps
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-40 bps
|
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Adjusted EBITDA (b)
|
62
|
71
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-12.7%
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-6.1%
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Key Financials for full year
(US$ million)
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2018
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2017
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Change YoY
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Change YoY constant FX
|
|
Revenue
|
7,356
|
6,994
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+5.2%
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+5.4%
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EBITDA (a)
|
198
|
230
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-13.9%
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-10.4%
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EBITDA margin
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2.7%
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3.3%
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-60 bps
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-50 bps
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Adjusted EBITDA (b)
|
260
|
280
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-7.1%
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-4.4%
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Net Debt as of 31 Dec.
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1,192
|
2,089
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-43%
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(a) EBITDA excludes specific items and share-based compensation cost (SBC) in the table and in the whole document.
(b) Adjusted EBITDA includes the 50% share of the Anji-CEVA joint venture and excludes specific items and share-based compensation cost.