Árni Oddur Thórdarson, CEO of Marel, highlighted the main results of the third quarter.
Revenues were 662 million with 43 million in EBIT in 2013. Revenues declined by 7% compared with previous year. Revenues from large projects were at a low level while recurring spare parts and service revenues continued to increase.
“Marel´s market position is strong on all continents as a leading provider of advanced solutions for poultry, meat and fish processors. Marel reached 4% average annual growth during the last 5 years. At the same time global economic growth has been historically low.
“This has been a difficult period for food processors that have seen a spike in corn and energy prices. The situation is improving and overall food processor returned healthy profits in 2013 which enabled them to strengthen their financials.”
Erik Kaman, CFO, gave a comprehensive overview of the key financials.
“EBITDA was 69.4m or 10.5% of revenues compared with 86.0m in 2012. Operating profit was 42.9m or 6.5% of revenues compared with 61.1m in 2012.”
Árni then talked about the refocusing plan, “Simpler - Smarter - Faster”, that has been launched.
“The organizational structure will be further simplified in order to service customers better. We will take careful steps to combine business units that serve the same customer needs and rely on the same technical capabilities.
“Our manufacturing footprint is extensive and spread causing over- and under-utilization in the system. We have formally started our refocusing plan with the objective of becoming simpler, smarter and faster. Our aim is to reach over 100 million in operating profits in 2017.”