CEVA Logistics reported a loss of €681 million (about US$892.6 million) in 2012, growing from a loss of $283.1 million in 2011.
Loss before income tax was $876.7 million in 2012, versus $250.3 million in the previous year.
However, yearly revenue was $9.5 billion, rising 4.8 percent year-over-year from $9.0 billion. Earnings before interest, taxes, depreciation and amortization were $226.7 million in 2012, down from $321.1 million in the preceding year. These figures are unchanged from what the contract logistics and freight management solutions provider reported in April 2013.
Specific items, or non-recurring items, totaled $559.9 million in 2012, compared with $98.3 million in 2011. The items were related to personnel expenses, including one-time severance payments as a result of site optimization and labor claims incurred regarding the cost reduction programs implemented by CEVA; operating costs, including expenses related to the outsourcing and optimization of finance processes and freight management systems; goodwill impairment charges; and finance expenses related to debt.
CEVA, which is owned by Apollo Global Management, has won support from bondholders for a debt-for-equity swap that will reduce the company’s consolidated net debt by about $1.6 billion. The company recently pulled plans for a $400 million initial public offering in New York in May, citing its unfavorable financial performance, as evidenced by Standard & Poor’s downgrade of CEVA Logistics’ corporate credit rating from a “B minus” to “SD” (selective default).