Pallet-Management-Services - AFM

Current maturities of interest bearing loans and borrowings
Current maturities of interest bearing loans and borrowings consists of a loan from IFCO
SYSTEMS Hungary Kft. (2006: EUR 7.0 million; 2005: EUR 20.2 million) and the outstanding
interest payment to bondholders (2006 and 2005: EUR 5.7 million).
Trade and other payables
Trade and other payables mainly consist of payables due to IFCO SYSTEMS GmbH (2006:
EUR 7.8 million; 2005: EUR 3.4 million).
Other current liabilities
The other current liabilities are as follows:
EUR in thousands As of December 31,
2006 2005
Accrual for tax advisory 125 108
Audit accrual 111 234
Other Accruals 39 189
Exchange warrant reserve
275 531
Article 20.3 of the Company’s articles of association state, that from the profits the Board of
Managing Directors shall first allocate an amount of fifty thousand euro (EUR 50,000), with
respect to the payment of the issue price on the shares (EUR 0.01 per share) to be issued upon
exercise of the Exchange Warrants, to a reserve, which reserve will be used solely for the
payment of the issue price on the shares to be issued upon exercise of the Exchange Warrants
to the holders of the Exchange Warrants (the “Exchange Warrant Reserve”).
According to this regulation, EUR 50,000 were included in the Company’s retained earnings as
of December 31, 2005.
On December 20, 2005 it was resolved, that the warrant exchange resulted in the issuance of up
to 8,448,360 ordinary shares of IFCO SYSTEMS N.V. Therefore, in the extraordinary general
meeting of shareholders on January 9, 2006 the shareholders of IFCO SYSTEMS N.V.
unanimously adopted the increase of the Exchange Warrant Reserve (Par Value Subscription
Reserve) from EUR 50,000.-- to EUR 90,000.-- according to Article 20.3 of the Articles of
Association of IFCO SYSTEMS N.V. by reallocation of an amount of EUR 40,000.-- from the
Company's free distributable share premium reserve (retained earnings) to the Exchange
Warrant Reserve.
The expenses associated with the warrant exchange were capitalized in the amount of EUR 0.7
million in 2005. In 2006 these expenses were reclassified to equity. The total reduction of equity
in 2006 resulting from the warrant exchange is EUR 0.7 million as shown in the accompanying
statements of changes in equity.
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