IFCO SYSTEMS continues to drive strong operational profit and cash
flow growth in Q3 2009 with group
(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, November 11, 2009IFCO SYSTEMS' currency adjusted operational profitability (EBITDA)continued to grow significantly in Q3 2009 by 24.2% to US $35.9million (YTD 2009 by 17.1% to US $90.5 million). As a result IFCOSYSTEMS achieved strong EBITDA margin growth from 15.5% in Q3 2008 to19.2% in Q3 2009 (from 14.6% YTD 2008 to 16.7% YTD 2009). AlthoughRPC Management Services currency adjusted revenues grew by 10.5% inQ3 2009 (17.0% in YTD 2009), currency adjusted group revenues grewonly slightly by 0.1% to US $186.6 million (YTD 2009 by 1.0% to US$541.4 million) due to weak demand in Pallet Management Services as aresult of the effects of the US economic recession.Currency adjusted revenues in RPC Management Services increased in Q32009 by 10.5% to US $105.7 million (YTD 2009 by 17.0% to US $284.5million). These gains are the result of organic volume growth in ourEuropean RPC business, the YTD effects of the Q2 2008 STECOacquisition, increased volume in RPC South America and acceleratinggrowth in our RPC US business. Revenues in Pallet Management Servicesdeclined in Q3 2009 by 11.0% to US $80.9 million (YTD 2009 by 12.2%to US $256.9 million). Although IFCO SYSTEMS continued to increaseits market share by selling more key pallet product volumes comparedto previous year, increasing pricing pressure resulting from weakenedmarket demand drove average prices lower in this segment.Gross profit margin on a group level increased in Q3 2009 by 0.5percentage points to 19.2% (YTD 2009 grew 2.0 percentage points to19.4%). RPC Management Services' gross profit margin grew from 22.6%in Q3 2008 to 23.5% in Q3 2009. RPC Management Services benefited inEurope from increasing synergies resulting from the integration ofthe former STECO organization. Gross profit margin improvements inEurope and the US were also achieved through lower per unit washingand transportation costs and sustainable economies of scale effects.Gross profit margin in the Pallet Management Services business fellto 13.6% from 14.4% in Q3 2008 due to the effects of lower customerprices partially offset by lower raw materials costs and fuel prices.Currency adjusted group EBITDA increased in Q3 2009 by 24.2% to US$35.9 million (YTD 2009 by 17.1%) to US $90.5 million. EBITDA on acurrency adjusted basis in RPC Management Services increasedsignificantly in Q3 2009 by 39.5% to US $32.6 million (YTD 2009 by37.7% to US $79.2 million). RPC Management Services EBITDA marginimproved in Q3 2009 by 6.5 percentage points to 30.8%. EBITDA inPallet Management Services decreased by 21.7% to US $5.7 million inQ3 2009 (YTD 2009 by 28.2% to US $17.8 million). EBITDA margin inthis segment fell in Q3 2009 to 7.0% from 8.0% in Q3 2008.Q3 2009 currency adjusted group EBIT grew by 30.1% to US $24.7million (YTD 2009 increased by 32.5% to US $59.8 million). LTM Q32009 currency adjusted EBIT reached a level of US $82.4 million. EBITmargin increased significantly to a level of 13.2% in Q3 2009 (11.1%in YTD 2009) from 10.1% in Q3 2008 (8.4% in YTD 2008).Net profit significantly increased from US $2.5 million in Q3 2008 toUS $7.3 million in Q3 2009 (YTD 2009 decreased from US $8.4 millionto US $5.2 million). On a YTD basis, gains in 2009 operating profitwere more than offset by a higher non-cash deferred income taxprovision and the one-time costs recognized in connection with IFCOSYSTEMS' comprehensive refinancing, which were included in netfinance costs. Excluding these refinancing expenses, net profit forYTD 2009 would have been US $13.6 million.IFCO SYSTEMS cash flow from continuing operations, excluding the cashflow effect of income tax payments and ICE related payments,increased significantly to US $84.4 million in YTD 2009 from US $32.3million in YTD 2008. The lower 2008 result was primarily due toreduced refundable deposit levels and other related effects onworking capital following the termination of the EDEKA contract inEurope during early 2008.Our capital expenditure levels (excluding the cash paid for the STECOacquisition in Q2 2008) decreased by US $8.2 million, or 38.1%, to US$13.4 million during Q3 2009 (YTD 2009 decreased by 3.3% to US $38.2million). The realization of the planned growth in the US and SouthAmerica has led to continued investments in these RPC pools in 2009.Lower absolute RPC related capital expenditures in YTD 2009 comparedto YTD 2008 are the result of significantly improved turns of our