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2010-02-05 11:58:47 CET 2010-02-05 11:59:47 CET REGULATED INFORMATION Marel Food Systems hf. - Financial Statement ReleaseCorrection : Marel 2009 results - Published 2010-02-04 20:20:30 GMTAdditional information: The Financial Statement for Marel for the year 2009 was presented to the company's Board of Directors at a meeting on 4 February 2009. Marel has presented the highlights of its operational results for 2009, financial position at year end and cash flow for the period. The Financial Statement has not yet been approved by the Board of Directors or the company's auditors. The audited Financial Statement for 2009 will be presented to the Board for approval on 9 February 2010 and released on that date. This is done in accordance with the rules and regulations of NASDAQ OMX Iceland hf. ”New” Marel ready for 2010 - Revenues from core business for 2009 amounted to EUR 434.8 mln, gradually increasing during the year. EBIT from core business was EUR 24.8 mln, or 5.7% of sales. - In 2009, Marel continued to strengthen its competitive position with a focus on integration and significant cost reductions, which have reduced operational costs by EUR 25 million. - Net interest bearing debt has been reduced to EUR 295 million [2008: EUR 379 million] with strong operating cash flow, successful equity issues and increased focus with the sale of non-core operations. - In order to maintain its technological leadership, Marel continues to place high priority on research and development. - The order book has been growing throughout the year and is at a solid and much better level today than it was one year ago, which will positively affect revenues and results. - The strategic focus has been sharpened with the sale of non-core operations. Marel posted a solid operating performance and strong cash flow from core business despite significant measures taken that result in one-off costs in 2009, leading to a sustainable lower cost base. Revenues from core business for 2009 amounted to EUR 434.8 mln [2008: EUR 548.1 mln], with an EBIT of EUR 24.8 mln, or 5.7% of sales [2008: EUR 38.2 mln, 7.0% of sales], and EBITDA of EUR 47.4 mln, or 10.9% of sales [2008: EUR 60.0 mln, 11.0% of sales]. Impairment related to non-core assets for sale (Food & Dairy Systems and Carnitech A/S) is EUR (24.5) mln. Consolidated revenues for 2009 amounted to EUR 531.7 mln [2008: EUR 540.1 mln] with a net result of EUR (11.8) mln [2008: EUR -8.4 mln] after impairment. Marel has a strong balance sheet at the beginning of 2010; net debts are EUR 295 million compared to EUR 379 million at the beginning of 2009. Operating cash flow before interest and tax amounted to EUR 75 mln for the whole year 2009 and new equity issued amounted to EUR 49 mln. Furthermore, interest cost and currency risk have been lowered as ISK-denominated debt has been paid down and ISK debt of EUR 66 mln converted into Euro-denominated debt in line with the company‘s revenue stream. Marel´s order book is at a solid level and very much better than at the start of 2009. The level of activity in the market is increasing across the board and the prospect pipeline is growing, now also for the larger systems. Theo Hoen, CEO: “A year of transformation and cost cutting is behind. I believe that the company is in much better shape today than a year ago. We have made good progress in sharpening the company's strategic direction. The integration of Marel and Stork proceeded extremely well in the second half of 2009. The positive effects of cost savings and cross-selling will be significant and will further materialize during the course of 2010. Profitability and cash flow have improved. We are a stronger company after having lowered our cost base while preserving our investment in R&D. In addition, leverage has been reduced. The order book is improving, with larger orders beginning to come in, a clear sign of growing confidence in our markets. We see that 2010 is getting off to a much better start than the previous year. The ‘new' Marel is working as one team and the strategic focus is clear. And in 2009 we showed that we were capable of adapting to the changing market conditions, which was possible because of the loyal and dedicated people we have in our company. That is why I have great confidence in the future of the company and that our long-term objectives will be achieved.” Q4 2009 results Focus strategy executed and equity increased - Revenues from core business for Q4 2009 totalled EUR 112.5 mln [Q4 2008: EUR 121.4 mln]. - EBITDA from core businesses was EUR 12.8 mln, or 11.3% of sales [Q4 2008: EUR 0.7 mln; 0.6% of sales]. - EBIT from core business was EUR 6.9 mln, or 6.2% of sales [Q4 2008: EUR (5.7) mln; -4.7% of sales]. - The financial risk profile has dramatically improved with the issuance of new shares for EUR 41 mln, with EUR 32 mln of the proceeds used to pay down ISK-denominated bonds, and a currency conversion of ISK debt of EUR 66 mln into Euro-denominated debt. - Integration plans are being implemented; re-branding and the integration of distribution channels has begun and new products are being developed based on joint technology. Consolidated - Consolidated revenues for Q4 2009 amounted to EUR 135.7 mln [Q4 2008: EUR 150.5 mln]. - Consolidated EBITDA was EUR 12.0 mln in Q4 2009 [Q4 2008: EUR (0.1) mln] and consolidated operating profit (EBIT) was EUR (19.6) mln [Q4 2008: EUR (7.4) mln]. - Net result was EUR (23.0) mln for Q4 2009 [Q4 2008: EUR (23.7) mln), caused by the impairment of the non-core assets to be sold. - Food & Dairy Systems, a non-core operating unit, was sold in January 2010. Impairment of the assets sold leads to a loss of EUR 16.4 mln, which has been included in the 2009 accounts. - Carnitech A/S, a non-core operating unit, is held for sale. Impairment of the assets leads to a loss of EUR 8 mln, which has been included in the 2009 accounts. - Net interest bearing debt was EUR 295 mln [2008: EUR 379 mln]. Presentation of results, 5 February 2010 Marel will present its results at a meeting on Friday, 5 February, at 8:30 a.m., at the company‘s headquarters at Austurhraun 9, Gardabaer. Publication days of the Consolidated Financial Statements in 2010 and the Annual General Meeting 2010 Publication dates of the Financial Statements for 2010: - Annual General Meeting of Marel Food Systems hf 3 March 2010 - 1st quarter 2010 28 April 2010 - 2nd quarter 2010 28 July 2010 - 3rd quarter 2010 27 October 2010 - 4th quarter 2010 2 February 2011 - Annual General Meeting of Marel Food Systems hf 2 March 2011 For further information, contact: Erik Kaman, CFO Tel: (+354) 563-8072 Sigsteinn Grétarsson, Managing Director of Marel ehf. Tel: (+354) 563-8072 About Marel Marel is the leading global provider of advanced equipment, systems and services to the fish, meat and poultry industries. With offices and subsidiaries in over 30 countries and a global network of 60 agents and distributors, we work side-by-side with our customers to extend the boundaries of food processing performance. Marel: ONE STOP for all your processing needs. |
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