Pallet-Management-Services - AFM

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| ANNUAL REPORT 2006 | IFCO SYSTEMS N.V. | The movement in the Company’s property, plant and equipment during 2005 is as follows: US $ in thousands Land Buildings RPCs Pallet Pool 82 Machinery and Equipment Furniture and Fixtures Tractors and Trailers Net book value, January 1, 2005 870 4,389 186,992 4,668 15,017 1,485 2,152 215,573 Currency translation loss – (67) (23,095) – (1,015) (96) – (24,273) Additions – 438 73,190 – 9,302 523 5,727 89,180 Retirements (38) (669) (24) (4,668) (3,501) (89) (54) (9,043) Depreciation and shrinkage – (623) (22,621) – (3,090) (637) (765) (27,736) Net book value, December 31, 2005 832 3,468 214,442 – 16,713 1,186 7,060 243,701 Historical cost 832 7,221 323,419 – 41,271 5,907 12,290 390,940 Accumulated depreciation, amortization and impairment – (3,753) (108,977) – (24,558) (4,721) (5,230) (147,239) Net book value, December 31, 2005 832 3,468 214,442 – 16,713 1,186 7,060 243,701 In addition to the movements shown within the 2005 table there has been a reduction of historical cost and accumulated depreciation for crates of the old generation in Europe in a volume of US $31.0 million that have been disposed within the years up to 2005. Those two reductions had no impact to the net book value of the Company’s RPCs. In addition to the movements shown within the 2006 table there has been a reduction of historical cost and accumulated depreciation for crates of the old generation in North America in a volume of US $15.2 million that have been disposed through the end of 2006. Those two reductions had no impact to the net book value of the Company’s RPCs. Due to the change of the crate type demand of our customers, we do not offer services for the yellow pool anymore. Based on IAS 36 we have impaired the net book value of this pool. An amount of US $1.5 million is included in depreciation of RPCs in 2006 as a result of this impairment reducing the book value to the fair value less cost to sell, which is based on market value for granulate. Of the RPCs above, cost of US $39.9 million and US $36.8 million and accumulated amortization of US $7.2 million and US $6.6 million are held under finance leases as of December 31, 2006 and 2005, respectively. Of the tractors and trailers above, cost of US $12.3 million and US $5.4 million and accumulated amortization of US $2.6 million and US $0.5 million are held under finance leases as of December 31, 2006 and 2005, respectively. 5. Detail of certain balance sheet accounts Goodwill The changes in the carrying amount of goodwill are as follows for 2006 and 2005: Total US $ in thousands 2006 2005 Beginning balance 152,920 155,874 Increase (decrease) due to foreign exchange translation 2,779 (2,954) Ending balance 155,699 152,920 Receivables The major components of receivables are as follows: US $ in thousands As of December 31, 2006 2005 Trade receivables 150,570 141,475 Less: Allowance for doubtful accounts (4,935) (6,089) 145,635 135,386
The Company’s allowance for doubtful accounts, which the Company reserves for and updates based on its best estimates of potentially uncollectible accounts, consists of the following: US $ in thousands Year ended December 31, 2006 2005 Beginning balance 6,089 5,765 Write-offs (2,543) (1,821) Additional provisions 782 2,705 Increase (decrease) due to foreign exchange translation 492 (641) Other 115 81 Ending balance 4,935 6,089 Inventories The major components of Pallet-Management-Services inventories are as follows: US $ in thousands As of December 31, 2006 2005 Raw materials (at cost) 5,912 6,572 Finished goods (at cost) 7,782 7,069 Total inventories 13,694 13,641 Other current assets The major component of other current assets is European valueadded tax receivables, which have a balance of US $10.5 million (2005: US $7.8 million). Due to the short maturity the book value approximates the fair value. Provisions US $ in thousands Employee bonus Legal contingencies Self- insurance reserves Discontinued operations Restructuring Professional fees Beginning balance 8,141 1,629 2,975 2,249 417 299 15,710 Arising during the year 2,687 – 9,754 682 – 8,572 21,695 Utilized (8,557) (1,357) (8,667) (1,491) – (6,934) (27,006) Unused amounts reversed (660) – – – (185) – (845) Exchange adjustments 247 118 – – 27 – 392 Ending balance 1,858 390 4,062 1,440 259 1,937 9,946 The employee bonus for 2006 will be paid during March and April 2007. See Notes to commitments and contingencies for a brief description of provisions for legal contingencies, insurance and discontinued operations. A provision of US $0.3 million is recognized for reconstruction of a closed washing depot in Europe. | FINANCIAL REPORTING | NOTES TO CONSOLIDATED FINANCIAL STATEMENTS | Total Refundable deposit The Company accrues Euro 1.50 for each European RPC in circulation. The carrying amount of the refundable deposit is US $117.4 million as of December 31, 2006 (US $120.2 million as of December 31, 2005) and is based on the assumption that all RPCs in circulation will be recollected. 83
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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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Page 51 and 52: Financial reporting 49
Page 53 and 54: Group fi nancial highlights - fi sc
Page 55 and 56: Profi t per Share The company’s n
Page 57 and 58: Operational expenses and profi tabi
Page 59 and 60: personnel in this division. The red
Page 61 and 62: Summary information by continuing b
Page 63 and 64: Cash fl ows | FINANCIAL REPORTING |
Page 65 and 66: Risk management Our internal risk m
Page 67 and 68: Research and development We are eng
Page 69 and 70: AUDITORS’ REPORT Report on the co
Page 71 and 72: IFCO SYSTEMS N.V. AND SUBSIDIARIES
Page 73 and 74: | FINANCIAL REPORTING | CONSOLIDATE
Page 75 and 76: users to evaluate the signifi cance
Page 77 and 78: Key assumptions used in the annual
Page 79 and 80: Where the Company has transferred i
Page 81 and 82: laws) that have been enacted or sub
Page 83: 4. Property, plant and equipment Pr
Page 87 and 88: 7. Earnings per share The following
Page 89 and 90: Receivable factoring In 2006, a sub
Page 91 and 92: 9. Income taxes The major component
Page 93 and 94: The corporate loss carryforwards at
Page 95 and 96: US $0.8 million was recorded for es
Page 97 and 98: US $, except number of options Year
Page 99 and 100: | FINANCIAL REPORTING | NOTES TO CO
Page 101 and 102: 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
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IFCO SYSTEMS N.V. balance sheets EU
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IFCO SYSTEMS N.V. statements of cha
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Notes to separate financial stateme
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evaluating the effect of this inter
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The following three cash-generating
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Derecognition Financial assets A fi
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Deferred income tax Deferred income
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Reconciliation of equity to consoli
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Capital reserve The capital reserve
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105.2% on October 15, 2007, 102.6%
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Components of the Company’s net d
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No loans from the Company or pensio
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condition. During July 2006, one of
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Year ended December 31, 2006 Year e
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