IFCO SYSTEMS reports in Q2 2009 significant increased operational
profitability in an unstable envir
(Thomson Reuters ONE) - Corporate news announcement processed and transmitted by Hugin AS.The issuer is solely responsible for the content of this announcement. ------------------------------------------------------------------------------------ Amsterdam, Netherlands, August 14, 2009IFCO SYSTEMS' currency adjusted operational profitability (EBITDA)grew in Q2 2009 by 11.0% to US $30.5 million and in H1 2009 by 12.8%to US $54.7 million, whereas currency adjusted group revenues fellslightly in Q2 2009 by 2.1% to US $184.9 million entirely due to weakdemand in Pallet Management Services. In H1 2009 currency adjustedrevenues grew by 1.5% to US $354.7 million. RPC Management Serviceswithstood the economic downturn and increased both revenues andEBITDA and was driving the good profitability performance of IFCOSYSTEMS. However, in line with management's expectations, revenuesand EBITDA in our Pallet Management Services business segmentdeclined as a result of the effects of the US economic recession.Currency adjusted revenues in RPC Management Services grew in Q2 2009by 12.2% to US $94.6 million and in H1 2009 by 21.1% to US $178.8million. This is the result of organic growth in our Europeanbusiness, the effects of the Q2 2008 STECO acquisition, increasedvolume in RPC South America and accelerating growth in our RPC USManagement Services business. Revenues in Pallet Management Servicesdeclined in Q2 2009 by 13.6% to US $90.2 million and in H1 2009 by12.8% to US $176.0 million. IFCO SYSTEMS sold more pallets in its keyproduct categories in a declining market and is increasing its marketshare compared to the prior year quarter. However, increasing pricingpressure resulting from lowered overall market demand and structuraland planned downsizing of our Custom Crating division drove revenueslower in this segment.Gross profit margin on a group level increased in Q2 2009 by 2.9percentage points to 20.5% (H1 2009, grew 2.8 percentage points to19.5%). RPC Management Services' gross profit margin grewsignificantly from 20.4% to 28.2% in Q2 2009, with improvements inboth the US and European businesses. RPC Management Servicesbenefited in Europe from increasing synergies resulting from theintegration of the former STECO organization, in the US primarilyfrom sustainable economy of scales effects and overall improvedoperational costs, and in both regions as a result of lowereddepreciation levels following an increase in the estimated usefullife of our RPC pool from 8 to 10 years in Q3 2008. Gross profitmargin in the Pallet Management Services business was down to 12.5%from 15.1% in Q2 2008, with the effects of lower customer pricespartially offset by lower raw materials costs and fuel prices.Currency adjusted group EBITDA increased in Q2 2009 by 11.0% to US$30.5 million and in H1 2009 by 12.8% to US $54.7 million. EBITDA ona currency adjusted basis in RPC Management Services increasedsignificantly in Q2 2009 by 35.8% to US $27.2 million and in H1 2009by 36.4% to US $46.7 million. EBITDA margin improved in Q2 2009 by5.2 percentage points to 28.7%. EBITDA in Pallet Management Servicesdecreased by 39.7% to US $5.6 million in Q2 2009 and in H1 2009 by31.0% to US $12.1 million. EBITDA margin fell in Q2 2009 to 6.2%.Q2 2009 currency adjusted EBIT grew by 34.7% to US $20.4 million (H12009 increased by 34.3% to US $35.1 million). LTM Q2 2009 currencyadjusted EBIT reached a level of US $76.0 million. EBIT marginincreased significantly to a level of 11.0% in Q2 2009 (9.9% in H12009) from 8.0% in Q2 2008 (7.5% in H1 2008).Net profit decreased from US $4.7 million in Q2 2008 to a net loss ofUS $4.4 million in Q2 2009 (H1 2009 from a net profit of US $6.0million to a net loss of US $2.1 million) entirely due to the onetime effects of the comprehensive refinancing in Q2 2009. Therefore,gains in operating profit were more than offset by a higher deferredtax provision and the costs recognized in connection with IFCOSYSTEMS' comprehensive refinancing in June 2009, which were includedin net finance costs. Excluding these one time refinancing expenses,net profit for H1 2009 would have been US $6.3 million.IFCO SYSTEMS cash flow from continuing operations, excluding the cashflow effect of income tax payments and ICE related payments,increased to US $31.2 million in H1 2009 from US $2.3 million in H12008. The lower H1 2008 result was primarily due to reducedrefundable deposit levels and other related effects on workingcapital following the termination of the EDEKA contract in Europeduring H1 2008.As a result of the comprehensive refinancing in Q2 2009, our sourcesof liquidity as of June 30, 2009, significantly increased by US $46.5million, or 86.9%, to US $100.1 million compared to December 31,2008. As a result of the above mentioned refinancing activities, netdebt increased by US $33.1 million to US $293.1 million as of June30, 2009 compared to December 31, 2008 (on a currency adjusted basisgrew by US $29.2 million).Our capital expenditure levels (excluding the cash paid for the STECOacquisition in Q2 2008) increased by US $2.9 million, or 27.6%, to US$13.4 million during Q2 2009 (H1 2009, 38.8% to US $24.8 million).Following the improved usage of the RPC pool in Europe and therealized growth in the US and South America, this division iscontinuing to invest in its RPC pool in 2009, resulting in highercapital expenditures compared to 2008. This relative moderateincrease has been partially