Q1 2007 INTERIM FINANCIAL STATEMENTS
CONDENSED CONSOLIDATED AND COMBINED STATEMENTS OF INCOME AND EXPENSE
(Unaudited)
in EUR millions
Quarter 1, Quarter 1,
2007 2006
Revenues 863.5 870.6
Other income 0.3 1.0
Operating expenses 848.3 856.6
Operating income 15.5 15.0
Net financing expense (30.4) (15.9)
Results from investments in associates (0.2) (0.1)
Loss before income taxes (15.1) (1.0)
Income taxes 0.2 0.3
Loss for the period from continuing
operations (14.9) (1.3)
Loss from discontinued operations - (6.4)
Loss for the period (14.9) (7.7)
Attributable to:
Minority interests 0.3 (0.1)
Shareholders/Predecessor net investment (15.2) (7.6)
Loss for the period (14.9) (7.7)
CONDENSED CONSOLIDATED AND COMBINED BALANCE SHEETS
(Unaudited)
in EUR millions
March 31, December 31,
2007 2006
Non-current assets 1,599.2 1,647.3
Current assets 1,091.4 1,113.6
Assets classified as held for sale 0.2 -
Total assets 2,690.8 2,760.9
Attributable to equity holders of the parent 270.2 285.6
Minority interest 33.5 33.2
Group equity 303.7 318.8
Non-current liabilities 1,534.2 1,548.6
Current liabilities 852.9 893.5
Liabilities related to assets classified as
held for sale - -
Total equity and liabilities 2,690.8 2,760.9
CONDENSED CONSOLIDATED AND COMBINED CASH FLOW STATEMENTS
(Unaudited)
in EUR millions
Quarter 1, Quarter 1,
2007 2006
Loss before income tax (15.1) (1.0)
Adjustments for:
Depreciation, amortisation and impairments 29.7 20.0
Result on sale of property, plant and
equipment (0.3) 1.0
Investment income and results from
investments in associates 30.6 16.1
Changes in working capital and provisions 12.1 (45.2)
Interest paid (10.5) (2.9)
Change in income taxes 2.3 (24.1)
Other 2.5 9.9
Net cash from operating activities 51.3 (26.2)
Net cash used in investing activities 14.4 (11.8)
Net cash provided by financing activities (51.5) 15.9
Cash and cash equivalents at the beginning
of the period 264.7 93.4
Change in cash and cash equivalents 14.2 (22.1)
Foreign exchange (0.1) -
Cash and cash equivalents at the end of the
period 278.8 71.3
CONDENSED CONSOLIDATED AND COMBINED STATEMENTS OF CHANGES IN GROUP EQUITY
(Unaudited)
in EUR millions
Quarter 1,
2007
Group equity at December 31, 2006 318.8
Issuances -
Results for the period (14.9)
Currency translation adjustments (0.2)
Group equity at March 31, 2007 303.7
Attributable to equity holders of the parent 270.2
Minority interest 33.5
Group equity at March 31, 2007 303.7
NOTES TO THE CONDENSED CONSOLIDATED AND COMBINED INTERIM FINANCIAL STATEMENTS
CEVA Group Plc (the "Company") is a company incorporated in the United Kingdom on August 9, 2006, with bond securities registered on the Alternative Securities Market of the Irish Stock Exchange since December 6, 2006. On November 4, 2006 the Company acquired the logistics business from TNT N.V.
The financial report of the Company for Q1 2007 comprises the Company and its subsidiaries (together referred to as the "Group") and the Company's interest in associates.
ACCOUNTING POLICIES
The accounting policies are consistent with those applied in the Annual Report 2006 of CEVA Group Plc.
Comparative figures are pro forma on a combined basis.
FORWARD-LOOKING STATEMENTS NOTICE
Some statements in this press release are "forward-looking statements" within the meaning of U.S. federal securities laws. We intend that these statements be covered by the safe harbors created under these laws. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. These forward-looking statements involve known and unknown risks, uncertainties and other factors that are outside of our control and impossible to predict and may cause actual results to differ materially from any future results expressed or implied. These forward-looking statements are based on current expectations, estimates, forecasts, analyses and projections about the industries in which we operate and management's beliefs and assumptions about future events. In addition to the assumptions specifically mentioned in this press release, important factors that could cause actual results to differ materially from those expressed or implied include, but are not limited to, the results and the timing of the conclusion of our tax investigations and our discussions or disagreements with other tax authorities and the other factors discussed in our annual report. Given these uncertainties, no assurance can be given as to our future results and achievements. You are cautioned not to put undue reliance on these forward-looking statements, which only speak as of the date of this press release and are neither predictions nor guarantees of future events or circumstances. We do not undertake any obligation to release publicly any revisions to these forward-looking statements to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.
For further information, please contact: CEVA Logistics, Mr Paul Kwakkenbos, Marketing & Communications Director, Tel +31-612-059086, Fax +31-20-500-6217, Email: paul.kwakkenbos@cevalogistics.com
