CEVA currently expects Quarter One 2012 Adjusted EBITDA* to be approximately €24 million for Freight Management, €42 million for Contract Logistics and €66 million for the Group. Excluding the impact of the flooding in Thailand, which we estimate to have been approximately €4 million, performance would have been approximately flat year-on-year at €70 million (compared to €71 million in Quarter One 2011), despite the general softness in freight volumes experienced by the market in the quarter.
CEVA also expects to have total debt net of cash of approximately €2.33 billion at the end of Quarter One 2012, compared to €2.77 billion as of 31 December 2011. This reduction was driven by the refinancing that closed on 1 February 2012, which was previously disclosed. After quarter end, on 2 May 2012, CEVA refinanced its synthetic letter of credit facility due 2013 by increasing its existing tranche B term loan due 2016 by $150 million.
The preliminary financial information presented in this news release reflects current estimates and has not been reviewed or audited by our independent auditors, and is therefore subject to change.
Notes to Editors
*Adjusted EBITDA excludes the impact of specific items which are significant non-recurring items such as restructuring, integration costs, and certain legal expenses. Previously this measure of performance was called EBITDA before specific items.
For more information contact:
Group Communications Director, CEVA
+1 281 618 3292
CEVA – Making business flow
CEVA Logistics, one of the world’s leading non-asset based supply chain management companies, designs and implements industry leading solutions for large and medium-size national and multinational companies. Approximately 51,000 employees are dedicated to delivering effective and robust supply chain solutions across a variety of sectors and CEVA applies its operational expertise to provide best-in-class services across its integrated network, with a presence in over 170 countries. For the year ending 31 December 2011, the Group reported revenues of €6.9 billion. For more information, please visit www.cevalogistics.com