Strong growth and good profitability(All amounts in EUR)
-- Revenues for 2010 totalled 600.4 mln. Revenues from core business amounted to 582.1 mln, an increase of 34% compared to the year before [2009: 434.8 mln].[1] -- EBITDA from normalized core businesses was 88.1 mln or 15.1% of revenues [2009: 47.4 mln]. Consolidated EBITDA 2010 was 82.2 mln [2009: 58.8 mln]. [2] -- Operating profit from normalised core businesses was 64.1 mln or 11% of revenues [2009: 24.8 mln]. Consolidated EBIT was 57.3 mln in 2010 [2009: 8.0 mln]. -- Net result in 2010 was 13.6 mln [2009: a loss of 11.8 mln]. -- Cash flow continues to be strong and net interest bearing debt has been reduced to 256.7 mln at the end of 2010 [2009: 295.0 mln]. -- Long-term financing in the amount of 350 mln was secured at favourable terms and conditions. -- The order book grew throughout the year as a result of a strong product pipeline and improved market conditions. The order book stands at 162.2 mln at the end of the year [2009: 105.8 mln].
Marel had a very good year in 2010. Revenues from core business amounted to 582.1 mln, an increase of 34% over the previous year. The level of market activity increased gradually during the course of the year, with orders received exceeding revenues in each consecutive quarter. The result was a continuing increase in the order book, which stood at a record 162.2 mln at the end of the year, an increase of 53% compared to the year before.
Marel reached a major milestone in November 2010 when it signed an agreement with a group of six international banks on long-term financing in the amount of 350 mln, providing a strong foundation for the future.
Theo Hoen, CEO:
"Q4 was an excellent quarter for us, our best to date, wrapping up a very good year. With a steep increase in orders received in Q4, the order book climbed to a record level. The EBIT margin reached 12% in Q4, and 11% for the year as a whole, fully in line with our stated target range of 10-12%. Our decision to maintain our level of investment in product development during the past two years, despite the challenging operating environment, is now really paying off. We have introduced a steady stream of innovative new products to the market during the year, with many more in the pipeline.
The refinancing of the company in Q4 was a major milestone. With a growing EBITDA stream and reduced leverage, we were able to secure a favourable long-term financing package from an international consortium of six banks. This milestone creates the conditions for us to build and grow the business and focus on our long-term strategy. We can now truly reap the benefits of being one integrated company.
Looking ahead to 2011, we are confident that we will achieve our goal of good profitability and growth by relying on our proven business model founded on three pillars - market penetration, innovation and operational excellence."
Q4 2010 results
Excellent performance and strong order book
Marel had an excellent quarter with 167.7 mln in revenues, 26.1 mln in EBITDA and 20.1 mln in EBIT.
-- Revenues for Q4 2010 totalled 167.7 mln, an increase of 49% compared to revenues from core business the year before [Q4 2009: 112.5 mln from core business; 135.7 mln consolidated]. -- EBITDA for Q4 2010 was 26.1 mln, or 15.6% of sales [Q4 2009: 12.8 mln from core business; 12.0 mln consolidated]. -- Operating profit (EBIT) for the quarter was 20.1 mln, or 12% of sales [Q4 2009: 6.9 mln from core business; a loss of 19.6 mln consolidated]. -- Net result was 5.5 mln for Q4 2010 [Q4 2009: a loss of 23.0 mln]. -- The integration of the Marel and Stork Food Systems companies into one unified company was formally completed at the end of Q3. The main focus now is on increased profitability and internal growth through innovation, market penetration and operational excellence.
Marel is benefitting strongly from its decision to maintain its level of investment in research and development during the past two years. Thanks to a steady stream of innovative new products and a strong product pipeline, orders received, including service revenues, amounted to 188.6 mln in Q4 2010, compared to 132.2 mln for the same period the year before. The strengthening of the global sales and service network, undertaken as part of the integration process, was also a key factor in enabling the company to capture its fair share of the market. The number of large orders has bounced back to the levels they were at before the crisis and financing of such projects is no longer an issue for Marel's customers. Once again, orders received exceeded orders booked off, leading to a continuing increase in the order book, which stood at a record 162.2 mln at the end of Q4 2010, compared to 105.8 mln at the same time the year before. The excellent level of the order book enables Marelto make a good start in 2011.
