Pallet-Management-Services - AFM

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The Company’s principal financial instruments, other than derivatives, comprise senior secured notes, working capital credit facility, finance leases, and cash and short-term deposits. The main purpose of these financial instruments is to fund the Company’s operations. The Company has various other financial assets and liabilities such as trade receivables and trade payables, which arise directly from its operations. The Company also enters into derivative transactions, including principally forward currency contracts. The purpose is to manage the foreign currency risk arising from the Company’s sources of finance. The forward exchange contract expired at December 31, 2006. It is, and has been throughout the year under review, the Company’s policy that no trading in financial instruments shall be undertaken. The main risk arising from the Company’s financial instruments is foreign currency risk. There are no significant concentrations of credit risk within the Company. The Company’s exposure to the risk of changes in market interest rates is limited because the majority of the Company’s interest bearing debt (Senior Secured Notes) is provided with a fix coupon. Foreign currency risk is the risk that we will incur economic losses due to adverse changes in foreign currency exchange rates. During 2003, we entered into a forward exchange contract in order to offset the cash flow variability related to changes in exchange rates on certain intercompany transactions. The forward exchange contract expired at December 31, 2006. The Company incurs currency transaction risk whenever one of our operating subsidiaries enters into either a purchase or sales transaction using a currency other than its functional currency. Our currency risk arises from foreign currency receivables as well as from firm commitments to purchase services and supplies in the future in currencies other than the subsidiary’s functional currency. Additionally, the indirect intercompany financing from IFCO SYSTEMS N.V. via IFCO SYSTEMS Hungary Kft. to IFCO SYSTEMS North America is subject to currency transaction risk. 6. Income taxes Caused by the negative results in 2006 and 2005 the Company does not present income tax provisions for both years. The Company is within a continuing loss situation so no deferred tax assets (DTA) were capitalized for existing net operating losses without in that volume that will be covered by temporary differences in deferred tax liabilities (DTL). 46
Components of the Company’s net deferred tax assets and liabilities are as follows: EUR in thousands At December 31, 2006 2005 Deferred income tax assets: Carryforward losses 1,295 1,627 Deferred income tax liabilities: Debt restructuring costs 1,109 1,401 Derivative 0 40 Other 186 186 Total deferred income tax liabilities 1,295 1,627 Deferred income tax asset, net 0 0 At December 31, 2006, the Company has net corporate operating loss carryforwards available of approx. EUR 36.7 million. No deferred tax assets are capitalized for loss carryforwards in an amount of EUR 33.2 million. The Dutch income tax rate for 2006 was 29.6%. All loss carryforwards are available to offset future taxable income. All loss carryforwards still require final validation from the respective taxing authority and may be adjusted upon further review. 7. Related parties Shareholders As of February 20, 2007, 88.9% of IFCO SYSTEMS ordinary shares continue to be held by Island International Investment Limited Partnership (Island LP) with Cortese N.V. (a Netherlands Antilles company) as the Managing General Partner of Island LP. Cortese N.V. is beneficially owned by the limited partnerships which collectively make up the Apax Europe V Fund. The ultimate controlling party of these limited partnerships is considered to be Apax Europe V GP Co. Limited, the General Partner of Apax Europe V GP L.P., the General Partner of the limited partnerships. Apax Europe V GP Co. Limited is a company registered in Guernsey. Executive <strong>Management</strong> of IFCO SYSTEMS continues indirectly to own 8.4% of the share capital of IFCO SYSTEMS. Supervisory Board Name Position Dr. Bernd Malmström Chairman Michael Phillips Vice Chairman I Christoph Schoeller Vice Chairman II Hervé Defforey Ralf Gruss Dr. Philipp Gusinde The General Meeting of Shareholders approved on August 18, 2005 an amendment to the remuneration of the Directors of the Supervisory Board. 47
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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
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personnel in this division. The red
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Summary information by continuing b
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Cash fl ows | FINANCIAL REPORTING |
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Risk management Our internal risk m
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Research and development We are eng
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AUDITORS’ REPORT Report on the co
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IFCO SYSTEMS N.V. AND SUBSIDIARIES
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| FINANCIAL REPORTING | CONSOLIDATE
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users to evaluate the signifi cance
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Key assumptions used in the annual
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Where the Company has transferred i
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laws) that have been enacted or sub
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4. Property, plant and equipment Pr
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The Company’s allowance for doubt
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7. Earnings per share The following
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Receivable factoring In 2006, a sub
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9. Income taxes The major component
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The corporate loss carryforwards at
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US $0.8 million was recorded for es
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US $, except number of options Year
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| FINANCIAL REPORTING | NOTES TO CO
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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 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: 105.2% on October 15, 2007, 102.6%
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
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Pallet-Management-Services - AFM

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