A new brand identity for CEVA was unveiled in July, expressing the new brand ambition. Through a collaborative approach with customers, the objective is to unite the strengths of both CEVA and CMA CGM, develop a full understanding of the customer supply chain, use the most up-to-date technologies and best practices to optimize services and cost in storage and transportation, as well as create responsive and tailor-made solutions for all customers. This ambition is embodied in a new image and a new, modern visual identity.
Additionally, Rodolphe Saadé, Chairman and Chief Executive Officer of the CMA CGM Group, was elected Chairman of the Board of Directors of CEVA Logistics at the Annual General Shareholders Meeting held on 29 April, 2019. A new, stronger governance structure has been put in place. Nicolas Sartini became Chief Executive Officer as of 1 June, 2019 and was tasked with implementing CEVA’s turnaround plan and returning it to profitability.
For the first half of 2019, revenue increased by 2.5% in constant currency to 3,514 million US-Dollar. On a reported basis, revenue in the first half declined by 3.4 percent year-on-year due to negative translation of foreign currencies such as the TRY, the EUR and the GBP into USD. Group’s EBITDA was 281 million US-Dollar, which on a pre-IFRS 16 basis represented 85 million US-Dollar (same period of 2018: 119 million US-Dollar) resulting in an EBITDA margin of 2.4 per cent (same period in 2018: 3.3 per cent).