CEVA Logistics AG - Investor Call Third Quarter/First 9 Months 2018 - 13 November 2018
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
CEVA Logistics AG – Investor Call
Third Quarter/First 9 Months 2018
13 November 2018
1 CEVA Logistics AG – Q3 2018
Highlights Third Quarter of 2018
Revenue up 4.7% year on year in constant currency
FM growth +6.8% in constant currency, with good Ocean volumes and flat in Air
CL growth +2.8% in constant currency
Adjusted EBITDA down US$30 million in Q3 / Q3 EBITDA negatively impacted by
Italy CL (US$ -26 million) out of which US$20 million one-time provisions
Progress on many strategic initiatives / Excellence & cost-saving programs
intensified
Strong new business momentum
Broadening of CMA CGM partnership
2 CEVA Logistics AG – Q3 2018
Highlights First Nine Months of 2018
Revenue up 5% year on year in constant currency
- FM growth +6.9% in constant currency,
- CL growth +3.4% in constant currency,
Adjusted EBITDA down US$8 million year on year, in constant currency
EBITDA negatively impacted by Italy CL (US$ -42 million)
Strong new business momentum
Refinancing now complete
3 CEVA Logistics AG – Q3 2018
Strengthened Partnership with CMA-CGM
CEVA Logistics broadens strategic partnership with CMA CGM
CEVA Logistics and CMA CGM have agreed that
CEVA Logistics will remain a listed company with an
arm's length business relationship with CMA CGM
Partnership with CMA CGM opening more
opportunities than expected
Synergies between CEVA and CMA CGM under
review, new medium-term guidance to be
disclosed
CMA CGM will offer to CEVA Logistics' shareholders
wishing to exit their investment in CEVA Logistics to
purchase their shares for CHF 30.00 per share
4 CEVA Logistics AG – Q3 2018 The photo is credited to CMA CGM
Agenda
1 Business Update and Strategic Progress
2 Q3/9M 2018 Financial Results
3 Outlook
5 CEVA Logistics AG – Q3 2018
Business Development Momentum
Investments in Sales, e.g. headcount increase by 10%, to accelerate sustainable
growth in strategic geographies and segments
Continued strong momentum across all business lines
New Business wins up nearly 8% YTD across all Freight Management products,
with highest growth in Ocean, and in Contract Logistics
Significant new contracts and extensions won in Q3:
- Several >US$10 million new Air and Ocean freight contracts in Technology
and Automotive and >US$10 million new contracts in Contract Logistics in
Automotive, Healthcare, Consumer & Retail
6 CEVA Logistics AG – Q3 2018
Business line overview: Freight Management
Q3 Highlights
Air
Overall flat volumes with strong performance on Intra Asia and
Far East westbound trade lanes
Further productivity improvements resulting in a 6.6%
improvement in Files/Operator ratio during the first nine months
Ocean
Good volumes with significant growth out of India, Middle East
and Southeast Asia
Productivity gains through increased focus and standardization:
Key Figures Files/Operator ratio improved by 5.4% in the first nine months
Q3 2018 YoY %
(in US$ m unless otherwise stated)
Ground
Air tons (‘000) 123 -0.2%
North America driver shortage resulting in approx. 25% rise YoY
Air NR/t (US$) 656 -0.2% in cost per mile for independent contractors
Ocean TEUs (‘000) 204 +6.3% Cost increase not fully mitigated by price increases and creating
Ocean NR/TEU (US$) 262 -7.1% a US$3 million impact on EBITDA
Revenue 881 +6.8%* Other FM
EBITDA 22 -12.0%* Improved performance in US VAS (US$7 million improvement
YTD in EBITDA)
EBITDA Margin 2.5% -50bps*
* At constant FX
7 CEVA Logistics AG – Q3 2018
Quarterly Air and Ocean Volume and Yield Development
Air export volumes (t) quarterly growth (YoY, in %) Yield: Net Revenue/t (US$)
15,6 772
11,8 657 711 656
10,2 641 626
1,6 ~2%
-1,3 -0,2
Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18 Market Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18
Q3 18*
Volumes (thousand t)
121.8 122.9 129.6 107.3 120.2 122.6
Ocean volumes (TEU) quarterly growth (YoY, in %) Yield: Net Revenue/TEU (US$)
289 282 266 285 274 262
6,9 8,5 8,3
6,3
3,5 2,8 2-3%
Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18 Market Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18
Q3 18*
Volumes (thousand TEU)
180.0 192.4 189.1 181.6 194.9 204.5
* Company’s estimate
8 CEVA Logistics AG – Q3 2018
Update on Tariffs
US-China trade for CEVA (combined east-and-westbound) represents 14% of Air &
Ocean revenues
The contemplated tariff increase on US$200 billion of goods should not affect
more than 13% of our business in the US-China trade lane, driven in particular by
Consumer & Retail
Switching procurement from China to alternative countries in Southeast Asia (e.g.
