Highlights of Marel’s AGM 2014

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| Source: Marel hf.
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Marel’s Annual General Meeting (AGM) was held at the company’s headquarters in Gardabaer, Iceland, on 5 March 2014. All proposals presented by the Board were unanimously approved by the meeting.

Chairman’s address

Asthildur Margret Otharsdottir Chairman of Marel´s Board of Directors discussed Marel´s powerful growth drivers during her presentation. Population growth, urbanization, sustainability and environment are all trends that will drive global economic development in the future and benefit Marel´s business directly. She then talked about the Board´s proposal to pay no dividend for the year 2013. “In the light of 2013 results, that were below full potential, and the launching of refocusing program that will make Marel simpler, smarter, and faster, the Board proposes that no dividend will be paid for the year 2013,” Asthildur said. She then expressed her gratitude to Marel´s shareholders and employees. ”With our great team, innovative products and global presence in a world with an impending need to modernize and improve production, we are in a unique position to create increased shareholder value,” she said.

CEO’s address

“Operating profit (EBIT) was 43 million euros and revenue was 662 million euros. These results are neither in line with competitive position nor potential,” said Arni Oddur Thordarson CEO of Marel in his address to the company’s AGM.  Arni then talked about the refocusing program “simpler, smarter faster” that has been launched with the aim to simplify Marel´s organizational structure and increase service to customers. Several steps have already been taken towards this goal. During Q1 Marel’s meat activities have been strengthened, freezing activities have been streamlined, long term financing has been extended and employees have been reduced by 75, thereof 25 on middle management level.

Confirmation of annual accounts

The Company’s Consolidated Financial Statements and the Report of the Board of Directors and CEO were approved unanimously by the meeting. Marel’s total revenues for the year amounted to 662 million euros and the net profit amounted to 20.6 million euros. Marel’s Board of Directors proposal to not pay dividend for the year 2013 was agreed.

New members of the Board of Directors

Astvaldur Johannsson and Olafur Gudmundsson were elected as new Board Directors. Other Board Directors elected were Arnar Thor Masson, Ann Elizabeth Savage, Asthildur Margret Otharsdottir, Helgi Magnusson and Margret Jonsdottir

The new Board of Directors has convened and assigned roles and responsibilities. Asthildur Margret Otharsdottir continues as Chairman of the Board and Arnar Thor Masson, as the Vice-Chairman of the Board.