Marco Nazarri joins throng of ex-Imperial managers to boost Duvenbeck Group
Freight forwarding veteran Marco Nazarri (above) has been appointed chief commercial officer (CCO) of German ...
By Alex Lennane
Troubled CEVA is burning $1.4m each day, according to its results for the first quarter, which could trigger another financial restructuring by the end of next year.
The forwarder’s headline results show improvement – a Q1 net profit of $3m, compared with a loss of $74m a year ago, and adjusted EBITDA up 15.7% in constant currency against a 5.3% drop in revenues to $1.56bn.
However, its cash position is getting considerably weaker.
Cash, and cash equivalents fell from $309m at the end of December to $192m ...
Comment on this article
Tom
May 05, 2016 at 6:46 amRevenue has been declining… very bad for Debt loaded co…not sure if they have right people selling
Alessandro Pasetti
May 05, 2016 at 12:38 pmIf you haven’t read the 1Q update, there’s also an interesting detail about an ABS deal arranged by two banks, which says a lot about how desperate CEVA is to raise cash and cash-like capital.
“Available headroom increased due to a €170 million Pan-European Asset Backed Securitization which closed on 25 March 2016 (“the
European ABS”). The European ABS is a two year commitment from two banks and is based on securitization of receivables from CEVA
companies in six European countries. As of 31 March 2016, availability under the new facility, which was not drawn, was approximately
US$146 million (€128 million).”
Ric
May 09, 2016 at 2:18 amnew management was portrayed as a selling machine… but it looks more like a convenient and connected management !? So far only cost cutting has been seen .. Used to be passionate and value driven people there …
yes , it does look desperate face lifting … Cost of capital is too high to compete for good long term quality projects as well…
Ale Pasetti
May 12, 2016 at 4:47 amAgreed, Ric. I expect a deal over the next 12 months for parts of Ceva.