Vietnam, Cambodia, Myanmar, Thailand) will likely shift volumes over time from
CEVA China to CEVA operations in those countries
Internal consumption in China affected
Base: H1 2018 revenues
9 CEVA Logistics AG – Q3 2018
Business line overview: Contract Logistics
Q3 Highlights
Good volumes across existing contract portfolio and
implemented new businesses, e.g., Consumer, Retail,
e-commerce and Healthcare
Productivity improvements across contracts and
clusters, continued productivity gains at focus
contracts:
- 50% of low margin contracts (out of 110 contracts in
total) already terminated, repriced or improved
- Focus contracts EBITDA improved by 30 bps in Q3 YoY
104 customers live on WMS Express and Standard
(Matrix OFS solution). Additional 20% customer rollout
Key Figures as reported
Q3 2018 YoY %
expected by end of 2018
(in US$ m)
Italy continued to be challenging (US$26 million
Revenue 929 +2.8%*
impact, including US$20 million one-time provisions)
EBITDA 7 -82.5%*
More new contract start-up costs
EBITDA Margin 0.8% -360bps*
* At constant FX
10 CEVA Logistics AG – Q3 2018Focus on Italy
Two contracts with significant issues (incl. change of business scope, higher
operating costs)
A local partner company (cooperativa) went bankrupt.
The negative impact of these items is as follows:
EBITDA impacts (in US$ m) Q3 2018 9M 2018
Provision for onerous contracts (16) (26)
Trading losses and additional labour costs (6) (12)
Provision for risk/ bankrupt partner (4) (4)
Total (26) (42)
Plan to address these issues being implemented
11 CEVA Logistics AG – Q3 2018Anji CEVA Business Performance
Revenues up 17.6% in 9M 2018 in constant currency to US$1,069 million
- Automotive Division: Revenue up 15.7% in constant currency
- Non-Automotive Division gathering pace: significant new business activity
and strong pipeline. Non-Automotive diversification underway
YTD EBITDA reached US$99 million, including a gain from a fixed asset disposal of
US$28 million in Q3 2018 (CEVA’s share US$14 million). In Q3 2017, there was a
gain of US$12 million (CEVA’s share US$6 million).
12 CEVA Logistics AG – Q3 2018Agenda
1 Business Update and Strategic Progress
2 Q3/9M 2018 Financial Results
3 Outlook
13 CEVA Logistics AG – Q3 2018Key figures
Quarter Ending Delta 9 Months Ending Delta
30 September 2018 at constant FX 30 September 2018 at constant FX
Q3 2018 (%/US$ 9M 2018 (%/US$
(US$ million) million) (US$ million) million)
Revenue 1,810 +4.7% Revenue 5,448 +5.0%
EBITDA1 29 -55.4% EBITDA1 148 -11.9%
EBITDA Margin 1.6% -220bps EBITDA Margin 2.7% -50bps
Underlying EBITDA, excluding Italy CL issues was:
- US$ 55 million in Q3
- US$190 million for the first nine months
1 Before specific items and Share-Based Compensation (SBC)
14 CEVA Logistics AG – Q3 2018Group P&L
All figures above EBITDA are before specific items and SBC1
Comments
9 Months Ending 9M 2018 9M 2017 Delta Delta at
30 September 2018 Strong revenue growth in both
constant FX
(US$ million) (US$ million) (%/US$ (%/US$
FM and CL vs. the same period
million) million) in 2017
Revenue 5,448 5,099 +6.8% +5.0% Specific Items: higher due to
IPO (+US$19 million) / SBC
Net Revenue 2,721 2,571 +5.8% +3.7%
(+US$7 million) whilst
Operating Expenses (2,573) (2,398) restructuring cost much
EBITDA before specific items & SBC 148 173 -14.5% -11.9% reduced (US$ -12 million)
EBITDA Margin 2.7% 3.4% -70bps -50bps D&A : accelerated amortization
Specific items and SBC (51) (31) (20) (20) of acquisition intangibles,
higher capex
Depreciation & Amortization (96) (83) (13) (10)
Net Finance Expense still mostly
Net Finance Expense (199) (170) (29) (31)
reflects pre IPO capital
Net Result from joint venture 25 15 10 10 structure before the refinancing
Tax (25) (28) 3 in August 2018 – also includes
US$56 million IPO/ Refinancing
Net Income (198) (124) (74)
one-time costs
Share in Anji-CEVA EBITDA 50 36 14
FX impact related to translation
Adjusted EBITDA2 198 209 -5.3% -3.9% of BRL and TRY mainly in Q3,
but < US$3 million in 9M 2018.