Operational cash flow before interest and tax remains healthy at 33.5 mln in Q4 and 114.9 mln for the year. The balance sheet is strong and net debts amount to 256.7 mln compared with 295.0 mln a year ago.
Performance summary for Q4 2010
Key figures from Marel's operations in thousands of EUR
Operating results Quarter YTD Quarter YTD 4 4 Core business, normalised 2010 2010 2009 2009
Revenues 167,677 582,130 112,492 434,796 Gross profit 63,162 221,410 43,682 166,160 Gross profit as a % of Revenues 37.7% 38.0% 38.8% 38.2% Other operating income (expenses) 110 (672) (246) (602) Other operating income (expenses) 0.1% 0.1% 0.2% 0.1% as a % of Revenues SG&A costs (33,313) (120,671) (28,741) (112,397) SG&A costs as a % of Revenues 19.9% 20.7% 25.5% 25.9% Research and development expenses (9,896) (35,924) (7,775) (28,402) Research and development expenses 5.9% 6.2% 6.9% 6.5% as a % of Revenues Result from operations (EBIT) 20,063 64,144 6,920 24,760 EBIT as a % of Revenues 12.0% 11.0% 6.2% 5.7% EBITDA 26,104 88,060 12,763 47,432 EBITDA as a % of Revenues 15.6% 15.1% 11.3% 10.9% Orders Received 1) 188,604 638,453 132,187 474,077 Order Book 162,155 105,832
1) Included are the service revenues.
Consolidated Quarter YTD Quarter YTD 4 4 2010 2010 2009 2009 Cash flows Cash generated from operating 33,451 114,881 17,084 75,395 activities, before interest & tax
Net cash from (to) operating 20,759 78,986 756 25,526 activities Investing activities (6,097) (16,757) (4,588) 10,758 Financing activities (36,459) (67,453) 20,114 10,168 ----------------------------------------- Net cash flow (21,797) (5,224) 16,385 46,452
Financial position Net Debt 256,741 295,012 Operational working capital 2) 59,794 107,149
2) Third party Debtors, Inventories, Net Work in Progress and Third party Creditors.
Key ratios Current ratio 1.4 1.6 Quick ratio 1.0 1.2 Number of outstanding shares 730,291 727,136 Market cap. in millions of Euros 473.5 210.3 based on exchange rate at end of period Return on equity 4.1% (3.9)% Earnings per share in euro cents 1.87 (1.96)
Key events during the period
Financing
On 25 November 2010, Marel signed an agreement with a group of six international banks on long-term financing in the amount of 350 mln. The initial average interest terms are EURIBOR/LIBOR + 320 bps and are expected to decrease during the maturity of the loans, in line with the increase of the financial strength of Marel. The new financing structure is a major milestone and provides the company with a strong foundation for the future. The agreement enables the company to refinance all its existing debts at favourable terms and conditions. Equally important, it supports the company's long-term strategy by providing the stability and flexibility needed to continue to grow the business, as well as making the full integration of the company's operations possible.
As part of the refinancing strategy, Marel announced on 1 November 2010 a conditional offer to bond holders to repurchase bonds issued by the company and listed on NASDAQ OMX Iceland under the name MARL 06 1. These bonds represented the only existing debt which could not be unconditionally repaid at Marel's discretion. With the repurchase, Marel sought to further reduce the currency risk on its balance sheet. Investors holding a total of 65.65% of the outstanding bonds accepted the offer to repurchase the bonds at par. Following the repurchase of the Bonds, the total value of the outstanding debt denominated in ISK is EUR 7.5 mln, which represents an acceptable currency risk, in Marel's view.
Cost efficiency and focus on cash flow
Marel continues to maintain a strict focus on rationalization and cost control. Great effort continues to be invested in ensuring that the company's reduced cost base is sustainable despite the renewed growth in activity.
Operational cash flow before interest and tax was positive by 33.5 mln in Q4 2010. The company's working capital programme continued to yield improvements in our working capital ratio. The current liquidity position of 63 mln is strong. The business is well invested and remains well equipped to deal with fluctuations in the market environment.
Operating environment
Marel's core business focuses on four industry segments: fish, meat poultry and further processing.
