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Strategy, business operations and corporate responsibility
2017 was a great year with strong financial results. The 2017 annual report provides an extensive overview of the company’s strategy and business operations, as well as providing valuable insight into the business activities in the development and sale of food processing equipment for the poultry, meat and fish industry.
Revenues in 2017 were over EUR 1 billion and EBIT 15%. Marel has set a target for 12% average annual revenue growth in 2017-2026, both through organic growth and acquisitions.
Innovation is and has been at the core of Marel's strategy from the very beginning. Marel invests around 6% of revenues in innovation which supports better yield, safety and sustainability in the food processing industry. In 2017, EUR 58 million were invested in innovation.
In 2017, Marel became part of the NASDAQ Sustainable Market Initiative for the first time and is now following the NASDAQ ESG reporting guidelines. The data of the ESG reporting can be found in the chapter on Responsible Growth in the Annual Report.
From start up to a global leader in food processing equipment
In 2017, Marel celebrated 25 years as a listed company. The listing in 1992 on Nasdaq Iceland marked a significant milestone in Marel’s progress from a startup company to becoming a leading global provider of advanced processing systems and services to the poultry, meat and fish industries.
When Marel was listed in 1992 there were 45 employees and revenues totaled at around EUR 6m. Today, Marel has 5,400 employees in over 30 countries and EUR 1bn in revenues. Over the same period, the compounded average annual revenue growth has been over 20%.
Today, Marel is the largest company listed on NASDAQ Iceland by market capitalization, or 30% of the total market capitalization of all listed companies in Iceland. Marel has over 2,200 shareholders and 95% are Icelandic investors.
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.
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