RPCpool. Additionally, significantly lower costs of raw materials forall of our RPC pools has reduced the average per unit acquisitioncost of a new RPC during 2009.ROCE from continuing operations, on a LTM basis, increased to 17.5%as of September 30, 2009, compared to 14.7% as of September 30, 2008.This development is due to improved utilization of the employedcapital as well as an increased EBIT level.Our sources of liquidity currently include cash from operations, cashand cash equivalents on hand, amounts available under our RCF andcertain factoring agreements. As of September 30, 2009, our liquiditymore than doubled to US $116.0 million compared to US $53.5 millionas of December 31, 2008. We believe that these sources are sufficientto finance our future capital and operational requirements inaccordance with our business plans.US $ in Q3 2009 Q3 2008 % YTD YTD % LTM Q3thousands, Change 2009 2008 Change 2009except pershareamountsRevenues 186,634 190,343 (1.9%) 541,367 556,105 (2.7%) 721,150Revenuescurrencyadjusted 186,634 186,521 0.1% 541,367 535,850 1.0% 729,430Gross profit 35,870 35,555 0.9% 104,866 96,630 8.5% 140,413Gross profitmargin 19.2% 18.7% 19.4% 17.4% 19.5%EBITDA 35,863 29,572 21.3% 90,518 81,002 11.7% 120,560EBITDAcurrencyadjusted 35,863 28,873 24.2% 90,518 77,329 17.1% 122,478EBITDAmargin 19.2% 15.5% 16.7% 14.6% 16.7%EBIT 24,683 19,273 28.1% 59,826 46,618 28.3% 81,003EBITcurrencyadjusted 24,683 18,977 30.1% 59,826 45,152 32.5% 82,378EBIT margin 13.2% 10.1% 11.1% 8.4% 11.2%Net profit(loss) 7,290 2,466 195.6% 5,206 8,440 (38.3%) (9,272)Net profit(loss) pershare -basic 0.14 0.05 201.1% 0.10 0.16 (37.6%) (0.17)Net profit(loss) pershare -diluted 0.14 0.05 201.8% 0.10 0.16 (36.5%) (0.17)Operatingcash flowsfromcontinuingoperations 50,264 26,687 88.3% 76,092 26,135 191.2% 107,099Capitalexpendituresfromcontinuingoperations 13,356 21,465 (37.8%) 38,185 68,807 (44.5%) 58,331Return oncapitalemployed(ROCE) 17.5% 14.7%Outlook: As the financial crisis that unfolded in 2008 spread to theworldwide economy in 2009, IFCO SYSTEMS has experienced challengingeconomic climates in many of its markets so far during 2009. Whilethe economies in both Europe and the United States, its two keymarkets, have remained in weakened states in 2009, it is expectedthat these economies will begin to recover in 2010.IFCO SYSTEMS believes that its RPC Management Services business willnot materially suffer from the worldwide economic downturn, as thegrocery food retail industry, which is IFCO SYSTEMS' main customerbase, has not been as strongly affected as other industries.Accordingly, 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 (CEE) and SouthAmerica. In the United States, IFCO SYSTEMS has seen increases in theoverall RPC penetration among grocery food retailers and expects togrow in excess of this market development. Based on the Company'ssolid RPC business model, the RPC Management Services businesses willcontinue to grow for the remainder of 2009. Therefore, IFCO SYSTEMShas, and will continue to, invest in its RPC pool during 2009 inanticipation of continued growth in 2010. These investments, however,will be carefully aligned with IFCO SYSTEMS' business development andare targeted to continually increase the return on IFCO SYSTEMS'invested capital.IFCO SYSTEMS Pallet Management Services business has clearly beennegatively affected by the overall economic decline in the UnitedStates in 2009, primarily as a result of pressure on prices fromlower market demand. Although the Company remains confident that thekey competitive advantages of Pallet Management Services business -the breadth of service offerings, the national network and the valueproposition at a national and local level - have not changed and willallow its Pallet Management Services segment to increase revenues andprofitability in 2010, it is expected that the pallet market willremain weak in Q4 2009 and in line with previous quarters.Despite the dramatic economic downturn in 2009, IFCO SYSTEMS believesthat the above described trends will result in overall flat revenuesbut significantly increased operational profitability in 2009 ascompared 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 November11, 2009, and will be available on the Company's websitewww.ifcosystems.com or www.ifcosystems.de. The Company will hold aconference call on November 17, 2009. The details will be availableon the Company's website.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: 11.11.2009 - 09:35 Uhr
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