IFCO reports further growth in Q3 2011
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IFCO Systems N.V. /
IFCO reports further growth in Q3 2011
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The issuer is solely responsible for the content of this announcement.
Amsterdam, Netherlands, November 9, 2011
IFCO's currency adjusted group revenues and operational profitability (EBITDA)
both continued to grow in Q3 2011 and YTD 2011 as compared to Q3 2010 and YTD
2010. IFCO's currency adjusted group revenues grew by 16.1% to US $240.7 million
(YTD 2011 grew by 12.7% to US $677.2 million) and currency adjusted EBITDA
increased by 18.3% to US $45.8 million in Q3 2011 compared to Q3 2010, (YTD
2011 increased by 22.4% to US $133.3 million).
RPC Management Services delivered gains in currency adjusted revenues of 23.6%,
gross profit of 9.3% and EBITDA of 17.6% in Q3 2011 as compared to Q3 2010. Q3
2011 revenues in the Pallet Management Services business segment increased by
4.7%, gross profit by 5.3% and EBITDA by 17.6% compared to Q3 2010.
RPC Management Services' revenues in Q3 2011 increased by US $36.7 million or
31.1% (currency adjusted by 23.6%), compared to Q3 2010 (YTD 2011 by 26.7%; YTD
2011 currency adjusted by 20.5%). 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
business also continued to grow. Our RPC US business recovered partially in Q3
2011 from impact of severe weather during Q4 2010 and Q1 2011 that reduced crop
levels. Worldwide RPC trips increased by 20.2% to 175.0 million in Q3 2011 (YTD
2011 by 16.6% to 472.6 million).
Revenues in Pallet Management Services grew in Q3 2011 by 4.7% to US $86.2
million compared to Q3 2010 (YTD 2011, increased by 2.3% to US $262.2 million).
Although overall economic conditions remain relatively weak, volumes grew as
compared to Q3 2010 and average prices have continued to rise slowly on a
sequential basis. Overall gains in pallet revenues were partially offset by
significantly lower revenues in our Custom Crating division in Q3 2011 and YTD
2011 than in Q3 2010 and YTD 2010.
Gross profit margin on a group level decreased in Q3 2011 by 1.3 percentage
points to 20.6% (YTD 2011, increased to 22.0%). RPC Management Services' gross
profit margin fell from 27.9% in Q3 2010 to 24.6% in Q3 2011. Gross profit
margin in our European RPC business mainly decreased as a result of higher
depreciation. Gross profit margin in the RPC US business decreased in Q3 2011 as
a result of the effect of higher fuel, pool positioning, and transportation
tariff charges, which have been more pronounced during 2011. Gross profit margin
in the Pallet Management Services business remained flat with 13.3% in Q3 2011
and Q3 2010.
Currency adjusted group EBITDA increased in Q3 2011 by 18.3% to US $45.8 million
(YTD 2011 by 22.4% to US $133.3 million). EBITDA on a currency adjusted basis in
RPC Management Services increased in Q3 2011 by 17.6% to US $42.5 million (YTD
2011 by 18.4% to US $114.6 million). RPC Management Services EBITDA margin
declined from 29.1% in Q3 2010 to 27.5% in Q3 2011. EBITDA in Pallet Management
Services increased by 17.6% to US $6.3 million in Q3 2011 (YTD 2011 by 28.4% to
US $26.0 million). EBITDA margin in Pallet Management Services grew to 7.3% in
Q3 2011 from 6.5% in Q3 2010.
Currency adjusted EBIT increased by 15.8% to US $31.6 million in Q3 2011
compared to Q3 2010 (YTD 2011 by 26.5% to US $96.5 million). EBIT margin
slightly improved from 13.0% in Q3 2010 to 13.1% in Q3 2011.
Net profit increased from US $11.1 million in Q3 2010 to US $16.9 million in Q3
2011 (YTD 2010 decreased from a net profit of US $18.1 million to a net loss of
US $32.2 million in YTD 2011). On a YTD basis, the net operational improvements
and lower ICE related expenses were more than offset by higher net finance costs
and a higher total tax provision. These higher finance costs included a US $70.5
million charge resulting from the Company's repurchase of its Notes, which
consisted of redemption premiums in the amount of US $48.4 million and the
write-off of deferred financing costs in the amount of US $22.1 million.
Excluding these extraordinary and one-time effects, the Company's operational
net profit would have been US $38.3 million.
