All amounts in EUR:
All amounts in EUR:
The board of directors has proposed a dividend of EUR 4.19 cents per share for the operating year 2017, the equivalent of approximately 30% of 2017 net results. In addition, the board of directors has authorized management to purchase own shares for nominal value of 20 million.
Since listing on Nasdaq Iceland in 1992, Marel has with good support from shareholders delivered compounded average annual growth of over 20% and created excellent value for its stakeholders.
As part of Marel’s ambitious growth strategy, the Company has decided to evaluate potential listing alternatives to further advance its global vision and drive continued shareholder returns. Marel is currently in the process of engaging an independent international advisor for this purpose.
“We had a strong close of a great year. In 2017, we had record orders received of EUR 1,144 million, up 13% between years. Our business is about advancing food processing. In recent years we have also been advancing Marel.
“We have prioritized investments and strengthened processes to be able to deliver complex solutions to customers at the right time and quality. We have also been adding resources to cope with the increased load. Today, we are team of 5,400 dedicated members in over 30 countries.
“Our committed team delivered record revenues of EUR 295 million in the fourth quarter, an 18% increase in revenues compared with the same period last year. Volumes and revenues increased faster than costs, leading to robust operational results. For the full year, revenues were over EUR 1 billion with 15% EBIT. In light of the good results delivered in 2017 and robust order book, we expect strong organic revenues growth in 2018.
“We drive organic growth and value creation with innovation and market penetration, supported by strategic partnerships and acquisitions. In partnership with our customers, we are transforming the way food is processed.”
* Operating income adjusted for amortization of acquisition-related intangible assets (PPA).
Pro forma results include MPS numbers. Pro forma numbers are presented to provide better comparison.
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.
Statements regarding market share, including those regarding Marel’s competitive position, are based on outside sources such as research institutes, industry and dealer panels in combination with management estimates.
Where information is not yet available to Marel, those statements may also be based on estimates and projections prepared by outside sources or management. Rankings are based on sales unless otherwise stated.