ceva circle

CMA CGM is now fully in control of Ceva, holding more than 98%, and is filing a claim to cancel any outstanding shares. 

Following yesterday’s AGM, Ceva announced management changes that will see chief executive Xaiver Urabin, who has turned around the business, become executive advisor to the new chairman, CMA CGM’s Rodolphe Saadé. 

Ceva’s new CEO will be group chief operating officer Nicolas Sartini, while Apollo-appointed Marvin Schlanger, who had a brief period as chief executive and chairman of Ceva, has not been re-elected to the board, marking the firm’s final move from its uncomfortable private equity-owned past. 

Ceva also announced its first-quarter results, which saw revenues take a 5% hit on negative currency moves. At constant currencies, revenues increased 1.1% to $1.7bn. Group ebitda was $134m in the first quarter 

Ceva said: “Ebitda continues to be negatively impacted by the performance of Contract Logistics in Italy, as the contract issues are in the process of being solved on one contract whilst an additional provision of $10was created for the second challenging contract.  

In addition, despite stronger yields, air freight has experienced a relatively slow start to the year, with weaker volumes than in the same period last year. Furthermore, the translation effect of some currencies into US dollars, negatively impacted ebitda by a further $3in the first quarter. 

On a pre-IFRS 16 basis, revenues in Contract Logistics fell 8.7% to $901m, but Ceva said it “handled solid volumes in some contracts, and added that the retention rate had “significantly improved”. 

Revenue in freight management, on a pre-IFRS 16 basis, fell 0.7% to $797m, but increased by 3.8% on a constant currency basis.  

Ocean volumes rose 6.2% to 192,900 teu, ahead of market growth, perhaps hearalding good things to come through its new owner.

Ocean yield, in net revenue per teu, was $288 , up from $226 per teu in the previous quarterBut air volumes fell 6.9% year on year, mainly from downtrading of some tradelanes and a selective approach to new business”, said Ceva. Air yield in net revenue per ton rose 2.2% to $806. 

Crucially, Ceva’s net debt of $2.42bn, or $1.26bn on a pre-IFRS 16 basis, was down 43%. 

This decrease is in line with the significant de-leveraging following the initial public offering, it said.

New business wins were up 12%, with new or extended automotive contracts in Benelux, Asia and Americas regions; consumer & retail contracts in North America, IMEA and Asia regions, and technology and Industrial contracts in North America. 

Ceva added: “The strategic partnership with CMA CGM is also delivering additional revenues.” 

Overall, it said, the company had performed in line with its roadmap and targets, while its new strategic plan with the shipping line would “drive an improvement in CEVA’s financial performance and help it turn around quickly. 

Ceva is to open an operational centre in Marseilles for management and support teams, totalling 200 jobs. 

Its targets for 2021 remain unchanged, with expected revenues of more than $9bn, through 5% average organic growth and the addition of CMA CGM Logistics. It haupgraded its 2021 management expectations on adjusted ebitda from $380m to $470-490m in pre-IFRS 16 implementation.  

Meanwhile, Rolf Watter will serve as vice-chairman and has been re-elected to the board for a year, along with Daniel Hurstel and Emanuel PearlmanFarid Salem, Michel Sirat and Béatrice de Clermont-Tonnerre are new board members. 


Group results for Q1 2019 


Key Financials for the First Quarter 




IFRS 16 






Change YoY 


Change YoY constant FX 


(USD million)  Reported  Impact  Pre-IFRS 16  Reported  Pre-IFRS 16  Pre- 

IFRS 16 

Revenue  1,698    1,698  1,790  -5.1%  +1.1% 
Ebitda (a)  134  98  36  53  -32.1%  -28.0% 
Ebitda margin  7.9%  5.8%  2.1%  3.0%  -90 bps  -90 bps 
Adjusted ebitda(b)  147  100  47  66  -28.8%  -24.2% 
Net debt as of March 31  2,427  1,161  1,266  2,228  -43.2%    


(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. 

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  • Gary Ferrulli

    April 30, 2019 at 3:08 pm

    Interesting; how dies a company go from losing nearly a $1.Million US a day to this
    with what they are reporting?

  • Alessandro Pasetti

    April 30, 2019 at 3:20 pm


    It was significantly more than $1m a day in Q118; but in Q119, $1m a day is about right, pre-IFRS.

    “Free Cash Flow was US$(88) million in the first quarter of 2019 on a pre-IFRS 16 basis, compared with US$(130) million in the same period of
    2018. This improvement is mainly a reflection of a better management of working capital.”


    Page 2 here, FcF: https://ceva-production.scdn4.secure.raxcdn.com/sites/default/files/CEVA%20Logistics%20AG_Q1%202019%20-IFS%20&%20Management%20Report.pdf

    If it says it is on target, then you might want to question the mid-term targets, but it’s 2021 so it’s all good…



  • Felix

    May 01, 2019 at 9:12 am

    about time to change management .. but you need to go to cluster level ( region level to make changes) .. you can not turn around company with the same crew who has been sitting on their chairs for last 10 over years..