CEVA Logistics AG – Q3 2018
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
4
� 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
The photo is credited to CMA CGM
CEVA Logistics broadens strategic partnership with CMA CGM
CEVA Logistics AG – Q3 2018
Agenda
5
Business Update and Strategic Progress1
Outlook3
Q3/9M 2018 Financial Results2
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$10 million new contracts in Contract Logistics in
Automotive, Healthcare, Consumer & Retail
6
CEVA Logistics AG – Q3 2018
Business line overview: Freight Management
7
* At constant FX
Key Figures
(in US$ m unless otherwise stated)Q3 2018 YoY %
Air tons (‘000) 123 -0.2%
Air NR/t (US$) 656 -0.2%
Ocean TEUs (‘000) 204 +6.3%
Ocean NR/TEU (US$) 262 -7.1%
Revenue 881 +6.8%*
EBITDA 22 -12.0%*
EBITDA Margin 2.5% -50bps*
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:
Files/Operator ratio improved by 5.4% in the first nine months
Ground
� North America driver shortage resulting in approx. 25% rise YoY
in cost per mile for independent contractors
� Cost increase not fully mitigated by price increases and creating
a US$3 million impact on EBITDA
Other FM
� Improved performance in US VAS (US$7 million improvement
YTD in EBITDA)
CEVA Logistics AG – Q3 2018
Quarterly Air and Ocean Volume and Yield Development
8
15,611,8
10,2
1,6
-1,3 -0,2
~2%
Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18 Market
Q3 18*
641 657 626772 711 656
Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18
3,5 2,8
6,9 8,5 8,36,3
2-3%
Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18 Market
Q3 18*
289 282 266 285 274 262
Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18
Yield: Net Revenue/t (US$)Air export volumes (t) quarterly growth (YoY, in %)
Yield: Net Revenue/TEU (US$)Ocean volumes (TEU) quarterly growth (YoY, in %)
Volumes (thousand t)
121.8 122.9 129.6 107.3 120.2 122.6
Volumes (thousand TEU)
180.0 192.4 189.1 181.6 194.9 204.5
* Company’s estimate
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$200 billion of goods should not affect
more than 13% of our business in the US-China trade lane, driven in particular by
Consumer & Retail
� Switching procurement from China to alternative countries in Southeast Asia (e.g.
Vietnam, Cambodia, Myanmar, Thailand) will likely shift volumes over time from
CEVA China to CEVA operations in those countries
� Internal consumption in China affected
9
Base: H1 2018 revenues
CEVA Logistics AG – Q3 2018
Business line overview: Contract Logistics
10
Key Figures as reported
(in US$ m)Q3 2018 YoY %
Revenue 929 +2.8%*
EBITDA 7 -82.5%*
EBITDA Margin 0.8% -360bps*
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
expected by end of 2018
� Italy continued to be challenging (US$26 million
impact, including US$20 million one-time provisions)
� More new contract start-up costs
* At constant FX
CEVA Logistics AG – Q3 2018
Focus on Italy
� Two contracts with significant issues (incl. change of business scope, higher
operating costs)
� A local partner company (cooperativa) went bankrupt.
The negative impact of these items is as follows:
11
EBITDA impacts (in US$ 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
CEVA Logistics AG – Q3 2018
Anji 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$6 million).
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CEVA Logistics AG – Q3 2018
Agenda
13
Business Update and Strategic Progress1
Outlook3
Q3/9M 2018 Financial Results2
CEVA Logistics AG – Q3 2018
Key figures
� Underlying EBITDA, excluding Italy CL issues was:
- US$ 55 million in Q3
- US$190 million for the first nine months
14
Quarter Ending
30 September 2018
Q3 2018
(US$ million)
Delta
at constant FX
(%/US$
million)
Revenue 1,810 +4.7%
EBITDA1 29 -55.4%
EBITDA Margin 1.6% -220bps
9 Months Ending
30 September 2018
9M 2018
(US$ million)
Delta
at constant FX
(%/US$
million)
Revenue 5,448 +5.0%
EBITDA1 148 -11.9%
EBITDA Margin 2.7% -50bps
1 Before specific items and Share-Based Compensation (SBC)
CEVA Logistics AG – Q3 2018
Group P&L
15
All figures above EBITDA are before specific items and SBC1
� Strong revenue growth in both
FM and CL vs. the same period
in 2017
� Specific Items: higher due to
IPO (+US$19 million) / SBC
(+US$7 million) whilst
restructuring cost much
reduced (US$ -12 million)
� D&A : accelerated amortization
of acquisition intangibles,
higher capex
� Net Finance Expense still mostly
reflects pre IPO capital
structure before the refinancing
in August 2018 – also includes
US$56 million IPO/ Refinancing
one-time costs
� FX impact related to translation
of BRL and TRY mainly in Q3,
but < US$3 million in 9M 2018.
