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Marel Q2 2015 results

29 Jul 2015

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All amounts in EUR

Organic growth and strong operational performance

  • Revenue for Q2 2015 totaled 218.3m [Q2 2014: 169.8m].
  • Adjusted EBITDA* for Q2 2015 was 37.2m or 17.1% of revenue [Q2 2014: 18.0m]. EBITDA was 38.1m or 17.5% of revenue [Q2 2014: 13.0m].
  • Adjusted operating profit* (adj. EBIT) for Q2 2015 was 29.7m or 13.6% of revenue [Q2 2014: 10.7m]. EBIT was 28.5m or 13.1% of revenue [Q2 2014: 3.6m].
  • Net result for Q2 2015 was 19.5m [Q2 2014: 0.8m]. Earnings per share was 2.71 euro cents compared with 0.10 euro cents in Q2 2014.
  • Cash flow from operating activities before interest and tax was 23.7m [Q2 2014: 20.4m]. Net interest bearing debt was 156.0m [Q2 2015: 204.5m].
  • The order book was at 165.9m at the end of the quarter compared with 178m at the end of Q1 2015.

Orders in Q2 are well balanced both geographically and between different product groups: Greenfield projects, modernization projects and maintenance business. Poultry and fish continue to show strong order intake while market conditions are softer in the meat and further processing segments. Third quarter revenues are expected to be lower than second quarter revenues due to seasonal effects and timing in delivery of orders. Overall market conditions remain favorable.

The first half of the year 2015 was good for Marel with a solid increase in sales and profits. Revenues in the first half of the year are 428 million with 12.5% adjusted EBIT (53.5 million) compared with 325 million and 4.7% adjusted EBIT in 1H 2014.

Arni Oddur Thordarson, CEO:

“It is an excellent first half of the year for Marel with significant organic growth and operational improvements. Revenues in the first 6 months are 428 million with adjusted EBIT of 12.5%. We are proud of this achievement which is based on strong commercial product portfolio, deep customer engagement and general good market conditions.

Our financials are strong giving us ample room to explore various growth opportunities. The Marel team is committed to stay at the forefront of the dynamic and fast growing industry of providing innovative and high performing solutions to poultry, meat and fish processors on a global scale.”

* Before refocusing cost

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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.