Pallet-Management-Services - AFM

Group fi nancial highlights – fi scal 2006 compared to fi scal 2005
Operations data
US $ in thousands, except per share amounts 2006 2005 % Change
Revenues 647,236 576,274 12.3%
Gross profit 108,966 116,209 (6.2%)
Gross profit margin 16.8% 20.2%
Selling, general and administrative expenses 56,054 48,938 14.5%
Selling, general and administrative expenses
as a percentage of revenues 8.7% 8.5%
EBITDA 96,274 98,407 (2.2%)
EBITDA margin 14.9% 17.1%
EBIT 62,289 70,495 (11.6%)
EBIT margin 9.6% 12.2%
Profit from continuing operations before taxes 44,437 46,562 (4.6%)
Net profit 37,287 40,905 (8.8%)
Profit per share from continuing operations – basic 0.71 0.98 (27.2%)
Profit per share from continuing operations – diluted 0.70 0.81 (13.7%)
Net profit per share – basic 0.70 0.90 (22.0%)
Net profit per share – diluted 0.69 0.75 (7.6%)
Operating cash flows from continuing operations (1) 92,282 95,344 (3.2%)
Capital expenditures from continuing operations 101,300 83,947 20.7%
Return on capital employed (ROCE) 18.4% 27.2%
Balance sheet data
US $ in thousands December 31, 2006 December 31, 2005 % Change
Cash and cash equivalents 27,337 60,968 (55.2%)
Property, plant and equipment 325,359 243,701 33.5%
Total debt (2) 177,499 153,881 15.3%
Net debt (3) 150,162 92,913 61.6%
Net debt currency adjusted 150,162 105,036 43.0%
Shareholders equity 233,858 201,469 16.1%
Headcount of continuing operations
(as of the respective balance sheet dates) 4,054 4,074 (0.5%)
(1) Operating cash fl ows presented above are prior to interest and income tax payments.
(2) Total debt includes all interest bearing debt and current and non-current fi nance lease obligations.
(3) Net debt includes cash and cash equivalents, all interest bearing debt and current and non-current fi nance lease obligations.
| FINANCIAL REPORTING | MANAGEMENT’S DISCUSSION AND ANALYSIS |
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