9 Months Ending
30 September 20189M 2018
(US$ million)
9M 2017
(US$ million)
Delta
(%/US$
million)
Delta at
constant FX
(%/US$
million)
Revenue 5,448 5,099 +6.8% +5.0%
Net Revenue 2,721 2,571 +5.8% +3.7%
Operating Expenses (2,573) (2,398)
EBITDA before specific items & SBC 148 173 -14.5% -11.9%
EBITDA Margin 2.7% 3.4% -70bps -50bps
Specific items and SBC (51) (31) (20) (20)
Depreciation & Amortization (96) (83) (13) (10)
Net Finance Expense (199) (170) (29) (31)
Net Result from joint venture 25 15 10 10
Tax (25) (28) 3
Net Income (198) (124) (74)
Share in Anji-CEVA EBITDA 50 36 14
Adjusted EBITDA2 198 209 -5.3% -3.9%
Comments
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
CEVA Logistics AG – Q3 2018
Results Freight Management
16
Quarter ending
30 September 2018
Q3 2018
(US$ million)
Q3 2017
(US$ million)
Delta
( %/US$
million)
Delta
at constant FX
( %/US$
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
30 September 2018
9M 2018
(US$ million)
9M 2017
(US$ million)
Delta
( %/US$
million)
Delta
at constant FX
( %/US$
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)
CEVA Logistics AG – Q3 2018
Revenue of Air, Ocean and other FM – Q3 and 9M 2018
17
Revenue of FM Products
Quarter ending
30 September 2018Q3 2018
(US$ million)
YoY Growth
( %)
YoY Growth
at constant FX
( %)
Air 374 +7.5% +9.5%
Ocean 271 +3.4% +5.0%
Other FM 236 +2.6% +4.3%
Revenue of FM Products
9 Months Ending
30 September 20189M 2018
(US$ million)
YoY Growth
( %)
YoY Growth
at constant FX
( %)
Air 1,074 +12.5% +9.8%
Ocean 774 +8.4% +5.6%
Other FM 689 +4.0% +4.2%
CEVA Logistics AG – Q3 2018
Results Contract Logistics
18
Quarter ending
30 September 2018
Q3 2018
(US$ million)
Q3 2017
(US$ million)
Delta
( %/US$
million)
Delta
at constant FX
( %/US$
million)
Revenue 929 942 -1.4% +2.8%
Net Revenue 656 657 -0.2% +2.8%
Operating Expenses (649) (614) +5.9% +8.5%
EBITDA1 7 43 -36 -33
EBITDA Margin 0.8% 4.6% -380bps -360bps
9 Months Ending
30 September 2018
9M 2018
(US$ million)
9M 2017
(US$ million)
Delta
( %/US$
million)
Delta
at constant FX
( %/US$
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
� Italy CL significantly impacting
Q3 numbers.
� Underlying EBITDA, excluding
Italy issues was US$33 million in
Q3 2018 and US$126 million for
9M 2018.
Comments
1 Before specific items and Share-Based Compensation (SBC)
CEVA Logistics AG – Q3 2018
Results Anji-CEVA – not consolidated
19
Quarter ending
30 September 2018Q3 2018
(US$ million)
Q3 2017
(US$ million)
Delta
at constant FX
( %/US$ million)
Revenue 336 331 2.1%
EBITDA 52 33 18
EBITDA Margin 15.5% 10% +520bps
Net Income 46 26 19
CEVA’s share of EBITDA 26 16 9
9 Months Ending
30 September 2018 9M 2018
(US$ million)
9M 2017
(US$ million)
Delta
at constant FX
( %/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
� Strong revenue growth from
existing contracts, new
implementations and transfer
of CEVA China CL business (July
2017)
� US$28 million gain from
property sale in Q3 in total (for
100%) compared with US$12
million in 2017 (for 100%)
Comments
CEVA Logistics AG – Q3 2018
Specific Items affecting EBITDA
20
9 Months Ending
30 September 20189M 2018
(US$ million)
9M 2017
(US$ million)
Restructuring 10 22
Litigation & legacy tax 6 (2)
Other 2 4
Sub-Total excl. IPO/ Refinancing 18 24
IPO and refinancing costs affecting EBITDA 19 -
Share-based compensation 14 7
� Much lower restructuring cost
compared to prior year
� Litigation in PY benefitted from
a US$10 million cargo claim
compensation and in 2018, this
mainly includes a claim in South
America
� Share-based compensation cost
increase reflects one-time
option grants issued in relation
to IPO
Comments
CEVA Logistics AG – Q3 2018
Net Working Capital
� NWC development impacted particularly
by
- Increase of Receivables due to lower
factoring primarily in Italy and
Turkey
- Payables lower than year end
� Continued focus on underlying structural
improvements, e.g. since year end
- Customer terms improved by 1 day
- Supplier payment terms increased
by 2 days
21
NWC Evolution (end of period)
US$ million
(300)
(250)
(200)
(150)
(100)
(50)
0
Q1 Q2 Q3 Q4
2018 2017 2016
(1.7)%
(2.4)%
(2.0)%
(1.2)%
(2.2)%
(2.4)%
(3.6)%
(1.8)%
(1.1)%
(0.4)%
(2.7)%
as % of LTM
Revenue
as % of LTM
Revenue
as % of LTM
Revenue
CEVA Logistics AG – Q3 2018
Cash Flow
22
9M 2018
(US$ million)
9M 2017
(US$ million)
Delta
(US$ million)
EBITDA 97 142 (45)
Gain on disposal of PP&E 0 (1) 1
Retirement Benefit Obligations (5) (2) (3)
Provisions 16 (1) 15
Change in working capital (135) (55) (80)
Other (4) 3 (7)
SBC 14 7 7