Poultry: Poultry continues to increase in popularity among consumers looking for affordable sources of protein. Accordingly, the poultry segment once again led the way in terms of the growth in order intake in 2010, including in large orders in both established and emerging economies. In Q4, a number of large projects were secured, including greenfield projects in China and the Russian Federation (see customer focus below). A new integrated solution combining the AMF-BX deboning line with the SensorX bone detection system has been very well received in the market, setting a new standard for process control, performance and reliability. The general outlook for 2011 is very positive.
Fish: High raw material prices and consolidation in the industry have led fish processors to continue to invest in increased automation to improve yields, product quality and overall efficiency. Maximizing the value extracted from the raw material remains a priority. The strong growth of the aquaculture industry continues. Salmon processors in Norway continue to seek to capitalize on the collapse of the Chilean salmon industry due to a virus epidemic, resulting in several large sales to Norway during the year. As the year came to a close, a major processor acquired a second large SureTrack whole fish grading system for salmon, with the first having been installed earlier in the year.
Meat: Q4 saw high levels of activity in Europe, Australia and South America, with strong indications of sizeable investments to come in the early part of 2011. Processors continue to show growing interest in automation and process monitoring, primarily to counter high raw material prices and a shortage of labour. Order intake was, however, somewhat below expectations in Q4 overall, with several big projects being delayed due to market instability, particularly in the U.S. market, which was affected by low consumer prices and a general lack of demand for the end products. Nevertheless, several StreamLine deboning and trimming systems were sold to customers looking to improve profitability.
Further processing: The market for value added products continues to grow. Consumers, who spend less and less time on food preparation, are looking for greater variety in convenience food and complete ready-made meals. Fast food restaurants also continue to thrive. Processors are investing in innovations that allow them to meet ever changing consumer demands. Sales of the Townsend Further Processing product range increased substantially in 2010, driven by the success of the RevoPortioner, a revolutionary low-pressure forming and portioning machine used in the production of a wide variety of products, including hamburgers, nuggets and steaks. Growth is expected to continue in 2011.
Customer focus - BEZRK-Belgrankorm, Russian Federation: BEZRK-Belgrankorm is one of the leading poultry producers in Central Russia, with a strong focus on modern and innovative processing methods. The company plans to begin exporting poultry products to Europe and recently signed an agreement with Marel to equip a new slaughtering plant with an initial processing capacity of 12,000 chickens per hour. The order includes equipment from Marel's Stork Poultry Processing product range totalling 18.3 mln.
"We have been partners for more than five years now," says Alexander Orlov, Chairman and principal owner of BEZRK-Belgrankorm. "The high quality of Stork Poultry Processing equipment and service speaks for itself. The machines are very reliable, and the focus on innovation gives us great confidence for the future. It is very positive that Marel and Stork Poultry Processing are now one company with one concept, a concept that can offer solutions to all the challenges we face." The new plant is scheduled to begin operations in the summer of 2011, with a capacity in excess of 150 thousand tons of poultry per year.
Outlook
Market conditions have improved during the course of the year. Marel has strengthened its market position and the excellent level of the order book ensures a good start to the year.The outlook for 2011 is positive. Nevertheless, results may vary from quarter to quarter due to fluctuations in orders received and deliveries of larger systems.
Presentation of results, 3 February 2011
Marel will present its results at a meeting on Thursday, 3 February, at 8:30 a.m. GMT, at the company's headquarters at Austurhraun 9, Gardabaer.
Publication days of the Consolidated Financial Statements in 2011 and the Annual General Meeting 2011
-- Annual General Meeting of Marel hf . 2 March 2011 -- 1st quarter 2011 27 April2011 -- 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. Forward-looking statements Statements in this press release that are not based on historical facts are forward-looking statements. Although such statements are based on management's current estimates and expectations, forward-looking statements are inherently uncertain. We, therefore, caution the reader that there are a variety of factors that could cause business conditions and results to differ materially from what is contained in our forward-looking statements, and that we do not undertake to update any forward-looking statements. All forward-looking statements are qualified in their entirety by this cautionary statement.
[1]The disposal of the company's main non-core assets was completed in Q1 2010 with the sale of Carnitech A/S and Food & Dairy Systems. The 2010 results include figures from Carnitech A/S up until 1 February 2010 and Food & Dairy Systems until 31 March 2010. In comparing the 2010 results with the previous year, it is therefore more useful to refer to the figures for core business than the consolidated figures.
[2]The 2010 figures are normalized for one off items amounting to 7.9 mln, thereof pension recovery premium costs of 7.6 mln related to underfunding of the Stork Pension Fund.