1 SBC: Share-Based Compensation
2 Adjusted EBITDA includes the Group’s share of EBITDA from the Anji-CEVA joint venture, and excludes specific items and SBC
15 CEVA Logistics AG – Q3 2018Results Freight Management
Quarter ending Delta
30 September 2018 Delta at constant FX
Q3 2018 Q3 2017 ( %/US$ ( %/US$
(US$ million) (US$ million) million) million)
Revenue 881 840 4.9% +6.8%
Net Revenue 225 224 +0.4% +3.2%
Operating Expenses (203) (198) +2.5% +4.1%
EBITDA1 22 26 -4 -3
EBITDA Margin 2.5% 3.1% -60bps -50bps
9 Months Ending Delta
30 September 2018 Delta at constant FX
9M 2018 9M 2017 ( %/US$ ( %/US$
(US$ million) (US$ million) million) million)
Revenue 2,537 2,331 +8.8% +6.9%
Net Revenue 679 644 +5.4% +4.0%
Operating Expenses (615) (588) +4.6% +2.8%
EBITDA1 64 56 8 9
EBITDA Margin 2.5% 2.4% +10bps +20bps
1 Before specific items and Share-Based Compensation (SBC)
16 CEVA Logistics AG – Q3 2018Revenue of Air, Ocean and other FM – Q3 and 9M 2018
Revenue of FM Products
YoY Growth
Quarter ending
Q3 2018 YoY Growth at constant FX
30 September 2018
(US$ million) ( %) ( %)
Air 374 +7.5% +9.5%
Ocean 271 +3.4% +5.0%
Other FM 236 +2.6% +4.3%
Revenue of FM Products YoY Growth
9 Months Ending 9M 2018 YoY Growth at constant FX
30 September 2018 (US$ million) ( %) ( %)
Air 1,074 +12.5% +9.8%
Ocean 774 +8.4% +5.6%
Other FM 689 +4.0% +4.2%
17 CEVA Logistics AG – Q3 2018Results Contract Logistics
Comments
Quarter ending Delta
30 September 2018 Delta at constant FX
Italy CL significantly impacting
Q3 2018 Q3 2017 ( %/US$ ( %/US$ Q3 numbers.
(US$ million) (US$ million) million) million) Underlying EBITDA, excluding
Revenue 929 942 -1.4% +2.8% Italy issues was US$33 million in
Net Revenue 656 657 -0.2% +2.8% Q3 2018 and US$126 million for
9M 2018.
Operating Expenses (649) (614) +5.9% +8.5%
EBITDA1 7 43 -36 -33
EBITDA Margin 0.8% 4.6% -380bps -360bps
9 Months Ending Delta
30 September 2018 Delta at constant FX
9M 2018 9M 2017 ( %/US$ ( %/US$
(US$ million) (US$ million) million) million)
Revenue 2,911 2,768 +5.2% +3.4%
Net Revenue 2,042 1,928 +5.9% +3.5%
Operating Expenses (1,958) (1,811) +8.1% +5.3%
EBITDA1 84 117 -33 -29
EBITDA Margin 2.9% 4.2% -130bps -110bps
1 Before specific items and Share-Based Compensation (SBC)
18 CEVA Logistics AG – Q3 2018Results Anji-CEVA – not consolidated
Comments
Quarter ending
Delta Strong revenue growth from
30 September 2018
Q3 2018 Q3 2017 at constant FX
existing contracts, new
(US$ million) (US$ million) ( %/US$ million)
implementations and transfer
Revenue 336 331 2.1% of CEVA China CL business (July
EBITDA 52 33 18 2017)
EBITDA Margin 15.5% 10% +520bps US$28 million gain from
Net Income 46 26 19 property sale in Q3 in total (for
100%) compared with US$12
CEVA’s share of EBITDA 26 16 9
million in 2017 (for 100%)
9 Months Ending Delta
30 September 2018 9M 2018 9M 2017 at constant FX
(US$ million) (US$ million) ( %/US$ million)
Revenue 1,069 870 +17.6%
EBITDA 99 73 23
EBITDA Margin 9.3% 8.4% +90bps
Net Income 58 37 20
CEVA’s share of EBITDA 50 36 12
19 CEVA Logistics AG – Q3 2018Specific Items affecting EBITDA
Comments
9 Months Ending
30 September 2018 Much lower restructuring cost
9M 2018 9M 2017
(US$ million) (US$ million) compared to prior year
Restructuring 10 22 Litigation in PY benefitted from
Litigation & legacy tax 6 (2) a US$10 million cargo claim
compensation and in 2018, this
Other 2 4
mainly includes a claim in South
Sub-Total excl. IPO/ Refinancing 18 24 America
Share-based compensation cost
IPO and refinancing costs affecting EBITDA 19 - increase reflects one-time
option grants issued in relation
Share-based compensation 14 7
to IPO
20 CEVA Logistics AG – Q3 2018Net Working Capital
