CEVA Holdings LLC - Results for the Full Year ended 31 December 2016
• Revenue growth accelerating, up 4.3% in Q4 in constant currency
• Adjusted EBITDA of $254 million, in line with PY in constant currency despite difficult peak season trading
• Free cash flow of more than $100 million in Q4, driven by strong working capital improvement
• Refinancing of 2018 maturities – launched exchange offer for 4% Notes earlier today with support already obtained from 65% of Noteholders and agreed extension of European ABS facility
• Excellence program expected to drive better performance in 2017
Hoofddorp, the Netherlands, 9 March, 2017 – CEVA Holdings LLC (“CEVA” or the “Company”), one of the world’s leading non‐asset based supply chain management companies, today reported results for the full year ended 31 December, 2016.
| Full Year |
Q4 |
| ($ million) |
FY 2016 |
FY 2016 at constant Fx |
FY 2015 |
Q4 2016 |
Q4 2016 at constant Fx |
Q4 2015 |
| Revenue* |
6,646 |
6,874 |
6,972 |
1,735 |
1,795 |
1,721 |
| Adjusted EBITDA* |
254 |
272 |
273 |
60 |
64 |
66 |
* Excluding specific items and share based compensation. Adjusted EBITDA includes the share of EBITDA of the Anji-CEVA joint venture.
“Despite industry-wide challenges in 2016, our full year results demonstrate that we continue to make positive headway,” said Xavier Urbain, CEO of CEVA. “In this context, I am very pleased with the Q4 performance where CEVA demonstrated healthy growth in all business lines and visible impact of our excellence program which supported us to deliver robust EBITDA in spite of the difficult peaks trading. The quarter also saw an impressive recovery in net working capital and strong cash flow.”
“Overall, 2016 was a year of significant progress in the transformation of CEVA, during which we had some important business wins, successfully addressed legacy issues and we continued to build a much stronger platform. The strong improvement in results, in many of our markets, were overshadowed by weaker performance in some countries, which we continue to address. We enter 2017 in a stronger position and I am confident that we will have a much better performance with our excellence program leading to further cost savings.”
For more information see: http://www.cevalogistics.com/release/09-march-2017-1