Pallet-Management-Services - AFM

| ANNUAL REPORT 2006 | IFCO SYSTEMS N.V. |
2002 – 2006 Financial summary
US $ in thousands US GAAP IFRS
2002 2003 2004 2005 2006
Statement of income data:
Revenue 360,990 399,154 471,859 576,274 647,236
Cost of sales 310,448 337,361 387,632 460,065 538,270
Gross profit 50,542 61,793 84,227 116,209 108,966
Selling, general and administrative expenses 40,662 36,371 39,561 48,938 56,054
Stock-based compensation expense – – 1,857 1,545 667
Amortization of goodwill and other intangible assets 1,143 950 246 179 279
Other operating expense (income), net 1,023 1,101 550 (681) (73)
Income from operations 7,714 23,371 42,013 66,228 52,039
Net gain of RPC pool adjustment – – – – 11,396
Net interest cost (33,132) (14,783) (16,116) (17,561) (18,682)
Factoring charges (447) (372) (232) (320) (439)
Gain on debt extinguishment 91,408 1,050 – – –
Foreign currency (loss) gain (45,032) (556) 2,638 (2,488) (2)
Income (loss) from equity entities, net (9) 914 386 977 265
Other income (expense), net
Net income from continuing operations before income taxes
187 (15) 232 (274) (140)
and cumulative effect of changes in accounting principle 20,689 9,609 28,921 46,562 44,437
Income tax (provision) benefit (1,294) 2,157 (37) (2,006) (6,485)
Net income from continuing operations before
cumulative effect of changes in accounting principle 19,395 11,766 28,884 44,556 37,952
Net (loss) income from discontinued operations (15,113) (945) 3,253 (3,651) (665)
Cumulative effect of change in accounting principle (39,857) – – – –
Net (loss) income (35,575) 10,821 32,137 40,905 37,287
Other financial data:
Capital expenditures from continuing operations,
including cash paid for acquisitions 20,691 32,699 66,068 83,947 101,300
Total debt, including finance lease obligations 124,410 162,092 172,499 153,881 177,499
Net debt 104,751 105,303 108,134 92,913 150,162
Total assets 445,526 517,791 610,933 630,481 698,341
Shareholders’ equity 110,103 119,828 154,917 201,469 233,858
IFCO SYSTEMS prepared its consolidated financial information
in accordance with generally accepted accounting principles
of the United States (US-GAAP) through 2004. Beginning
Q1 2005, the Company adopted International Financial
Reporting Standards (IFRS) as its group accounting standard
and retroactively applied those standards to January 1, 2004.
Consequently, the financial information included herein for the
years 2002 and 2003 is based on US-GAAP, while the data for
the years 2004 to 2006 is in compliance with IFRS.
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