Marel Q1 2011 results

27 Apr 2011


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All amounts in EUR

Marel Q1 2011 results

A good start to the year


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  • Revenues for Q1 2011 totalled 153.5 mln, an increase of 19.1% compared to revenues from core business for the same period the year before [Q1 2010: 128.9 mln].
  • EBITDA was 23.3 mln, or 15.2% of revenues [Q1 2010: 20.9 mln from core business].
  • Operating profit (EBIT) was 17.1 mln, or 11.2% of revenues [Q1 2010: 15.1 mln from core business].
  • Net result was 8.8 mln for Q1 2011 [Q1 2010: 5.6 mln consolidated].
  • Operational cash flow remains strong and net interest bearing debt is 247.6 mln at the end of Q1 2011 [Q1 2010: 286.3 mln].
  • The order book continues to grow as a result of a strong product pipeline and favorable market conditions. The order book stands at 169.3 mln at the end of the quarter [Q1 2010: 113.5 mln from core business].

Q1 2011 was a good quarter for Marel. Revenues totalled 153.5 mln, an increase of 19% compared to Q1 2010. Once again, the company delivered on its long-term target of 10-12% return on revenues. Orders received continue to exceed orders booked off, leading to a continuing increase in the order book, which stood at 169.3 mln at the end of the quarter, compared to 162.2 at the end of the previous quarter and 113.5 mln at the same time the year before.

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For further information, contact:

Jón Ingi Herbertsson, Investor and Public Relations Manager
tel: (+354) 563-8451

Erik Kaman, CFO,
tel: (+354) 563-8072

Sigsteinn Grétarsson, Managing Director of Marel ehf.,
tel: (+354) 563-8072


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.