NWC development impacted particularly NWC Evolution (end of period)
by US$ million
Q1 Q2 Q3 Q4
- Increase of Receivables due to lower 0
(0.4)%
factoring primarily in Italy and (50) (1.1)%
(1.2)%
Turkey (100)
(1.7)%
(1.8)% (2.2)%
- Payables lower than year end (150) (2.4)%
(2.0)% (2.7)%
Continued focus on underlying structural (200)
(2.4)%
improvements, e.g. since year end (250)
(3.6)%
- Customer terms improved by 1 day (300)
2018 2017 2016
- Supplier payment terms increased as % of LTM as % of LTM as % of LTM
Revenue
Revenue Revenue
by 2 days
21 CEVA Logistics AG – Q3 2018Cash Flow
9M 2018 9M 2017 Delta Comments
(US$ million) (US$ million) (US$ million)
Operating cash flow is impacted
EBITDA 97 142 (45)
by US$7 million of paid costs
Gain on disposal of PP&E 0 (1) 1 relating to the IPO and
Retirement Benefit Obligations (5) (2) (3) Refinancing
Provisions 16 (1) 15 Working Capital change due to
comparative, growth, lower non
Change in working capital (135) (55) (80)
recourse factoring in Italy and
Other (4) 3 (7) Turkey and earlier payment
SBC 14 7 7 terms, e.g., US payroll
Operating cash flow (17) 93 (110) Finance expense increased due
to higher debt in H1 and rates
Net finance expenses (160) (119) (41)
as well as a US$32 million
Tax (21) (27) 6 impact from the IPO and
Divestments 0 0 0 Refinancing
Capital expenditure (80) (75) (5)
Dividends received 0 0 0
Free cash flow (278) (128) (150)
Proceeds from sale of PP&E 2 3 (1)
Net Fund movement (276) (125) (151)
22 CEVA Logistics AG – Q3 2018$1.4bn Refinancing Completed
We have repaid significant debt with proceeds from IPO
Comprehensive refinancing completed including
- US$475 million Term Loan
- €300 million Notes,
- US$585 million Revolver and ancillary facility1
Key benefits from new facilities
Higher flexibility to pursue strategy; public company style covenants
Longer maturities – 5-7 year tenor
Enhanced liquidity
Much lower interest cost
US$100 million reduction in finance expenses confirmed, on a full-year basis
1 c.US$180 million for guarantees
23 CEVA Logistics AG – Q3 2018Refinancing Q3 2018
New Facilities Amount Currency Maturity Rates
(US$ equivalent)
L+3.75%
Term Loan B 475 USD 2025
(leverage step down to L+3.50%)
350
Notes EUR 2025 5.25%
(EUR 300)
Revolving Credit and
585 multi currency 2023 L+2.375%
Ancillary Facility
Refinancing of 9% PIK Notes (US$438 million), Term Loans (c.US$584 million) and Revolver (US$250
million) completed 3 August 2018
Ancillary Facilities within the Revolver primarily used for guarantees (c.US$180 million)
Hedging
In October 2018, CEVA entered into interest rate hedging contracts to fix the interest rate on the
majority of its floating rate debt for a period of 5 years
Entered into a 3-year cross-currency swap of US$150 million principal debt from USD to EUR
24 CEVA Logistics AG – Q3 2018Agenda
1 Business Update and Strategic Progress
2 Q3/9M 2018 Financial Results
3 Outlook
25 CEVA Logistics AG – Q3 2018CEVA Strategic Targets*
EBITDA
Margin1 3.3% > 4.0%
Margin Improvement Initiatives
Freight Management
1 Narrow Air & Ocean productivity gap with
peers ( process improvement and technology)
2 Improve Net revenue : procurement, pricing
US$280 M
3 Strengthen Ocean and grow through solutions
4 Address low margin/loss-making operations
FM Margin: 2.3% to c.3.5%
Contract Logistics
CL Margin: 4.1% to 4.5% – 5.0%
1 Improve performance on focus contracts
2 Address low margin contracts and sites
3 Win new business more effectively/
Adj. EBITDA Growth FM Margin2 CL Margin2 Anji JV Adj. EBITDA
standardized solutions
FY 17A Target 4 Commercial acumen (discipline in pricing,
Medium capital employed)