Operating cash flow (17) 93 (110)
Net finance expenses (160) (119) (41)
Tax (21) (27) 6
Divestments 0 0 0
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)
� Operating cash flow is impacted
by US$7 million of paid costs
relating to the IPO and
Refinancing
� Working Capital change due to
comparative, growth, lower non
recourse factoring in Italy and
Turkey and earlier payment
terms, e.g., US payroll
� Finance expense increased due
to higher debt in H1 and rates
as well as a US$32 million
impact from the IPO and
Refinancing
Comments
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
23
1 c.US$180 million for guarantees
CEVA Logistics AG – Q3 2018
Refinancing Q3 2018
� 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$150 million principal debt from USD to EUR
24
New Facilities Amount(US$ equivalent)
Currency Maturity Rates
Term Loan B 475 USD 2025L+3.75%
(leverage step down to L+3.50%)
Notes350
(EUR 300)EUR 2025 5.25%
Revolving Credit and
Ancillary Facility585 multi currency 2023 L+2.375%
CEVA Logistics AG – Q3 2018
Agenda
25
Business Update and Strategic Progress1
Outlook3
Q3/9M 2018 Financial Results2
CEVA Logistics AG – Q3 2018
Adj. EBITDA
FY 17A
Growth FM Margin CL Margin Anji JV Adj. EBITDA
Target
Medium
Term
CEVA Strategic Targets*
26
US$280 M
Contribution to EBITDA improvement – illustrative
2 2
EBITDA
Margin1 3.3% > 4.0%
Margin Improvement Initiatives
� FM Margin: 2.3% to c.3.5%
� CL Margin: 4.1% to 4.5% – 5.0%
Freight Management
Contract Logistics
Narrow Air & Ocean productivity gap with
peers ( process improvement and technology)
Improve Net revenue : procurement, pricing
Strengthen Ocean and grow through solutions
Address low margin/loss-making operations
1
2
3
4
Improve performance on focus contracts
Address low margin contracts and sites
Win new business more effectively/
standardized solutions
Commercial acumen (discipline in pricing,
capital employed)
1
2
3
4
* 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
CEVA Logistics AG – Q3 2018
Outlook
27
� Confirming medium-term EBITDA margin target of 4%
and growth above market resulting in US$100 million
adjusted EBITDA improvement, excluding any
additional benefits from the closer cooperation with
CMA CGM
� CL operations in Italy expected to be fixed in the next
few months
� Strong productivity momentum and process
improvement have a high priority
� New sales organization delivering strong returns
CEVA Logistics AG – Q3 2018
Wrap-Up
28
� CEVA continues to deliver productivity and to execute
on its medium-term plan
� Q3 excluding Italy CL was broadly in line with
management expectations
� CEVA is on track to deliver its medium-term ambition
� CMA CGM partnership will provide more upside.
Appendix
CEVA Logistics AG – Q3 2018
Balance sheet
30
US$ million 30.09.2018 30.09.2017
Assets
Property, plant and equipment 167 168
Goodwill 1,325 1,333
Other intangibles 67 122
Others 384 316
Non-current assets 1,943 1,939
Trade receivables 1,163 1,061
Cash and cash equivalents 368 261
Others 240 251
Current assets 1,771 1,573
Total assets 3,714 3,512
US$ million 30.09.2018 30.09.2017
Liabilities and equity
Equity (parent company) 271 (625)
Non-controlling interests 2 3
Total equity 273 (622)
Non-current liabilities 1,883 2,475
Trade and other payables 1,394 1,391
Borrowings 32 184
Others 132 84
Current liabilities 1,558 1,659
Total liabilities and equity 3,714 3,512
All figures in actual currency
CEVA Logistics AG – Q3 2018
Debt maturity profile
31
393 360
82317 167
2018 2019 2020* 2021 2022 2023** 2024 2025
Drawn Facilities Undrawn Facilities
All figures in US$ million at actual Fx rates
* 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
CEVA Logistics AG – Q3 2018
Quarterly financial performance – actual currency
32
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
EBITDA2 66 77 55 - 198 54 70 85 - 209 22.2 10.0 -35.3 - -5.3
2017 figures in actual currency
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
CEVA Logistics AG – Q3 2018
Quarterly financial performance – Constant 2018 currency
33
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
EBITDA2 66 77 55 - 198 55 69 82 - 206 20.0 11.6 -32.9 - -3.9
2017 figures in constant currency
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
CEVA Logistics AG – Q3 2018
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.
Safe harbor statement
34
CEVA Logistics AG – Q3 2018
Investors:
Pierre Bénaich
SVP Investor Relations
+41 41 547 00 48
Media:
Matthias Hochuli
Group Head of Marketing and Communications
+41 41 547 00 52
Contact
35