Marel Q4 2011 results

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Marel 2011 results – strong and profitable organic growth

All amounts in EUR:

  • Revenues for 2011 totaled 668 mln, an increase of 15% compared to revenues from core business the year before [2010: 582 mln].
  • Normalized EBITDA was 98.0 mln or 14.7% of revenues [2010: 88.1 mln normalized from core business].
  • Normalized operating profit was 73.2 mln or 10.9% of revenues [2010: 64.1 mln normalized from core business].
  • Net result for 2011 was 34.5 mln [2010: 13.6 mln]. Earnings per share were 4.70 euro cents [2010: 1.87 euro cents].
  • Cash flow remains healthy and net interest bearing debt is 250.5 mln at the end of 2011 [2010: 256.7 mln].
  • The order book is at a very good level, at 196.2 mln at the end of the year [2010: 162.2 mln].

Marel had a very good year in 2011. Revenues amounted to 668 mln, an increase of 15% compared to the previous year. The normalized EBIT margin was 10.9%, which is in line with the company’s target of 10-12% return on revenues for the year. The outlook for 2012 is positive.

The Board of Directors will propose to the Annual General Meeting on 29 February 2012 that a dividend of 0.95 euro cents per share be paid for the operational year 2011.

Based on the current number of outstanding shares, the estimated total dividend payment will be approximately EUR 6.9 million, corresponding to about 20% of profits for the year. The proposed dividend is in line with Marel’s targeted capital allocation and dividend policy introduced at the 2011 Annual General Meeting.

Q4 2011 results – record revenue and good profitability

Marel had an excellent quarter with 167.7 mln in revenues, 26.1 mln in EBITDA and 20.1 mln in EBIT.

  • Revenues for Q4 2011 totalled 183.9 mln, an increase of 9.7% compared to revenues for the same period the year before [Q4 2010: 167.7 mln].
  • EBITDA was 27.9 mln, or 15.2% of revenues [Q4 2010: 26.1 mln].
  • Operating profit (EBIT) was 21.6 mln, or 11.8% of revenues [Q4 2010: 20.1 mln].
  • Net result was 15.0 mln for Q4 2011 [Q4 2010: 5.5 mln].

Marel continues to benefit from its strong market position and product pipeline. Orders received, including service revenues, were at a very good level, amounting to 175.9 mln in Q4 2011, compared to 188.6 mln for the same period the year before.

The order book stands at 196.2 mln at the end of Q4 2011, compared to 162.2 mln at the end of the previous year.

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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.

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