CEVA Group Plc Reports 2006 Annual Results First Annual Disclosure After Acquisition by Apollo Management L.P.

Hoofddorp, The Netherlands (ots/PRNewswire) - CEVA Group Plc, the
leading global pure play contract logistics company released its
first annual report today, following its acquisition by Apollo
Management L.P. on November 4, 2006. These statements represent a
major milestone in the company's history and include the following
highlights:

- Aggregate revenue increased to EUR3,497 million from EUR3,354
million in 2005

- Pro forma adjusted EBITDA increased to EUR237 million from
EUR228 million in 2005

- Operating income decreased to (EUR11) million from EUR97 million
in 2005

- EBITDA decreased to EUR78 million from EUR181 million in 2005

- Operating income and EBITDA in 2006 were materially impacted by
significant non-recurring acquisition and restructuring costs

- Net loss was EUR106 million compared to a net loss of EUR227
million in 2005

- Net cash flow was EUR220 million compared to EUR30 million in
2005

- Maintained high contract renewal rates

- Successful launch of our new brand CEVA in December 2006

Commenting on the 2006 results, CEO Dave Kulik said: "During the
long and challenging sale process which took place during 2006, our
revenue and operating results remained robust. We managed a smooth
transition from being a division of TNT N.V. to standing on our own
as a pure play logistics company. Most important, however, was our
capability to maintain the close relationships with our customers,
continuing an impressive renewal rate and winning significant new
contracts in 2006. This continuing success is the result of the hard
work and experience of our management and our employees - the same
team that will continue moving CEVA to become the world's most
favoured logistics company."

The revenue progression in 2006 was the result of growth in the
Italy, Rest of World, and Rest of Europe regions. This was partially
offset by a decline in the United Kingdom. In 2006, certain
non-recurring charges relating to the termination and restructuring
of contracts incurred in advance of the acquisition by Apollo
Management L.P. significantly impacted operating expenses and the
resulting EBITDA. Nevertheless, a strong focus on business
fundamentals ensured strong cash generation during the year.

In the first quarter of 2007, CEVA announced that John Pattullo
will take up the position of Chief Executive Officer in August 2007.
Dave Kulik will then become Vice Chairman of CEVA.

At the end of May 2007, CEVA announced that it will acquire
freight forwarding company EGL, Inc. for approximately US$2 billion.
CEVA currently intends to finance the acquisition with a combination
of debt, with up to approximately US$200 million of cash equity from
CEVA's balance sheet and up to approximately US$100 million new cash
equity from Apollo (US$65 mm minimum commitment). The combination
will create the world's fourth largest integrated supply chain
management company, with global capabilities in freight forwarding
and contract logistics. It is anticipated that the transaction will
close in the third quarter of 2007, and is subject to EGL shareholder
approval, regulatory approval and certain other conditions."

2006 FINANCIAL STATEMENTS
CONDENSED CONSOLIDATED AND COMBINED STATEMENTS OF INCOME AND EXPENSE
in EUR millions
Aggregated Successor Predecessor Predecessor
Successor period period 2005
and ended ended
Predecessor December 31, November 3,
2006 2006 (1) 2006
(unaudited)
Revenues and other income 3,497.1 553.2 2,943.9 3,354.2
Operating expenses 3,508.4 541.1 2,967.3 3,257.2
Operating income (11.3) 12.1 (23.4) 97.0
Net financing costs (76.5) (27.0) (49.5) (79.3)
Results from investments in
associates (2.4) 0.1 (2.5) 35.7
Loss before income taxes (90.2) (14.8) (75.4) (18.0)
Income taxes (9.6) (5.8) (3.8) (16.6)
Loss from discontinued
operations (6.4) - (6.4) (192.0)
Loss for the period (106.2) (20.6) (85.6) (226.6)
Attributable to:
Shareholders (108.4) (21.8) (86.6) (227.3)
Minority interests 2.2 1.2 1.0 0.7

(1) The company was incorporated on August 9, 2006 and had no
operations until the acquisition of the logistics business from TNT
N.V. on November 4, 2006.

CONDENSED CONSOLIDATED AND COMBINED BALANCE SHEETS
in EUR millions
Successor Predecessor
December 31, December 31,
2006 2005
Non-current assets 1,647.3 1,334.4
Current assets 1,113.6 1,090.8
Assets classified as held for sale - 79.7
Total assets 2,760.9 2,504.9
Attributable to equity holders of the parent 285.6 (633.4)
Minority interests 33.2 5.9
Group equity 318.8 (627.5)
Non-current liabilities 1,548.6 523.8
Current liabilities 893.5 2,382.7
Liabilities classified as held for sale - 225.9
Total equity and liabilities 2,760.9 2,504.9

CONDENSED CONSOLIDATED AND COMBINED CASH FLOW STATEMENTS
in EUR millions
Aggregated Successor Predecessor Predecessor
Successor period period 2005
and ended ended
Predecessor December 31, November 3,
2006 2006 (1) 2006
(unaudited)
Loss before income tax (90.2) (14.8) (75.4) (18.0)
Adjustments for:
Depreciation, amortisation
and impairments 84.1 89.1 20.8 68.3
Result on sale of property,
plant and equipment 1.6 (0.7) 2.3 (2.1)
Investment income and
results from investments in
associates 79.0 27.0 52.0 115.0
Changes in working capital
and provisions (117.0) 61.6 (178.6) (94.8)
Interest paid (38.7) (25.1) (13.6) (11.9)
Income taxes paid (41.4) (13.8) (27.6) (11.2)
Other (2.8) 7.2 (10.0) -
Net cash from operating
activities (120.4) 62.2 (182.6) 61.1
Net cash from investing
activities (129.3) (94.0) (35.3) (36.2)
Net cash from financing
activities 469.6 297.7 171.9 4.6
Begin period cash and cash
equivalents 93.4 - 93.4 63.9
Change in cash and cash
equivalents 219.9 265.9 (46.0) 29.5
Foreign exchange (1.2) (1.2) 0 0
End period cash and cash
equivalents 264.7 264.7 47.4 93.4

(1) The company was incorporated on August 9, 2006 and had no
operations until the acquisition of the logistics business from TNT
N.V. on November 4, 2006.

NOTES TO THE CONDENSED CONSOLIDATED AND COMBINED 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.

The financial report of the Company for 2006 comprises the Company
and its subsidiaries (together referred to as the "Group") and CEVA
Group's interest in associates.

ACCOUNTING POLICIES

The accounting policies are stated 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.

ots Originaltext: CEVA Logistics
Im Internet recherchierbar: http://www.presseportal.de

Contact:
For further information, please contact: CEVA Logistics, Paul
Kwakkenbos, Marketing & Communications Director, Tel +31-612-059086,
Fax +31-20-500-6217, Email: paul.kwakkenbos@cevalogistics.com