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.
