Pallet-Management-Services - AFM

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| ANNUAL REPORT 2006 | IFCO SYSTEMS N.V. | Management share incentive plan In January 2003, the Board adopted the 2003 Management Share Incentive Plan (MSIP), pursuant to which IFCO SYSTEMS granted options to purchase an aggregate of 2.3 million ordinary shares of IFCO SYSTEMS to certain Executive Managers. The share awards were allocated in three tranches, each with different vesting terms. One third of these options vested immediately and the remaining options vested based upon future equity value targets of IFCO SYSTEMS. During August 2004, the Executive Managers exercised approximately 1.1 million vested MSIP options. IFCO SYSTEMS’ principal shareholder, Island LP, agreed to purchase the shares resulting from this option exercise at €2.75 per share. The Executive Management team used the net proceeds from these transactions, along with private funds, to acquire an investment in Island LP, which represents an aggregate indirect shareholding of approximately 8.4% of the share capital of IFCO SYSTEMS as of December 31, 2006. The remaining unexercised 1.2 million stock options under the MSIP were cancelled. During 2006 and 2005, IFCO SYSTEMS recorded total stock based compensation expense of US $0.5 million and US $1.1 million, respectively. Fair value was estimated using the Black-Scholes option-pricing model. Employee benefi t plan IFCO SYSTEMS North America sponsors a defined contribution profit-sharing plan (the Plan). Eligible employees may contribute up to the maximum amount permitted under Internal Revenue Service regulations to their account. The Company matches the contributions of participating employees on the basis of the percentages specified in the Plan. The employee and Company matching contributions are invested at the direction of the individual employee. Employer contributions to the plan were US $0.9 million during each of 2006 and 2005. German annuity assurance The Company has paid and expensed US $0.9 million during 2006 and US $0.9 million during 2005 for German annuity assurance. 96 13. Business segments The Company has adopted IAS 14, ‘Segment Reporting’. The Company is organized based on the products and services that it offers. Under this organization structure, the Company’s continuing operations includes two primary business segments: the RPC-Management-Services operations (RPC-Management- Services) and the Pallet-Management-Services operations (Pallet-Management-Services). The RPC-Management-Services segment rent RPCs primarily for use in agricultural markets. The Pallet-Management-Services segment recycles wooden pallets in the United States. The Corporate column contains corporate related items not allocated to reportable segments. The Pallet Pooling segment, which leased pallets in Canada primarily for use in agricultural and industrial markets, is shown as a discontinued operation, as it was sold during 2005. As a result, all group level income statement and cash flow information included herein has been restated to present the results of continuing operations only. Prior period balance sheet information has not been restated to reflect the disposal of the Pallet Pooling segment. The accounting policies for the segments are the same as those described in Notes-Summary of significant accounting policies.
| FINANCIAL REPORTING | NOTES TO CONSOLIDATED FINANCIAL STATEMENTS | US $ in thousands Year ended December 31, 2006 RPC- Management- Services Continuing Operations Unallocated Total Discontinued Operation Pallet- Management- Services Corporate Pallet Pooling Total Operations Revenues Results 285,113 362,123 – 647,236 – 647,236 Income (loss) from operations 53,559 5,671 (7,191) 52,039 – 52,039 Net gain of RPC pool adjustment 11,396 11,396 Interest expense (19,332) (19,332) Interest income 650 650 Factoring charges (439) (439) Foreign currency loss, net (2) (2) Income from equity entities, net 265 265 Other loss, net (140) (140) Result of finance activities (18,998) (18,998) Profit from continuing operations before taxes 44,437 44,437 Income tax provision (6,485) (6,485) Profit before discontinued operations 37,952 37,952 Loss from discontinued operations (665) (665) Net profit 37,287 37,287 Assets and liabilities Total assets 480,685 196,647 21,008 698,340 1 698,341 Total liabilities 262,480 32,227 169,776 464,483 – 464,483 Goodwill 36,873 118,826 – 155,699 – 155,699 Other segment information Capital expenditures 99,235 1,636 429 101,300 – 101,300 Investing cash flows (99,235) (1,636) (429) (101,300) – (101,300) Financing cash flows (15,570) (8,425) 3,331 (20,664) (1,873) (22,537) An impairment loss of US $1.5 million is recognized in the net profit of our RPC-Management-Services business segment. See Notes to property, plant and equipment for a brief description. 97
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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 48 and 49: | ANNUAL REPORT 2006 | IFCO SYSTEMS
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 and 84: 4. Property, plant and equipment Pr
Page 85 and 86: The Company’s allowance for doubt
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: US $, except number of options Year
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
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
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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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