Attachment:
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-- Revenues for 2010 totalled 600.4 mln. Revenues from core business amounted to 582.1 mln, an increase of 34% compared to the year before [2009: 434.8 mln].[1] -- EBITDA from normalized core businesses was 88.1 mln or 15.1% of revenues [2009: 47.4 mln]. Consolidated EBITDA 2010 was 82.2 mln [2009: 58.8 mln]. [2] -- Operating profit from normalised core businesses was 64.1 mln or 11% of revenues [2009: 24.8 mln]. Consolidated EBIT was 57.3 mln in 2010 [2009: 8.0 mln]. -- Net result in 2010 was 13.6 mln [2009: a loss of 11.8 mln]. -- Cash flow continues to be strong and net interest bearing debt has been reduced to 256.7 mln at the end of 2010 [2009: 295.0 mln]. -- Long-term financing in the amount of 350 mln was secured at favourable terms and conditions. -- The order book grew throughout the year as a result of a strong product pipeline and improved market conditions. The order book stands at 162.2 mln at the end of the year [2009: 105.8 mln].
Marel had a very good year in 2010. Revenues from core business amounted to 582.1 mln, an increase of 34% over the previous year. The level of market activity increased gradually during the course of the year, with orders received exceeding revenues in each consecutive quarter. The result was a continuing increase in the order book, which stood at a record 162.2 mln at the end of the year, an increase of 53% compared to the year before.
Marel reached a major milestone in November 2010 when it signed an agreement with a group of six international banks on long-term financing in the amount of 350 mln, providing a strong foundation for the future.
Theo Hoen, CEO:
"Q4 was an excellent quarter for us, our best to date, wrapping up a very good year. With a steep increase in orders received in Q4, the order book climbed to a record level. The EBIT margin reached 12% in Q4, and 11% for the year as a whole, fully in line with our stated target range of 10-12%. Our decision to maintain our level of investment in product development during the past two years, despite the challenging operating environment, is now really paying off. We have introduced a steady stream of innovative new products to the market during the year, with many more in the pipeline.
The refinancing of the company in Q4 was a major milestone. With a growing EBITDA stream and reduced leverage, we were able to secure a favourable long-term financing package from an international consortium of six banks. This milestone creates the conditions for us to build and grow the business and focus on our long-term strategy. We can now truly reap the benefits of being one integrated company.
Looking ahead to 2011, we are confident that we will achieve our goal of good profitability and growth by relying on our proven business model founded on three pillars - market penetration, innovation and operational excellence."
Q4 2010 results
Excellent performance and strong order book
Marel had an excellent quarter with 167.7 mln in revenues, 26.1 mln in EBITDA and 20.1 mln in EBIT.
-- Revenues for Q4 2010 totalled 167.7 mln, an increase of 49% compared to revenues from core business the year before [Q4 2009: 112.5 mln from core business; 135.7 mln consolidated]. -- EBITDA for Q4 2010 was 26.1 mln, or 15.6% of sales [Q4 2009: 12.8 mln from core business; 12.0 mln consolidated]. -- Operating profit (EBIT) for the quarter was 20.1 mln, or 12% of sales [Q4 2009: 6.9 mln from core business; a loss of 19.6 mln consolidated]. -- Net result was 5.5 mln for Q4 2010 [Q4 2009: a loss of 23.0 mln]. -- The integration of the Marel and Stork Food Systems companies into one unified company was formally completed at the end of Q3. The main focus now is on increased profitability and internal growth through innovation, market penetration and operational excellence.
Marel is benefitting strongly from its decision to maintain its level of investment in research and development during the past two years. Thanks to a steady stream of innovative new products and a strong product pipeline, orders received, including service revenues, amounted to 188.6 mln in Q4 2010, compared to 132.2 mln for the same period the year before. The strengthening of the global sales and service network, undertaken as part of the integration process, was also a key factor in enabling the company to capture its fair share of the market. The number of large orders has bounced back to the levels they were at before the crisis and financing of such projects is no longer an issue for Marel's customers. Once again, orders received exceeded orders booked off, leading to a continuing increase in the order book, which stood at a record 162.2 mln at the end of Q4 2010, compared to 105.8 mln at the same time the year before. The excellent level of the order book enables Marelto make a good start in 2011.
