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Ifco Systems N.V:Further growth in Q1 2011
Die untenstehende Meldung ist eine Original-Meldung des Unternehmens. Sie ist nicht von der ECOreporter.de-Redaktion bearbeitet. Die presserechtliche Verantwortlichkeit liegt bei dem meldenden Unternehmen.
Ifco 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 share amounts
Q1 2011
Q1 2010
% 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: [email protected]
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.
Ifco 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 share amounts
Q1 2011
Q1 2010
% 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: [email protected]
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.