IFCO reports further growth in Q1 2011
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IFCO Systems N.V. /
IFCO reports further growth in Q1 2011
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Amsterdam, Netherlands, May 18, 2011
IFCO's currency adjusted group revenues and operational profitability (EBITDA)
both continued to grow in Q1 2011 as compared to Q1 2010. IFCO's currency
adjusted group revenues grew by 9.7% to US $205.7 million and currency adjusted
EBITDA increased by 8.1% to US $34.3 million in Q1 2011 compared to Q1 2010.
As a result, RPC Management Services delivered gains in currency adjusted
revenues (by 16.4%), gross profit (by 10.4%) and EBITDA (by 2.7%) in Q1 2011 as
compared to Q1 2010. Q1 2011 revenues in the Pallet Management Services business
segment increased (by 1.7%), gross profit (by 11.2%) and EBITDA (by 26.2%)
compared to Q1 2010.
RPC Management Services' revenues significantly increased in Q1 2011 by US $15.9
million or 15.4% (currency adjusted by 16.4%), compared to Q1 2010. These gains
resulted from organic growth in our core business in RPC Europe as well as
winning new retailers in certain markets, like Spar in Austria and Carrefour in
France. Our South American and US business continued to grow, although growth in
our RPC US business was tempered significantly as a result of adverse weather
during Q4 2010 and Q1 2011 that reduced crop levels.
Revenues in Pallet Management Services grew slightly in Q1 2011 by 1.7% to US
$86.3 million compared to Q1 2010. We experienced gains in both pallet volumes
and average unit prices as compared to the prior year quarter. Service related
revenues increased marginally in absolute terms and as a percentage of total
revenues. These gains were partially offset by significantly lower revenues in
our Custom Crating division in Q1 2011 than in Q1 2010.
Gross profit margin on a group level increased slightly in Q1 2011 by 0.2
percentage points to 20.9%. RPC Management Services' gross profit margin
declined from 25.3% in Q1 2010 to 24.1% in Q1 2011, largely as a result of
decreased RPC US gross profit margin due to higher fuel and transportation
tariff charges. Gross profit margin in the Pallet Management Services business
increased to 16.5% from 15.1% in Q1 2011.
Currency adjusted group EBITDA increased in Q1 2011 by 8.1% to US $34.3 million.
EBITDA on a currency adjusted basis in RPC Management Services increased in Q1
2011 by 2.7% to US $28.1 million. RPC Management Services EBITDA margin declined
from 26.5% in Q1 2010 to 23.5% in Q1 2011. EBITDA in Pallet Management Services
increased by 26.2% to US $8.7 million in Q1 2011. EBITDA margin in Pallet
Management Services grew to 10.1% in Q1 2011 from 8.1% in Q1 2010.
Currency adjusted EBIT increased by 14.3% to US $24.1 million in Q1 2011
compared to Q1 2010. EBIT margin improved from 11.2% in Q1 2010 to 11.7% in Q1
2011.
Net profit significantly increased from US $0.9 million in Q1 2010 to US $5.4
million in Q1 2011. The net operational improvements, lower ICE related expenses
and lower net interest costs were partially offset by a higher tax provision.
IFCO's cash flow from continuing operations, excluding the cash flow effect of
income tax payments and ICE related payments, decreased in line with our
expectations to US $7.8 million in Q1 2011 from US $20.5 million in Q1 2010.
Higher profit levels were more than offset by negative working capital
development, principally as a result of temporary declines in trade payables and
other current liability accounts.
Our capital expenditure levels increased by US $8.6 million, or 34.6%, to US
$33.5 million during Q1 2011. The realization of the planned growth in Europe,
expectations of a timely volume recovery in our RPC US business and increased
granulate prices have led to increased investments in our RPC pool in 2011.
ROCE from continuing operations, on a LTM basis, increased to 23.1% as of March
31, 2011, compared to 20.4% as of March 31, 2010. This positive development is
the result of the Company's increased profitability and continuous improved
utilization of the RPC pool.
Our sources of liquidity currently include cash from operations, cash and cash
equivalents on hand, amounts available under our RCF and certain factoring
agreements. As of March 31, 2011, our liquidity declined to US $71.9 million
compared to US $120.4 million as of December 31, 2010 and compared to US $99.8
million (currency adjusted US $104.8 million) as of March 31, 2010. We believe
that these sources of liquidity are sufficient to finance our future capital and
operational requirements in accordance with our business plans.