Operational cash flow before interest and tax remains healthy at 33.5 mln in Q4 and 114.9 mln for the year. The balance sheet is strong and net debts amount to 256.7 mln compared with 295.0 mln a year ago.
Performance summary for Q4 2010
Key figures from Marel's operations in thousands of EUR
Operating results Quarter YTD Quarter YTD 4 4 Core business, normalised 2010 2010 2009 2009
Revenues 167,677 582,130 112,492 434,796 Gross profit 63,162 221,410 43,682 166,160 Gross profit as a % of Revenues 37.7% 38.0% 38.8% 38.2% Other operating income (expenses) 110 (672) (246) (602) Other operating income (expenses) 0.1% 0.1% 0.2% 0.1% as a % of Revenues SG&A costs (33,313) (120,671) (28,741) (112,397) SG&A costs as a % of Revenues 19.9% 20.7% 25.5% 25.9% Research and development expenses (9,896) (35,924) (7,775) (28,402) Research and development expenses 5.9% 6.2% 6.9% 6.5% as a % of Revenues Result from operations (EBIT) 20,063 64,144 6,920 24,760 EBIT as a % of Revenues 12.0% 11.0% 6.2% 5.7% EBITDA 26,104 88,060 12,763 47,432 EBITDA as a % of Revenues 15.6% 15.1% 11.3% 10.9% Orders Received 1) 188,604 638,453 132,187 474,077 Order Book 162,155 105,832
1) Included are the service revenues.
Consolidated Quarter YTD Quarter YTD 4 4 2010 2010 2009 2009 Cash flows Cash generated from operating 33,451 114,881 17,084 75,395 activities, before interest & tax
Net cash from (to) operating 20,759 78,986 756 25,526 activities Investing activities (6,097) (16,757) (4,588) 10,758 Financing activities (36,459) (67,453) 20,114 10,168 ----------------------------------------- Net cash flow (21,797) (5,224) 16,385 46,452
Financial position Net Debt 256,741 295,012 Operational working capital 2) 59,794 107,149
2) Third party Debtors, Inventories, Net Work in Progress and Third party Creditors.
Key ratios Current ratio 1.4 1.6 Quick ratio 1.0 1.2 Number of outstanding shares 730,291 727,136 Market cap. in millions of Euros 473.5 210.3 based on exchange rate at end of period Return on equity 4.1% (3.9)% Earnings per share in euro cents 1.87 (1.96)
Key events during the period
Financing
On 25 November 2010, Marel signed an agreement with a group of six international banks on long-term financing in the amount of 350 mln. The initial average interest terms are EURIBOR/LIBOR + 320 bps and are expected to decrease during the maturity of the loans, in line with the increase of the financial strength of Marel. The new financing structure is a major milestone and provides the company with a strong foundation for the future. The agreement enables the company to refinance all its existing debts at favourable terms and conditions. Equally important, it supports the company's long-term strategy by providing the stability and flexibility needed to continue to grow the business, as well as making the full integration of the company's operations possible.
As part of the refinancing strategy, Marel announced on 1 November 2010 a conditional offer to bond holders to repurchase bonds issued by the company and listed on NASDAQ OMX Iceland under the name MARL 06 1. These bonds represented the only existing debt which could not be unconditionally repaid at Marel's discretion. With the repurchase, Marel sought to further reduce the currency risk on its balance sheet. Investors holding a total of 65.65% of the outstanding bonds accepted the offer to repurchase the bonds at par. Following the repurchase of the Bonds, the total value of the outstanding debt denominated in ISK is EUR 7.5 mln, which represents an acceptable currency risk, in Marel's view.
Cost efficiency and focus on cash flow
Marel continues to maintain a strict focus on rationalization and cost control. Great effort continues to be invested in ensuring that the company's reduced cost base is sustainable despite the renewed growth in activity.
Operational cash flow before interest and tax was positive by 33.5 mln in Q4 2010. The company's working capital programme continued to yield improvements in our working capital ratio. The current liquidity position of 63 mln is strong. The business is well invested and remains well equipped to deal with fluctuations in the market environment.
Operating environment
Marel's core business focuses on four industry segments: fish, meat poultry and further processing.
Poultry: Poultry continues to increase in popularity among consumers looking for affordable sources of protein. Accordingly, the poultry segment once again led the way in terms of the growth in order intake in 2010, including in large orders in both established and emerging economies. In Q4, a number of large projects were secured, including greenfield projects in China and the Russian Federation (see customer focus below). A new integrated solution combining the AMF-BX deboning line with the SensorX bone detection system has been very well received in the market, setting a new standard for process control, performance and reliability. The general outlook for 2011 is very positive.
