28.08.2007 – 10:10

CEVA Group Plc

CEVA Group Plc Reports Quarter 2, 2007 Results

Hoofddorp, The Netherlands (ots/PRNewswire)

- Second Quarter of Strong Results

CEVA Group Plc released its Quarter 2, 2007 interim financial
statements today. These statements include the following highlights:

• Revenue growth of 3% between Q2 2007 and Q2 2006
• Operating income grew to EUR27.3 million from EUR16.5 million in Q2 2006
• EBITDA increased to EUR54.8 million from EUR36.1 million in Q2 2006
• Pro forma EBITDA improved to EUR60.6 million from EUR54.8 million in Q2 2006
• Cash position at the 30th June 2007 of EUR234.7 million
• Completion of EGL acquisition on 2nd August for approximately US$2 billion
• New CEO, John Pattullo, joined the company on 6th August

    CEVA Group Plc delivered the following results:
                      Three months ended June  Six months ended June 30
                                30
                         2007         2006         2007         2006
       Net sales        EUR905       EUR880      EUR1,766     EUR1,747
                       million      million      million      million
         EBITDA        EUR54.8      EUR36.1      EUR100.0     EUR71.1
                       million      million      million      million
    Pro forma EBITDA   EUR60.6      EUR54.8      EUR110.3     EUR100.8
                       million      million      million      million

On 2nd August CEVA announced the completion of the transaction to
acquire freight forwarding company EGL, Inc. for approximately US$2
billion. The acquisition was financed including new debt,
approximately US$200 million of cash equity from CEVA's balance sheet
and approximately US$100 million new  cash equity from Apollo. Due to
the strong strategic rationale for the  acquisition it was possible
to secure US$400 million of new second lien  senior secured notes as
debt, despite the difficult current capital market  environment.
CEVA's strong cash generating performance since achieving
independence ensured that the cash equity financing went smoothly.
This  combination has created the world's fourth largest integrated
supply chain  management company, with global capabilities in freight
forwarding and  contract logistics that will operate under the CEVA
brand.

    On a standalone basis EGL delivered the following results:
                      Three months ended June  Six months ended June 30
                                30
                         2007         2006         2007         2006
       Net sales        EUR656       EUR607      EUR1,251     EUR1,225
                       million      million      million      million
         EBITDA         EUR5.8      EUR25.2      EUR30.1      EUR48.4
                       million      million      million      million
    Adjusted EBITDA(i) EUR33.1      EUR29.1      EUR61.8      EUR54.0
                       million      million      million      million
    Pro forma EBITDA   EUR33.2      EUR35.4      EUR62.1      EUR63.9
                       million      million      million      million

(i) primary adjustment relates to the unsuccessful acquisition bid
of the previous EGL CEO Jim Crane

CEO John Pattullo commented: "The results of CEVA Group Plc
included in these interim financial statements show clearly that the
company has been building a solid base for the future. We can see
that the growth and profit indicators are positive for CEVA and the
ability of the company to generate value is demonstrated by the
results of the global focus on cash management. It is pleasing to see
that EGL's results continue to show good progress which has not been
unduly impacted by the sale process this year and now that a platform
has been established we will be able to address the potential of CEVA
combined with EGL. With this combination, we have created one of the
world's major players in the global supply chain industry, supported
by a talented and experienced leadership team. Following the merger
with EGL we have the capability to extend our service offering
further and deliver a world-class service."

The two companies had 2006 combined annual revenue of EUR6.0
billion (48% in EMEA, 32% in Americas and 20% in Asia-Pacific) and
employ more than 50,000 people with operations in more than 100
countries.

Contact:

For further information, please contact: CEVA Logistics, Mr Paul
Kwakkenbos, Marketing & Communications Director, Tel +31-612-059086,
Fax +31-23-568 3441, Email: paul.kwakkenbos@cevalogistics.com