Contribution to EBITDA improvement – illustrative Term
* Set at IPO, excluding any additional benefits from the closer cooperation with CMA CGM
1 EBITDA margin excludes share of Anji-CEVA JV EBITDA and is before specific items and Share-Based Compensation (SBC)
2 Including SG&A
26 CEVA Logistics AG – Q3 2018Outlook
Confirming medium-term EBITDA margin target of 4%
and growth above market resulting in US$100 million
adjusted EBITDA improvement, excluding any
additional benefits from the closer cooperation with
CMA CGM
CL operations in Italy expected to be fixed in the next
few months
Strong productivity momentum and process
improvement have a high priority
New sales organization delivering strong returns
27 CEVA Logistics AG – Q3 2018Wrap-Up
CEVA continues to deliver productivity and to execute
on its medium-term plan
Q3 excluding Italy CL was broadly in line with
management expectations
CEVA is on track to deliver its medium-term ambition
CMA CGM partnership will provide more upside.
28 CEVA Logistics AG – Q3 2018Appendix
Balance sheet
All figures in actual currency
US$ million 30.09.2018 30.09.2017 US$ million 30.09.2018 30.09.2017
Assets Liabilities and equity
Property, plant and equipment 167 168
Equity (parent company) 271 (625)
Goodwill 1,325 1,333
Other intangibles 67 122 Non-controlling interests 2 3
Others 384 316 Total equity 273 (622)
Non-current assets 1,943 1,939 Non-current liabilities 1,883 2,475
Trade receivables 1,163 1,061 Trade and other payables 1,394 1,391
Cash and cash equivalents 368 261 Borrowings 32 184
Others 240 251 Others 132 84
Current assets 1,771 1,573 Current liabilities 1,558 1,659
Total assets 3,714 3,512 Total liabilities and equity 3,714 3,512
30 CEVA Logistics AG – Q3 2018Debt maturity profile
All figures in US$ million at actual Fx rates
Drawn Facilities Undrawn Facilities
17 167
823
393 360
2018 2019 2020* 2021 2022 2023** 2024 2025
* Includes only ABL facilities. Refinancing of ABL facilities underway, maturities of all ABL facilities will be extended after the refinancing
** Includes ancillary facilities of up to USD 250 million
31 CEVA Logistics AG – Q3 2018Quarterly financial performance – actual currency
2017 figures in actual currency
2018 (US$ million) 2017 (US$ million) Delta (%)
Q1 Q2 Q3 Q4 YTD Q1 Q2 Q3 Q4 YTD Q1 Q2 Q3 Q4 YTD
Freight Management
Revenue 803 853 881 - 2,537 702 789 840 - 2,331 14.4 8.1 4.9 - 8.8
Net Revenue 224 230 225 - 679 203 216 224 - 643 10.3 6.5 0.4 - 5.6
EBITDA1 15 27 22 - 64 10 20 26 - 56 50.0 35.0 -15.4 - 14.3
Contract Logistics
Revenue 987 995 929 - 2,911 894 932 942 - 2,768 10.4 6.8 -1.4 - 5.2
Net Revenue 691 695 656 - 2,042 624 647 657 - 1,928 10.8 7.4 -0.2 - 5.9
EBITDA1 38 39 7 - 84 35 39 43 - 117 8.6 0.0 -83.7 - -28.2
Group
Revenue 1,790 1,848 1,810 - 5,448 1,596 1,721 1,782 - 5,099 12.2 7.4 1.6 - 6.8
Net Revenue 915 925 881 - 2,721 827 863 881 - 2,571 10.7 7.2 0 - 5.8
EBITDA1 53 66 29 - 148 45 59 69 - 173 17.8 11.9 -58.0 - -14.5
Adjusted
66 77 55 - 198 54 70 85 - 209 22.2 10.0 -35.3 - -5.3
EBITDA2
1 Excluding specific items and share-based compensation
2 Adjusted EBITDA includes the Group’s share of Anji-CEVA but excludes specific items and share-based compensation
32 CEVA Logistics AG – Q3 2018Quarterly financial performance – Constant 2018 currency
2017 figures in constant currency
2018 (US$ million) 2017 (US$ million) Delta (%)
Q1 Q2 Q3 Q4 YTD Q1 Q2 Q3 Q4 YTD Q1 Q2 Q3 Q4 YTD
Freight Management
Revenue 803 853 881 - 2,537 739 809 825 - 2,373 8.7 5.4 6.8 - 6.9
Net Revenue 224 230 225 - 679 212 223 218 - 653 5.7 3.1 3.2 - 4.0
EBITDA1 15 27 22 - 64 10 20 25 - 55 50.0 35.0 -12.0 - 16.4
Contract Logistics
Revenue 987 995 929 - 2,911 960 950 904 - 2,814 2.8 4.7 2.8 - 3.4