Fish: High raw material prices and consolidation in the industry have led fish processors to continue to invest in increased automation to improve yields, product quality and overall efficiency. Maximizing the value extracted from the raw material remains a priority. The strong growth of the aquaculture industry continues. Salmon processors in Norway continue to seek to capitalize on the collapse of the Chilean salmon industry due to a virus epidemic, resulting in several large sales to Norway during the year. As the year came to a close, a major processor acquired a second large SureTrack whole fish grading system for salmon, with the first having been installed earlier in the year.
Meat: Q4 saw high levels of activity in Europe, Australia and South America, with strong indications of sizeable investments to come in the early part of 2011. Processors continue to show growing interest in automation and process monitoring, primarily to counter high raw material prices and a shortage of labour. Order intake was, however, somewhat below expectations in Q4 overall, with several big projects being delayed due to market instability, particularly in the U.S. market, which was affected by low consumer prices and a general lack of demand for the end products. Nevertheless, several StreamLine deboning and trimming systems were sold to customers looking to improve profitability.
Further processing: The market for value added products continues to grow. Consumers, who spend less and less time on food preparation, are looking for greater variety in convenience food and complete ready-made meals. Fast food restaurants also continue to thrive. Processors are investing in innovations that allow them to meet ever changing consumer demands. Sales of the Townsend Further Processing product range increased substantially in 2010, driven by the success of the RevoPortioner, a revolutionary low-pressure forming and portioning machine used in the production of a wide variety of products, including hamburgers, nuggets and steaks. Growth is expected to continue in 2011.
Customer focus - BEZRK-Belgrankorm, Russian Federation: BEZRK-Belgrankorm is one of the leading poultry producers in Central Russia, with a strong focus on modern and innovative processing methods. The company plans to begin exporting poultry products to Europe and recently signed an agreement with Marel to equip a new slaughtering plant with an initial processing capacity of 12,000 chickens per hour. The order includes equipment from Marel's Stork Poultry Processing product range totalling 18.3 mln.
"We have been partners for more than five years now," says Alexander Orlov, Chairman and principal owner of BEZRK-Belgrankorm. "The high quality of Stork Poultry Processing equipment and service speaks for itself. The machines are very reliable, and the focus on innovation gives us great confidence for the future. It is very positive that Marel and Stork Poultry Processing are now one company with one concept, a concept that can offer solutions to all the challenges we face." The new plant is scheduled to begin operations in the summer of 2011, with a capacity in excess of 150 thousand tons of poultry per year.
Outlook
Market conditions have improved during the course of the year. Marel has strengthened its market position and the excellent level of the order book ensures a good start to the year.The outlook for 2011 is positive. Nevertheless, results may vary from quarter to quarter due to fluctuations in orders received and deliveries of larger systems.
Presentation of results, 3 February 2011
Marel will present its results at a meeting on Thursday, 3 February, at 8:30 a.m. GMT, at the company's headquarters at Austurhraun 9, Gardabaer.
Publication days of the Consolidated Financial Statements in 2011 and the Annual General Meeting 2011
-- Annual General Meeting of Marel hf . 2 March 2011 -- 1st quarter 2011 27 April2011 -- 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. Forward-looking statements Statements in this press release that are not based on historical facts are forward-looking statements. Although such statements are based on management's current estimates and expectations, forward-looking statements are inherently uncertain. We, therefore, caution the reader that there are a variety of factors that could cause business conditions and results to differ materially from what is contained in our forward-looking statements, and that we do not undertake to update any forward-looking statements. All forward-looking statements are qualified in their entirety by this cautionary statement.
[1]The disposal of the company's main non-core assets was completed in Q1 2010 with the sale of Carnitech A/S and Food & Dairy Systems. The 2010 results include figures from Carnitech A/S up until 1 February 2010 and Food & Dairy Systems until 31 March 2010. In comparing the 2010 results with the previous year, it is therefore more useful to refer to the figures for core business than the consolidated figures.
[2]The 2010 figures are normalized for one off items amounting to 7.9 mln, thereof pension recovery premium costs of 7.6 mln related to underfunding of the Stork Pension Fund.
Attachment:
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