CEVA’s pro forma earnings up 56% in 2007
Kulik retires from CEVA
CEVA sets ambitious 10 billion euro sales target by 2010
CEVA Group plc today reported its first ever full-year results with pro forma earnings before interest, taxes, depreciation and amortization (EBITDA) for 2007 of 284.8 million euros ($419 million).
CEVA was created by New York-based private equity firm Apollo Management after the purchase of Dutch company TNT Logistics at the end of 2006, which it then followed up at the end of last year with the takeover of Houston’s Eagle Global Logistics (EGL).
The company said that if the merger had occurred on Jan. 1, 2006, the comparable EBITDA for 2006 would have been 182.5 million euros. On that basis, CEVA’s revenue in 2007 increased 4.5 percent to 6.29 billion euros ($9.26 billion) from 6.03 billion euros in 2006.
“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 Aug. 2, 2007, thus the full year performance of our business is not fully reflected,” said CEVA Chief Executive Officer John Pattullo.
Pattullo said TNT Logistics and EGL are “remarkably complementary” and reiterated the CEVA’s plan to achieve revenues of 10 billion euros by 2010.
“2007 was a year of significant achievement for CEVA,” he said. “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.'