Pallet-Management-Services - AFM

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Effective as of the date of such General Meeting of Shareholders, no remuneration shall (and has) be(en) paid to any then appointed member of the Supervisory Board. Each member shall however be reimbursed for travel expenses reasonably incurred in connection with meetings of the Supervisory Board, meetings of any committee of the Supervisory Board, or otherwise in connection with actual Supervisory Board service. On a General Meeting of Shareholders held on December 15, 2005, Mr. Bernd Malmström was appointed as a member of the Supervisory Board. Mr. Malmström is entitled to a quarterly remuneration of 20,000 Euro. Since his appointment as chairman to the Supervisory Board he is entitled to a quarterly remuneration of 40,000 Euro. The remuneration policy for all other members of the Supervisory Board as approved by the General Meeting of Shareholders on August 18, 2005 continues to apply. For 2006 our Supervisory Board received the following compensation: Name Remuneration in EUR Out of pocket expenses in EUR Stock options outstanding Dr. Bernd Malmström 100,000 4,879 - Michael Phillips - 2,411 - Christoph Schoeller - 16,605 - Hervé Defforey - - - Ralf Gruss - 6,539 - Dr. Philipp Gusinde - 7,562 - Total 100,000 37,996 - No loans from the Company or pension schemes are provided to the members of the Supervisory Board. It is expected that the remuneration policy will remain unchanged during 2007. Board of Managing Directors Name Position Karl Pohler Managing Director Douwe Terpstra Managing Director Our Board of Managing Directors received in 2006 a total compensation of EUR 1.6 million from an indirect subsidiary of the Company. However, Mr. Pohler is only compensated as member of the Executive Management Committee but not separately compensated for serving as member of the Board of Managing Directors. Name Fix Remuneration in EUR Variable Remuneration in EUR Total Remuneration in EUR Karl Pohler 614,000 1,014,347 1,628,347 Douwe HJ Terpstra 5,614 - 5,614 Total 619,614 1,014,347 1,633,961 48
No loans from the Company or pension schemes are provided to members of the Board of Managing Directors. It is expected that the remuneration policy will remain unchanged during 2007. Employment agreement with Mr. Karl Pohler Karl Pohler is bound by an employment agreement which provides that he will serve as the Company’s Chief Executive Officer and a member of our Executive Management Committee. His employment agreement provides for a comprehensive remuneration plan that includes base salary and executive bonus. If his employment is terminated without cause, he is entitled to receive one discounted installment of his remaining base salary for the remainder of the employment term. Service agreement with Mr. Douwe Terpstra Mr. Terpstra is compensated in accordance with a service agreement dated September 1, 2005. Executive Management Committee Name Position Karl Pohler Chief Executive Officer Michael W. Nimtsch Chief Financial Officer Wolfgang Orgeldinger Chief Operating Officer David S. Russell President, IFCO SYSTEMS North America 2006 total cash compensation for our four Executive Managers will be approximately EUR 4.4 million (EUR 4.5 million in 2005), consisting of EUR 1.5 million (EUR 1.5 million in 2005) in base salaries and EUR 2.9 million (EUR 3.0 million in 2005) for variable cash incentives. In 2006 the variable component amounted to approximately 65.3% (66.6% in 2005) of total compensation, which is consistent with the Company’s policy to focus on variable, performance related remuneration. For the stock option expenses for the management share incentive plan please see Notes to employee benefit plans. Employment agreements The Company has entered into employment agreements with the Executive Management Committee. The remaining base salary commitment under the terms of these agreements as of December 31, 2006, is payable as follows: EUR in thousands Amount 2007 1,642 2008 - 2009 - Total 1,642 49
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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,
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| 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
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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: Components of the Company’s net d
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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