IFCO's cash flow from continuing operations, excluding the cash flow effect of
income tax payments and ICE related payments, decreased to US $112.0 million in
YTD 2011 from US $119.4 million in YTD 2010. Operating gains were more than
offset by negative working capital development mainly resulting from reduced
payables.
Our capital expenditure levels significantly increased by US $22.4 million, or
82.4%, to US $49.5 million during Q3 2011 (YTD 2011, by 61.3% to US $129.1
million). The realization of the planned growth in Europe and expectations of a
timely volume recovery in our RPC US business have led to increased investments
in our RPC pool in 2011.
ROCE from continuing operations, on a LTM basis, increased to 24.5% as of
September 30, 2011, compared to 22.4% as of September 30, 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 revolving loan facilities with
Brambles and certain factoring agreements. As of September 30, 2011, our
liquidity improved to US $130.6 million compared to US $120.4 million as of
December 31, 2010 and compared to US $107.9 million (currency adjusted US $107.5
million) as of September 30, 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 Q3 2011 Q3 2010 % YTD 2011 YTD % LTM Q3
thousands, Change 2010 Change 2011
except per
share
amounts
Revenues 240,698 200,197 20.2% 677,162 583,825 16.0% 878,767
Revenues
currency 240,698 207,381 16.1% 677,162 600,839 12.7% 878,947
adjusted
Gross profit 49,495 43,780 13.1% 149,221 127,292 17.2% 199,413
Gross profit
currency 49,495 45,695 8.3% 149,221 132,051 13.0% 199,595
adjusted
Gross profit 20.6% 21.9% 22.0% 21.8% 22.7%
margin
EBITDA 45,834 37,074 23.6% 133,322 104,979 27.0% 178,008
EBITDA
currency 45,834 38,742 18.3% 133,322 108,942 22.4% 178,228
adjusted
EBITDA 19.0% 18.5% 19.7% 18.0% 20.3%
margin
EBIT 31,607 26,086 21.2% 96,458 73,328 31.5% 128,881
EBIT
currency 31,607 27,284 15.8% 96,458 76,281 26.5% 129,067
adjusted
EBIT margin 13.1% 13.0% 14.2% 12.6% 14.7%
Net profit 16,932 11,066 53.0% (32,249) 18,116 (15,613)
(loss)
Net profit
(loss) per 0.30 0.22 37.7% (0.60) 0.37 (0.30)
share -
basic
Net profit
(loss) per 0.30 0.22 38.0% (0.60) 0.37 (0.30)
share -
diluted
Operating
cash flows
from 43,290 54,868 (21.1%) 111,654 119,445 (6.5%) 173,644
continuing
operations
excl. ICE
Operating
cash flows
from 42,611 52,944 (19.5%) 101,257 105,681 (4.2%) 160,872
continuing
operations
incl. ICE
Capital
expenditures
from 49,539 27,163 82.4% 129,148 80,046 61.3% 171,157
continuing
operations
Return on
capital 24.5% 22.4%
employed
(ROCE)
Outlook: Economic conditions may remain uncertain in our key markets. The
economy in the United States remained weak and is expected only to recover
slowly in light of the recent development. Our European business continued to
perform strongly despite mixed economic conditions. However, certain Southern
European countries are still suffering from their governmental debt crisis.
IFCO is in a strong position to deliver superior services to its customers,
employees and shareholders as it diversifies its range of products, extends the
geographic network coverage and increases the scale of services. 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. In the United States, we continue to realize 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 has recovered from the negative impact
of the recent economic downturn, although economic conditions remain
challenging. 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 materialized as expected and
will present synergies in the near future for the Brambles group.
For further explanations, please see IFCO's quarterly report, which 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.
Sabine Preiss
IFCO SYSTEMS N.V.
Tel: +49 89 744 91 316
Fax: +49 89 744 767 316
Email: Sabine.Preiss(at)ifco.de
Additional Information
IFCO is an international logistics service provider with more than 210 locations
worldwide. IFCO operates a pool of over 125 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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Source: IFCO Systems N.V. via Thomson Reuters ONE
[HUG#1562355]
Unternehmensinformation / Kurzprofil:
Datum: 09.11.2011 - 15:01 Uhr
Sprache: Deutsch
News-ID 85919
Anzahl Zeichen: 15753
contact information:
Town:
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Kategorie:
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