Pallet-Management-Services - AFM

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Our business ................................................................................................................................. 3 RPC-Management-Services ...................................................................................................... 3 Pallet-Management-Services..................................................................................................... 3 Corporate ...................................................................................................................................... 4 Corporate and operating structure............................................................................................. 4 Report of the Supervisory Board ............................................................................................... 6 Financial reporting....................................................................................................................... 20 Management’s discussion and analysis .................................................................................. 20 Basis of presentation............................................................................................................ 20 Risk management ................................................................................................................ 21 Outlook................................................................................................................................. 24 Auditors’ report ........................................................................................................................ 25 IFCO SYSTEMS N.V. balance sheets..................................................................................... 27 IFCO SYSTEMS N.V. income statements............................................................................... 28 IFCO SYSTEMS N.V. statements of changes in equity .......................................................... 29 IFCO SYSTEMS N.V. cash flow statements ........................................................................... 30 Notes to separate financial statements.................................................................................... 31 2
Our business IFCO SYSTEMS is engaged in two main business segments. We operate a RPC-Management- Services business in Europe and the United States and a Pallet-Management-Services business in North America. Increasing market dynamics and globalization in commerce are placing increasing demands on logistics providers. Today, products have to be transported intelligently, efficiently and above all, rapidly. While these requirements place high demands on logistics management and transport containers, this market shift also creates significant growth opportunities for well-positioned logistics service providers. We have market leading positions in multi-billion US Dollar markets and offer significant future growth potential in our proven RPC-Management-Services business and our Pallet- Management-Services business in the United States. Thanks to our broad range of solutions we are able to meet virtually all customer requirements in an individual, client focused manner. RPC-Management-Services In our core markets, Europe and the United States, some 175 million tons of fruit and vegetables are produced annually. These products must make their way quickly and without damage from producers to consumers – and often across country borders. In many instances, the period between harvest and consumption is no more than a few days. Consequently, retailers and producers are calling for flexible, effective, cost efficient and stateof-the-art product distribution solutions. This puts stringent demands on transport containers and their utilization from producers through retailers to consumers. IFCO SYSTEMS’ container and service systems are well equipped to meet these demands. IFCO SYSTEMS’ core competence is the efficient management of a worldwide rental pool of over 78 million RPCs used to transport fruit and vegetables. Offering a total of 20 different models globally, our RPCs in Europe and the United States address the packaging and transportation requirements of various types of fruit and vegetables in the goods and produce cycle. Pallet-Management-Services IFCO SYSTEMS is North America’s leading Pallet-Management-Services company, specializing in the procurement, reconditioning and distribution of wood pallets to and from the manufacturing and retail sectors. IFCO SYSTEMS offers the only true, nationwide single source solution to national pallet needs. Pallets are used in virtually all industries that transport products. We estimate that approximately 2.1 billion wooden pallets are in circulation in the United States every year. In 2006, the US pallet market volume was approximately EUR 6.1 billion, which should continue to develop with overall industrial development in the future. 3
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ANNUAL REPORT 2006 | FINANCIAL REPO
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| FINANCIAL REPORTING | CONSOLIDATE
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Revenues US $ in thousands 360,990
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Even though our 2006 overall result
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Corporate culture Our corporate cul
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IFCO Systems locations Europe (RPC)
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Our business Ë IFCO SYSTEMS is eng
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| ANNUAL REPORT 2006 | IFCO SYSTEMS
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Pallet-Management-Services IFCO SYS
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Pallet-Management-Services IFCO SYS
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PALLET-MANAGEMENT-SERVICES SOLUTION
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Financial reporting 49
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Group fi nancial highlights - fi sc
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Profi t per Share The company’s n
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Operational expenses and profi tabi
Page 59 and 60: personnel in this division. The red
Page 61 and 62: Summary information by continuing b
Page 63 and 64: Cash fl ows | FINANCIAL REPORTING |
Page 65 and 66: Risk management Our internal risk m
Page 67 and 68: Research and development We are eng
Page 69 and 70: AUDITORS’ REPORT Report on the co
Page 71 and 72: IFCO SYSTEMS N.V. AND SUBSIDIARIES
Page 73 and 74: | FINANCIAL REPORTING | CONSOLIDATE
Page 75 and 76: users to evaluate the signifi cance
Page 77 and 78: Key assumptions used in the annual
Page 79 and 80: Where the Company has transferred i
Page 81 and 82: laws) that have been enacted or sub
Page 83 and 84: 4. Property, plant and equipment Pr
Page 85 and 86: The Company’s allowance for doubt
Page 87 and 88: 7. Earnings per share The following
Page 89 and 90: Receivable factoring In 2006, a sub
Page 91 and 92: 9. Income taxes The major component
Page 93 and 94: The corporate loss carryforwards at
Page 95 and 96: US $0.8 million was recorded for es
Page 97 and 98: US $, except number of options Year
Page 99 and 100: | FINANCIAL REPORTING | NOTES TO CO
Page 101 and 102: The Company’s revenue by country,
Page 103 and 104: | CAUTIONARY NOTE | 101
Page 105 and 106: Spain IFCO SYSTEMS España Srl. Cal
Page 107 and 108: PERSONAL NOTICES Imprint Imprint Ed
Page 109: IFCO SYSTEMS N.V. Separate Financia
Page 113 and 114: We are a holding company with a num
Page 115 and 116: Board of Managing Directors Accordi
Page 117 and 118: The Supervisory Board aims for an a
Page 119 and 120: Independence of the members of the
Page 121 and 122: The Supervisory Board has establish
Page 123 and 124: The Committee shall review manageme
Page 125 and 126: Performance Evaluations >The Remune
Page 127 and 128: It is expected that the remuneratio
Page 129 and 130: The Company’s net indebtedness de
Page 131 and 132: comply with such laws and regulatio
Page 133 and 134: Auditors’ report Report on the co
Page 135 and 136: IFCO SYSTEMS N.V. balance sheets EU
Page 137 and 138: IFCO SYSTEMS N.V. statements of cha
Page 139 and 140: Notes to separate financial stateme
Page 141 and 142: evaluating the effect of this inter
Page 143 and 144: The following three cash-generating
Page 145 and 146: Derecognition Financial assets A fi
Page 147 and 148: Deferred income tax Deferred income
Page 149 and 150: Reconciliation of equity to consoli
Page 151 and 152: Capital reserve The capital reserve
Page 153 and 154: 105.2% on October 15, 2007, 102.6%
Page 155 and 156: Components of the Company’s net d
Page 157 and 158: No loans from the Company or pensio
Page 159 and 160: condition. During July 2006, one of
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Year ended December 31, 2006 Year e
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