All amounts in EUR:
The year 2015 starts well for Marel. The company showed significant increase in operational and net profit from previous quarters fuelled by record revenues and order intake as well as operational improvements derived from a simplified and streamlined organization.
The strong financial position with net debt/EBITDA at 1.48 enables Marel to further stimulate growth and strengthen its competitive position. There is a general tailwind in Marel’s main markets in addition to favorable conditions in the financial markets.
Two subsequent events have taken place between the end of Q1 and the publishing date of the Q1 results;
From the beginning of the refocusing program until the end of Q1, taking into account the proceeds from the above mentioned subsequent events, the total cash-out cost of the refocusing program stands at 12 million with an 27 million in P/L effect.
Management guidance for 2015 is organic revenue growth, with a solid increase in operational and net profit. Full focus remains on strengthening the market approach and operational improvement with the aim to reach EBIT of over 100 million in 2017.
“We are pleased with the good results in the beginning of 2015. With a focused market approach and strong commercial product portfolio we managed to utilize the tailwind in Marel´s main markets resulting in record order intake, revenues and significantly improved operational results.
“Our sales growth is well balanced between Greenfield projects, extension and modernization projects and growth in our maintenance business.
“We have invested well in innovation and we have been introducing steady flow of new and exciting solutions to enable poultry, fish and meat processors to further optimize yield and throughput as well as minimizing waste and reducing usage of water and energy, making the value chain more sustainable.
“All industries are showing improved operational results. I want to express my thanks to our employees for their efforts and commitment. At the same time we are refocusing and streamlining the operation we have managed to strengthen our partnership with existing customers and attract new customers. The goal is always the same, to deliver increased value to customers and shareholders.”
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.