US $ in thousands, except per Q1 2011 Q1 2010
share amounts % Change LTM Q1 2011
Revenues 205,726 188,403 9.2% 802,753
Revenues currency adjusted 205,726 187,495 9.7% 825,176
Gross profit 43,020 39,028 10.2% 181,476
Gross profit currency adjusted 43,020 38,881 10.6% 188,084
Gross profit margin 20.9% 20.7% 22.6%
EBITDA 34,290 31,827 7.7% 152,128
EBITDA currency adjusted 34,290 31,719 8.1% 157,811
EBITDA margin 16.7% 16.9% 19.0%
EBIT 24,133 21,149 14.1% 108,735
EBIT currency adjusted 24,133 21,122 14.3% 113,022
EBIT margin 11.7% 11.2% 13.5%
Net profit 5,441 940 478.8% 39,253
Net profit per share - basic 0.11 0.02 478.7% 0.76
Net profit per share - diluted 0.11 0.02 480.3% 0.76
Operating cash flows from
continuing operations excl. ICE 7,808 20,474 (61.9%) 168,769
Operating cash flows from
continuing operations incl. ICE 1,189 12,599 (90.6%) 153,886
Capital expenditures from
continuing operations 33,539 24,911 34.6% 130,683
Return on capital employed (ROCE) 23.1% 20.4%
Outlook: As the recent financial crisis continued to impact the worldwide
economy, challenging economic climates remained in many of our markets. The
economy in the United States remained weak but in a slightly improved condition.
Our European business continued to perform strongly despite mixed economic
conditions. However, certain Southern European countries are still suffering
from their governmental debt crisis.
Accordingly, our European RPC Management Services business will continue to
leverage our leadership position and market experience to meet or exceed overall
market development. We plan to increase our sales initiatives and to continue to
expand our geographic presence in Western Europe, Central Eastern Europe (CEE)
and South America. Recent wins of new retailers, like Carrefour in France, Spar
in Austria and MERCATOR in Slovenia support our expectations. In the United
States, we realized increases in the overall RPC penetration among grocery food
retailers and plan to grow in excess of this market development. Based on our
solid RPC business model, we expect that the RPC Management Services businesses
will continue to grow in 2011. Our investments to support this growth will be
carefully aligned with our business development and are targeted to continually
increase the return on our invested capital.
Our focus will remain on new and innovative products and markets where we can
achieve profitable growth, as well as continuing to deliver on our ongoing
responsibility to our global environment.
Our Pallet Management Services business continued to feel the negative impact of
the recent economic downturn, primarily as a result of pressure on prices from
weak market demand. Nevertheless, we remain confident that the key competitive
advantages of the Pallet Management Services business - the breadth of service
offerings, the national network and the value proposition at a national and
local level - have not changed and should allow our Pallet Management Services
segment to grow revenues and increase profitability in 2011.
We believe that our current assessment of the markets and our business
development as described above should result in overall significant gains in
both revenues and operational profitability in 2011 as compared to 2010.
Financially, we expect to be able to fund our capital, operational and debt
service requirements through our own operating cash flows.
We are excited about the acquisition by Brambles and the value it brings to IFCO
and we bring to it. The integration process has started and will present
synergies in the near future for the Brambles group.
For further explanations, please see IFCO's quarterly report, which will be
filed with the Deutsche Börse AG on or about May 18, 2011, and will be available
on the Company's website www.ifcosystems.com or www.ifcosystems.de.
This release contains forward-looking statements that reflect Management's
current view with respect to future events. All statements contained in this
release that are not clearly historical in nature or necessarily depend on
future events are forward-looking. The words "anticipate", "believe", "expect",
"estimate", "planned" and similar expressions are generally intended to identify
forward-looking statements. These statements are based on current expectations,
estimates and projections of the Management on currently available information.
Many factors could cause the actual results, performance or achievements to be
materially different from those that may be expressed or implied by such
statements. We do not assume any obligation to update the forward-looking
statements contained in this release.
Dr. Michael W. Nimtsch
IFCO SYSTEMS N.V.
Tel: +49 89 744 91 121
Fax: +49 89 744 91 239
Email: Michael.Nimtsch(at)ifco.de
Additional Information
IFCO is an international logistics service provider with more than 210 locations
worldwide. IFCO operates a pool of over 119 million Reusable Plastic Containers
(RPCs) globally, which are used primarily to transport fresh produce from
growers to leading grocery retailers. In the United States, IFCO also provides a
national network of pallet management services. IFCO is the market leader in
this industry with almost 200 million pallets sorted, repaired and recycled
annually.
WORLDWIDE RESPONSIBILITY is an IFCO initiative, under which IFCO not only
continues to assume its social and environmental responsibility but, working
with strong project partners, expands its sphere of responsible activities. With
the initiative's first social-engagement project, IFCO supports Food Banks
worldwide in their honorable effort to provide food to the needy through the
provision of reusable containers and by co-financing delivery vehicles.
--- End of Message ---
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Unternehmensinformation / Kurzprofil:
Datum: 18.05.2011 - 18:00 Uhr
Sprache: Deutsch
News-ID 54798
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