News / Ceva stays bullish after a ‘year of change’, but its future remains unclear

first_img As Panalpina’s key shareholder, the Ernst Göhner Foundation rejected the “current” non-binding proposal from DSV, all eyes turned to Ceva Logistics.But Ceva is also caught in the mist of speculation over its future, as it announced its preliminary financial results for 2018. The release was offered “in the context of the launch of a proposed offering of $825m”, related to the likely change of control stemming from CMA CGM’s public tender offer. While there were some high points in Ceva’s news, UBS noted that “investors will appreciate the gross profit beat, but will likely be disappointed with the further drop in margins”.  Ceva’s expected revenues grew 5.2% in 2018, year on year, to $7.35bn, with net revenue at $3.63bn.  Freight Management revenue growth looked strong, at an estimated 7.3% (7.2% in constant currency) to approximately $3.5bn, while revenue growth in Contract Logistics is estimated to be 3.3% (3.9% in constant currency) to around $3.85bn. Other good news is that Ceva’s net debt was down to $1.1bn as at the end of December. Ceva said this was a “very significant decrease”, compared with $2bn a year earlier.  But Ceva said it expected adjusted ebitda for 2018 to be some $260m, down 7% on the previous year. It said: “While Ceva teams have achieved continued progress in productivity, cost reduction and other margin improvement initiatives, ebitda has been negatively impacted by various one-time adverse events: contract logistics issues in Italy in the third quarter, as well as some changes in accounting estimates in the fourth quarter, reflecting a more conservative approach from management.” It noted that without those events, adjusted ebitda would have been up 12%, at $314m. In addition, it said Ceva had been facing negative foreign exchange impacts, mitigated by a capital gain of $14m in the Chinese joint-venture Anji Ceva Logistics Co.Ebitda (before specific items and share-based compensation) was $198m, compared with $230m in 2017, a 2.7% margin compared with 3.3% in 2017.  Freight Management ebitda was $93m, up $17m on the previous year, while contract logistics was $105m versus $154m in 2017, down 31%. Capital expenditure was relatively stable at some $109m in 2018, compared with $102m the previous year. Net working capital in the balance sheet was 2.3% of revenues at the end of 2018. The company said 2018 had been “a year of structural changes for Ceva, not least of which was the company’s successful initial public offering on the SIX Swiss Stock Exchange, which was followed by a transformational refinancing that saw the company overhaul its pre-IPO structure, extend maturities and reduce interest costs”.   It added that it had since made “positive management and organisational adjustments, and remains focused on its long-term strategy rather than on short-term performance”. It said both freight management and contract logistics had performed in line with expectations, although some one-time items had impacted profitability. But it said new business performance was good, with a strong pipeline of new customers, and there were opportunities with existing customers. Its audited results will be out on February 28.  Last week Ceva Logistics’ directors recommended shareholders not to accept CMA CGM’s offer of Sfr30 per share. The board told shareholders its decision was “based on a comprehensive review of the revised business plan for the period up to 2023, developed with external advisors and based on an independent financial opinion. “The valuation of the revised business plan indicates a midpoint value of Sfr40 per share,” it added. The board said while it believed the Sfr30 per share offer was “reasonable from a financial perspective, and provides a fair exit opportunity for shareholders who wish to receive cash for their Ceva shares”, a number of factors had come to light since the French carrier first invested in Ceva last year, leading the board to believe shareholders should expect a higher price. CMA CGM now owns just over 50% of Ceva, but speculation is rife in the market on what will happen next, with talk that DSV remains interested in its freight forwarding business. And with Panalpina rejecting DSV’s offer, it could decide to look again at Ceva.Panalpina’s main shareholder, meanwhile, has told its board of directors it supports it in “pursuing an independent growth strategy that includes M&A”.  Panalpina said its board “continues to carefully review the situation with its professional advisers. Further announcements will be made as appropriate.” By Alex Lennane 04/02/2019last_img read more

Rotary Academic-year Ambassadorial Scholarships

first_img Pocket +1 April 14, 2011 Published by Site Default Tweet Share 0 Deadline: varies according to your local Rotary ClubOpen to: applicants with at least 2 years of university or college course work completed, or with a secondary school education being employed in a recognized vocation for at least two yearsGrant: a flat grant of US $27,000 for academic yearRotary Academic-Year Ambassadorial ScholarshipsThe Ambassadorial Scholarships program supports the vision of The Rotary Foundation to enable Rotarians to advance world understanding, goodwill, and peace by:Increasing awareness of and respect for cultural differences by sending ambassadors of goodwill to study in another countryInstilling in scholars the Rotary ideal of Service Above Self through active participation in Rotary service projectsEncouraging scholars to dedicate their personal and professional lives to improving the quality of life for the people of their home communities and countriesDeveloping leaders who can address the humanitarian needs of the world communitImpacting all areas of the world through a balanced geographical distribution of scholarsEncouraging Rotarians worldwide to increase the educational opportunities for scholars from low-income countriesFostering a lifelong association between Rotary and its scholarsDuring the study period, scholars are expected to be outstanding ambassadors of goodwill to the people of the host country through appearances before Rotary clubs and districts, schools, civic organizations, and other forums. After study has been completed, scholars share their experiences with the people of their home countries and Rotarians who sponsored their scholarships.Academic-Year Ambassadorial ScholarshipThis scholarship is for one regular academic year (usually nine months) of full-time study at an institution assigned by The Rotary Foundation. Because the scholarship is limited to one academic year, recipients may not be able to earn degrees or diplomas during the study period. The scholarship may also be used for vocational training.What does the scholarship cover?The Academic-Year Scholarship provides a flat grant of US$27,000. Funding is intended to defray costs associated with round-trip transportation, one month of intensive language training (if assigned by the Foundation), required fees for a normal course load, room and board, and educational supplies. The Foundation will not pay additional costs resulting from personal living preferences. Applicants who request and are assigned to an institution where costs exceed the flat grant amount must pay all additional costs.EligibilityApplicants must have completed at least two years of university or college course work, or must have a secondary school education and have been employed in a recognized vocation for at least two years when the scholarship begins. All applicants must be citizens of a country in which there is a Rotary club. Applicants must initially apply through a Rotary club located in the area of their legal or permanent residence, or place of full-time study or employment. Persons with disabilities and members of Rotaract clubs are eligible and encouraged to apply.The following persons are ineligible for a Rotary Foundation Ambassadorial Scholarship:A Rotarian; an honorary Rotarian; an employee of a club, district, or other Rotary entity or of Rotary International; a spouse, lineal descendant (child or grandchild by blood or adopted or not adopted), a spouse of a lineal descendant, or an ancestor (parent or grandparent) of any living person in the foregoing categories.Application ProcessInterested applicants must apply for Rotary Foundation Ambassadorial Scholarships through their local Rotary club. Before completing the application, contact your local Rotary club to make sure that the district participates in this program. Because timelines vary, only your local club can provide specific information about application deadlines. For 2012-13 awards, club deadlines may be as early as 1 March 2011 or as late as 15 August 2011. Remember that availability varies by Rotary district. If your local district is not offering scholarships at this time, try inquiring next year.Download the Ambassadorial Scholarships application form (PDF) (Word).Contact: [email protected] official webpage. Similar Stories Leave a Reply Cancel ReplyYou must be logged in to post a comment. LinkedIn 0 Rotary Academic-year Ambassadorial Scholarships PhD Fellowship in Systems Oriented Design, Oslo → ← “Climate Justice – More Than Words“, Germany Redditlast_img read more