Net Revenue 691 695 656 - 2,042 671 663 638 - 1,972 3.0 4.8 2.8 - 3.5
EBITDA1 38 39 7 - 84 35 38 40 - 113 8.6 2.6 -82.5 - -25.7
Group
Revenue 1,790 1,848 1,810 - 5,448 1,699 1,759 1,729 - 5,187 5.4 5.1 4.7 - 5.0
Net Revenue 915 925 881 - 2,721 883 886 856 - 2,625 3.6 4.4 2.9 - 3.7
EBITDA1 53 66 29 - 148 45 58 65 - 168 17.8 13.8 -55.4 - -11.9
Adjusted
66 77 55 - 198 55 69 82 - 206 20.0 11.6 -32.9 - -3.9
EBITDA2
1 Excluding specific items and share-based compensation
2 Adjusted EBITDA includes the Group’s share of Anji-CEVA but excludes specific items and share-based compensation
33 CEVA Logistics AG – Q3 2018Safe harbor statement
This news release contains specific forward-looking statements. These forward-looking statements include, but are not
limited to, discussions regarding the proposed private offering of the Notes described above, its guidance for 2018 and
beyond, discussions regarding industry outlook, CEVA's expectations regarding the performance of its business or joint
ventures, its liquidity and capital resources, and other non-historical statements. These statements can be identified by the
use of words such as "believes" "anticipates," "expects," "intends," "plans," "continues," "estimates," "predicts," "projects,"
"forecasts," and similar expressions. All forward-looking statements are based on management's current expectations and
beliefs only as of the date of this news release and, in addition to the assumptions specifically mentioned in the above
paragraphs, there are a number of factors that could cause actual results and developments to differ materially from those
expressed or implied by these forward-looking statements, including the effect of local and national economic, credit and
capital market conditions, a downturn in the industries in which we operate (including the automotive industry and the air
freight business), risks associated with CEVA's global operations, fluctuations and increases in fuel prices, CEVA's substantial
indebtedness, restrictions contained in its debt agreements and risks that it will be unable to compete effectively. Further
information concerning CEVA and its business, including factors that potentially could materially affect CEVA's financial
results, is contained in the annual and quarterly reports of CEVA Logistics AG (and its predecessor CEVA Holdings LLC),
available on the Company's website, which investors are strongly encouraged to review. Should one or more of these risks or
uncertainties materialise or the consequences of such a development worsen, or should underlying assumptions prove
incorrect, actual outcomes may vary materially from those forecasted or expected. CEVA disclaims any intention or obligation
to update publicly or revise such statements, whether as a result of new information, future events or otherwise.
This presentation includes certain non-GAAP financial information. Because not all companies calculate non-IFRS financial
information identically (or at all), the presentations herein may not be comparable to other similarly titled measures used by
other companies. Further, such non-GAAP financial information of the Company should not be considered a substitute for the
information contained in the historical financial information of the Company, if any, prepared in accordance with IFRS
included herein.
34 CEVA Logistics AG – Q3 2018Contact Investors: Pierre Bénaich SVP Investor Relations pierre.benaich@cevalogistics.com +41 41 547 00 48 Media: Matthias Hochuli Group Head of Marketing and Communications matthias.hochuli@cevalogistics.com +41 41 547 00 52 35 CEVA Logistics AG – Q3 2018
You can also read
