Pallet-Management-Services - AFM

More documents

Recommendations

Info

market equity risk premiums and estimated risk premiums in relationship with the actual rating of the companies shares. The beta factor used also reflected the actual bond rating of IFCO SYSTEMS. The Company’s 2006 and 2005 annual testing indicated that there was no impairment of investments. Accounts receivables Trade receivables are recorded at amortized costs or the amount the Company expects to collect on gross customer trade receivables. A reserve has been established based on historical experience, in addition to a reserve for specific receivables which may not be fully collectible. Items deemed uncollectible are written off against allowance for doubtful accounts. Investments and other financial assets and liabilities Financial assets within the scope of IAS 39 are classified as either financial assets at fair value through profit or loss, loans and receivables, held to maturity investments, and available for sale investments, as appropriate. When financial assets are recognized initially, they are measured at fair value, plus, in the case of investments not at fair value through profit or loss, directly attributable transaction cost. The Company considers whether a contract contains an embedded derivative when the entity first becomes a party to it. The embedded derivatives are separated from the host contract which is not measured at fair value through profit and loss when the analysis shows that the economic characteristics and risk of embedded derivatives are not closely related to those of the host contract. The Company determines the classification of its financial assets after initial recognition and, where allowed and appropriate, re-evaluates the designation at each financial year end. All regular way purchases and sales of financial assets are recognized on the trade date, which is the date the Company commits to purchase the asset. Regular way purchases or sales are purchases or sales of financial assets that require delivery of assets within the period generally established by regulation or convention in the market place. Initial recognition and measurement Financial assets consist with the exception of derivatives only of loans and receivables. Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. After initial measurement loans and receivables are subsequently carried at amortized cost using the effective interest method less any allowance for impairment. Gains and losses are recognized in income when the loans and receivables are derecognized or impaired, as well as through the amortization process Financial liabilities are initially recognized at the fair value of the consideration received less directly attributable costs. After initial recognition, they are subsequently measured at amortized cost using the effective interest method. Gains and losses are recognized in net profit or loss when the liabilities are derecognized as well as through the amortization process. 36
Derecognition Financial assets A financial asset (or, where applicable a part of a financial asset or part of a group of similar financial assets) is derecognized where: • the rights to receive cash flows from the asset have expired; • the Company retains the right to receive cash flows from the asset, but has assumed an obligation to pay them in full without material delay to a third party under a ‘pass-through' arrangement; or • the Company has transferred its rights to receive cash flows from the asset and either (a) has transferred substantially all the risks and rewards of the asset, or (b) has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. Where the Company has transferred its rights to receive cash flows from an asset and has neither transferred nor retained substantially all the risks and rewards of the asset nor transferred control of the asset, the asset is recognized to the extent of the Company's continuing involvement in the asset. Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Company could be required to repay. Where continuing involvement takes the form of a written and/or purchased option (including a cash-settled option or similar provision) on the transferred asset, the extent of the Company's continuing involvement is the amount of the transferred asset that the Company may repurchase, except that in the case of a written put option (including a cash-settled option or similar provision) on an asset measured at fair value, the extent of the Company's continuing involvement is limited to the lower of the fair value of the transferred asset and the option exercise price. Financial liabilities A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. Where an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability, and the difference in the respective carrying amounts is recognized in profit or loss. Derivatives The Company uses derivative financial instruments such as foreign currency contracts to hedge its risks associated with foreign currency fluctuations. Such derivative financial instruments are stated at fair value. The accounting for changes in the fair value of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and, further, on the type of hedging relationship. At the inception of the hedge relationship, the Company must designate the derivative instrument as either a fair value hedge, a cash flow hedge or a hedge of a net investment in a foreign operation. This designation is based upon the exposure being hedged. On November 24, 2003, the Company entered into a forward exchange contract in order to offset the cash flow variability related to changes in exchange rates on certain intercompany 37
Page 1 and 2:
ANNUAL REPORT 2006 | FINANCIAL REPO
Page 3 and 4:
| FINANCIAL REPORTING | CONSOLIDATE
Page 5 and 6:
Revenues US $ in thousands 360,990
Page 7 and 8:
Even though our 2006 overall result
Page 9 and 10:
Corporate culture Our corporate cul
Page 11 and 12:
IFCO Systems locations Europe (RPC)
Page 13:
Our business Ë IFCO SYSTEMS is eng
Page 16 and 17:
| ANNUAL REPORT 2006 | IFCO SYSTEMS
Page 18 and 19:
Page 20 and 21:
Page 22 and 23:
Page 24 and 25:
Page 27 and 28:
Pallet-Management-Services IFCO SYS
Page 29 and 30:
Pallet-Management-Services IFCO SYS
Page 31:
PALLET-MANAGEMENT-SERVICES SOLUTION
Page 34 and 35:
Page 36 and 37:
Page 38 and 39:
Page 40 and 41:
Page 42 and 43:
Page 44 and 45:
Page 46 and 47:
Page 48 and 49:
Page 51 and 52:
Financial reporting 49
Page 53 and 54:
Group fi nancial highlights - fi sc
Page 55 and 56:
Profi t per Share The company’s n
Page 57 and 58:
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 and 110: IFCO SYSTEMS N.V. Separate Financia
Page 111 and 112: Our business IFCO SYSTEMS is engage
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: The following three cash-generating
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
Page 161 and 162: Year ended December 31, 2006 Year e
show all

Pallet-Management-Services - AFM

Create successful ePaper yourself

Delete template?

Save as template?