offset by improved turns of our RPC pool,significantly lower costs of raw materials for all of our RPC poolsin H1 2009, reducing the average per unit acquisition cost of a newRPC in H1 2009 as compared to H1 2008.ROCE from continuing operations, on an LTM basis, increased to 16.1%as of June 30, 2009, compared to 15.3% as of June 30, 2008.US $ in Q2 2009 Q2 2008 % H1 2009 H1 2008 % LTM Q2thousands, Change Change 2009except pershare amountsRevenues 184,877 197,955 (6.6%) 354,733 365,762 (3.0%) 724,859Revenuescurrencyadjusted 184,877 188,764 (2.1%) 354,733 349,329 1.5% 725,484Gross profit 37,955 34,871 8.8% 68,996 61,075 13.0% 140,098Gross profitmargin 20.5% 17.6% 19.5% 16.7% 19.3%EBITDA 30,467 29,145 4.5% 54,655 51,430 6.3% 114,269EBITDAcurrencyadjusted 30,467 27,440 11.0% 54,655 48,456 12.8% 114,619EBITDAmargin 16.5% 14.7% 15.4% 14.1% 15.8%EBIT 20,402 15,835 28.8% 35,143 27,345 28.5% 75,593EBITcurrencyadjusted 20,402 15,150 34.7% 35,143 26,175 34.3% 76,013EBIT margin 11.0% 8.0% 9.9% 7.5% 10.4%Net (loss)profit (4,420) 4,682 (2,084) 5,974 (14,096)Net (loss)profit pershare -basic (0.08) 0.09 (0.04) 0.11 (0.26)Net (loss)profit pershare -diluted (0.08) 0.09 (0.04) 0.11 (0.26)Operatingcash flowsfromcontinuingoperations 21,565 28,220 (23.6%) 25,828 (552) 83,522Capitalexpendituresfromcontinuingoperations 13,356 39,921 (66.5%) 24,829 47,342 (47.6%) 66,440Return oncapitalemployed(ROCE) 16.1% 15.3%Outlook: As the financial crisis that unfolded in 2008 spreads to theworldwide economy, it is expected that the global economicenvironment will be very challenging in 2009. While IFCO SYSTEMSanticipates the economy in both Europe and the United States, its twokey markets, to decline overall in 2009, it is expected that theseeconomies will begin to recover in 2010.It is expected that IFCO SYSTEMS RPC Management Services businesswill not materially suffer from the worldwide economic downturn, asthe grocery food retail industry, which is IFCO SYSTEMS' maincustomer base, will not be as strongly affected as other industries.Therefore, the European RPC Management Services business willcontinue to leverage IFCO SYSTEMS leadership position and marketexperience to meet or exceed overall market development. The Companywill increase its sales initiatives and continue to expand geographicpresence in Western Europe, Central Eastern Europe and South America.In the United States, IFCO SYSTEMS expects an increase in the overallRPC penetration among grocery food retailers and expects to grow inexcess of this market development. Based on the Company's solid RPCbusiness model, the RPC Management Services businesses is expected togrow in 2009. Therefore, IFCO SYSTEMS will continue to invest in itsRPC pool during 2009. These investments, however, will be carefullyaligned with IFCO SYSTEMS' business development and are targeted toincrease the return on IFCO SYSTEMS' invested capital.IFCO SYSTEMS expects that Pallet Management Services business will benegatively affected by the overall economic decline in the UnitedStates in 2009, primarily as a result of pressure on prices from thisoverall lower market demand. However, the Company remains confidentthat the key competitive advantages of Pallet Management Servicesbusiness - the breadth of service offerings, the national network andthe value proposition at a national and local level - have notchanged and will allow its Pallet Management Services segment toincrease volumes and market share in 2009 and sustain its existingleadership position.Although the economic environment in 2009 will remain uncertain for alarge part of the year, IFCO SYSTEMS believes that the abovedescribed trends will result in increased revenues and profitabilityin 2009 as compared to 2008.Financially, IFCO SYSTEMS is in a position to be able to fund itscapital, operational and debt service requirements through its ownoperational cash flows.For further explanations, please see IFCO SYSTEMS' quarterly report,which will be filed with the Deutsche Börse AG on or about August 14,2009, and will be available on the Company's websitewww.ifcosystems.com or www.ifcosystems.de.This release contains forward-looking statements that reflectManagement's current view with respect to future events. Allstatements contained in this release that are not clearly historicalin nature or necessarily depend on future events are forward-looking.The words "anticipate", "believe", "expect", "estimate", "planned"and similar expressions are generally intended to identifyforward-looking statements. These statements are based on currentexpectations, estimates and projections of the Management oncurrently available information. Many factors could cause the actualresults, performance or achievements to be materially different fromthose that may be expressed or implied by such statements. We do notassume any obligation to update the forward-looking statementscontained in this release.IFCO SYSTEMSSabine PreissInvestor RelationsTel +49 89 744 91 316Fax +49 89 744 767 316email: ir(at)ifcosystems.comwww.ifcosystems.com or www.ifcosystems.de --- End of Message ---IFCO Systems N.V.Zugspitzstraÿe 7 Pullach WKN: 157670; ISIN: NL0000268456 ; Index: CLASSIC All Share, Prime All Share;Listed: Freiverkehr in Bayerische Börse München, Freiverkehr in Hanseatische Wertpapierbörse zu Hamburg, Freiverkehr in Börse Düsseldorf, Prime Standard in Frankfurter Wertpapierbörse, Regulierter Markt in Frankfurter Wertpapierbörse;
Datum: 14.08.2009 - 11:35 Uhr
Sprache: Deutsch
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