Strong order intake and solid performance (All amounts in EUR) - Revenues for Q3 2010 totalled 149.5 mln, an increase of 33.5% compared to revenues from core business in the same period the year before [Q3 2009: 112.0 mln]. The increase is 11.8% compared to the consolidated figures [Q3 2009: 133.7 mln]. - EBITDA was 19.9 mln, or 13.3% of sales [Q3 2009: 18.6 mln from core business; 18.0 mln consolidated]. - Operating profit (EBIT) was 13.8 mln, or 9.2% of sales [Q3 2009:13.1 mln from core business; 11.8 mln consolidated]. - Net result was 2.4 mln for Q3 2010 [Q3 2009: 0.9 mln]. - Operational cash flow remains strong and net interest bearing debt is 271.1 mln at the end of Q3 2010 [Q3 2009: 348.0 mln]. - The order book continues to grow as a result of a strong product pipeline and improved market conditions. The order book stands at 141.2 mln at the end of the quarter [Q3 2009: 86.1 mln]. Q3 2010 was a good quarter for Marel. Revenues totalled 149.5 mln, an increase of 33.5% compared to Q3 2009 and 9.8% compared to the previous quarter, despite the summer holiday period. Marel fully expects to reach its target of 10-12% return on revenues for the year as a whole. Marel is in formal discussions with a limited number of international banks regarding the financing of the company. A new, stable and cost efficient financing structure will facilitate further integration of the company's operations. Theo Hoen, CEO: “We delivered another good quarter. Sales increased by 33% compared to the previous year. Operational results, year to date, are within the targeted 10-12% EBIT level and we expect a good final quarter of the year. Our continued investment in innovation and joint product development is paying off. New products such as the SensorX and RevoPortioner are successful and sales of large projects are increasing. Our global sales network is also becoming more and more effective in marketing and selling our products, leading to excellent order book levels. We are currently finalizing our integration program and the company has entered a new phase in its development. Moving forward, we will focus as one company on growing our revenues and utilizing our operational leverage.” Solid performance and strong order book Marel had a good quarter with 149.9 mln in revenues, 19.9 mln in EBITDA and 13.8 mln in EBIT. The gross margin of 35% was unusually low due to an atypical product mix. With its strong product pipeline, Marel benefitted from improved market conditions. The orders received grew despite the summer holiday period. Our continued effort to bring new products to the market contributed to the success with a good order intake of SensorX food inspection systems and RevoPortioners used for the production of meat patties and nuggets. The number of larger orders continues to gradually increase. Orders received, including service revenues, amounted to 165.4 mln in Q3 2010, compared to 122.0 mln for the same period the year before. Once again, orders received exceeded orders booked off, leading to a continuing increase in the order book, which stood at 141.2 mln at the end of Q3 2010, compared to 86.1 mln at the same time the year before. Marel considers the order book to be at a very good level. Operational cash flow before interest and tax remains healthy at 23.6 mln in the third quarter and 81.4 mln year to date. The balance sheet is strong and net debts amount to 271.1 mln compared with 348.0 mln a year ago. Outlook Market conditions continue to gradually improve and are at the level of before the crisis. We expect that Marel will claim its fair share of growth in the market, resulting in an increase in revenues. Nevertheless, results may vary from quarter to quarter due to fluctuations in orders received and deliveries for larger systems. NOTE: For the full press release please open the attached press release document. Presentation of results, 28 October 2010 Marel will present its results at a meeting on Thursday, 28 October, at 8:30 a.m., at the company‘s headquarters at Austurhraun 9, Gardabaer, Iceland. The meeting will also be webcast: www.marel.com/webcast Publication days of the Consolidated Financial Statements in 2010 and the Annual General Meeting 2011 Publication dates of the Financial Statements for 2010: - 4th quarter 2010 2 February 2011 - Annual General Meeting of Marel hf. 2 March 2011 Publication dates of the Financial Statements for 2011: - 1st quarter 2011 27 April 2011 - 2nd quarter 2011 27 July 2011 - 3rd quarter 2011 26 October 2011 - 4th quarter 2011 1 February 2012 - Annual General Meeting of Marel hf. 29 February 2012 For further information, contact: Jón Ingi Herbertsson, Investor and Public Relations Manager, tel: (+354) 563-8451 Erik Kaman, CFO, tel: (+354) 563-8072 Sigsteinn Grétarsson, Managing Director of Marel ehf., tel: (+354) 563-8072 About Marel Marel is the leading global provider of advanced equipment, systems and services to the fish, meat and poultry industries. With offices and subsidiaries in over 30 countries and a global network of more than 100 agents and distributors, we work side-by-side with our customers to extend the boundaries of food processing performance. Advance with Marel for all your processing needs.