Marel Food Systems Q2 2008 results
12 Aug 2008
Good sales growth and operational results meet company´s goals
9.5% EBIT (proforma) in second quarter
- Marel Food Systems‘ acquisition of Stork Food Systems took effect on 8 May 2008 and Stork Food Systems is included in the company‘s accounts as of that date.
- Sales for the second quarter totalled EUR 145.0 million, compared with 72.6 million for the same period the year before, representing an increase of 99.8%. Proforma sales of Marel Food Systems and Stork Food Systems core business (excluding the Food and Dairy division of Stork) in the second quarter of 2008 totalled EUR 162.6 million, which is an increase of 8.2% compared with the same period in 2007, or about 11% on a fixed exchange rate.
- Profit from operations (EBIT) for the second quarter was EUR 11.1 million, which is 7.7% of sales, compared with EUR 3.4 million (4.7% of sales) for the same period the year before. Proforma profit from operations (EBIT) was EUR 15.5 million, which is 9.5% of sales.
- Net finance costs for the period were positive. Marel issued bonds in this quarter amounting to ISK 6 billion. Marel‘s operational currency is the Euro. The company‘s obligations related to the bond offering were changed to Euro commitments at a favorable point in time totalling EUR 47 million, creating a one-time exchange rate profit.
- Net profit in the period from April to June 2008 amounted to EUR 10.1 million, compared with EUR 7.4 million in 2007.
Highlights of the first six months of 2008
- Proforma sales of Marel Food Systems and Stork Food Systems core business for the first six months of the year totalled EUR 317.8 million, which is an increase of 8.5% compared with the same period in 2007, or 11.5% on a fixed exchange rate.
- Profit from operations (EBIT) for the period was EUR 13.3 million, which is 6.1% of sales, compared with EUR 6.7 million (4.6% of sales) for the same period last year. Proforma profit from operations (EBIT) was EUR 27.7 million, which is 8.7% of sales.
- Net interest bearing debt amounted to EUR 379.2 million at the end of June 2008.
- Equity totalled EUR 306.2 million and the equity ratio was 32.5% at the end of June 2008.
For further information, please contact:
Hörður Arnarson, CEO,
tel: (+354) 563-8000