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Management expects strong organic revenue growth and solid operational results for the full year 2018, although the short-term outlook might be softer than previously expected. Market conditions have been exceptionally favorable and are more challenging at the moment.
In the period 2017-2026, Marel is targeting 12% average annual revenue growth through market penetration and innovation, complemented by strategic partnerships and acquisitions:
Growth will not be linear but based on opportunities and economic fluctuations. Operational results may vary from quarter to quarter due to general economic developments, fluctuations in orders received and timing of deliveries of larger systems.
In the period 2017-2026, Marel is targeting 12% average annual revenue growth through market penetration and innovation, complemented by strategic partnerships and acquisitions.
In the long term, management expects 4-6% average annual market growth. Marel aims to grow organically faster than the market, driven by innovation and market penetration. Solid operational performance and strong cash flow is expected to support 5-7% revenue growth on average by acquisition. Please refer to the latest quarterly results announcement for outlook in the short to medium term.
|12% average annual revenue growth in 2017-2026*||15.4%||5.6%||20.1%|
To support new product development and ensure continued competitiveness of existing product offering.
|~6% of revenues||6.2%||5.6%||6.5%|
Earnings per share (euro cent)
Marel’s management expects Earnings per share to grow faster than revenues
|EPS to grow faster than revenues||17.95||13.70||10.59|
The leverage ratio is estimated to be in line with the targeted capital structure of the company.
|Net debt/ EBITDA x2-3||x2.0||x1.9||x2.3|
Dividend or share buy-back targeted at 20-40% of net profits. Excess capital used to stimulate growth and value creation, as well as paying dividends.
|20-40% of net profit||30%||30%||20%|
* Growth is not expected to be linear but based on opportunities and economic fluctuations. Operational results may vary from quarter to quarter due to general economic developments, fluctuations in orders received and timing of deliveries of larger systems.
Amounts in EUR thousands
|Key figures from Marel’s core operations, normalized||2018||2017||2016 **||2015 *||2014 *|
|Result from operations (EBIT) ***||175.2||157.4||143.5||99.9||48.8|
|EBIT as a % of sales||14.6%||15.2%||14.6%||12.2%||6.8%|
|Result before depreciation and amortization (EBITDA)||215.5||192.0||179.7||135.8||83.7|
|EBITDA as a % of sales||18.0%||18.5%||18.3%||16.6%||11.7%|
|Orders received (includes service revenue)||1,184.1||1,143.7||1,012.7||824.6||755.0|
** 2016 pro forma figures
*** 2016-2018 adjusted for amortization of acquisition-related intangible assets
|Results||2018||2017||2016||2015 *||2014 *|
|Result before depreciation and amortization (EBITDA)||215.5||192.0||175.4||120.8||66.7|
|Result from operations (EBIT)||160.9||140.3||114.8||81.6||29.2|
|Net result for the period||122.5||96.9||75.8||56.7||11.7|
|Order book||2018||2017||2016||2015 *||2014 *|
|Orders received (includes service revenue)||1,184.1||1,143.7||1,006.1||824.6||755.0|
* 2015 adjusted for refocusing costs and acquisition related costs; 2014 adjusted for refocusing costs
|Cash flow statement||2018||2017||2016||2015 *||2014 *|
|Cash generated from operating activities, before interest & tax||205.8||236.2||179.0||119.7||102.2|
|Net cash from (to) operating activities||166.8||195.6||137.1||93.7||85.6|
|Net cash from (used in) financing activities||(60.2)||(122.2)||220.4||(10.7)||(55.6)|
|Financial position||2018||2017||2016||2015 *||2014 *|
|Various figures in proportion to sales||2018||2017||2016||2015 *||2014 *|
|Selling and marketing expenses||11.6%||13.3%||13.6%||14.5%|
|Research and development expenses||5.6%||6.5%||7.0%||7.8%|
|Wages and benefits||35.0%||35.0%||33.6%||37.6%|
|Result before depreciation (EBITDA)||18.0%||18.5%||18.1%||14.8%||9.4%|
|Result from operations (EBIT)||13.4%||13.5%||11.8%||10.0%||4.1%|
|Net result for the period||10.2%||9.3%||7.8%||6.9%||1.6%|
|Other key ratios||2018||2017||2016||2015 *||2014 *|
|Return on owners’ equity||22.2%||18.2%||15.6%||13.0%||2.8%|
|Return on total assets||6.8%||5.4%||6.0%||1.4%|