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2011-07-27 17:24:53 CEST 2011-07-27 17:25:56 CEST REGULATED INFORMATION Marel hf. - Financial Statement ReleaseMarel Q2 2011 resultsStrong revenue growth (All amounts in EUR) -- Revenues for Q2 2011 totalled 161.9 mln, an increase of 19% compared to revenues for the same period the year before [Q2 2010: 136.1 mln]. -- Normalised EBITDA [1] was 20.9 mln, or 12.9% of revenues [Q2 2010: 21.1 mln normalised]. -- Normalised operating profit (EBIT) was 15.0 mln, or 9.2% of revenues [Q2 2010: 15.2 mln normalised]. -- One‐off costs related to an agreement on the future arrangements of the Stork Pension Fund, amounting to 11.1 mln, are included in the consolidated income statement for Q2 2011. -- Taking into account the above one-off costs, net result was 0.2 mln for Q2 2011 [Q2 2010: 0.1 mln]. -- Cash flow remains healthy and net interest bearing debt is 248.8 mln at the end of Q2 2011 [Q2 2010: 284.1 mln]. -- The order book continues to grow as a result of a strong product pipeline and favourable market conditions. The order book stands at 176.3 mln at the end of the quarter [Q2 2010: 125.3 mln]. Q2 2011 was a good quarter for Marel. Revenues totalled 162 mln, an increase of 19% compared to Q2 2010 and 5% compared to the previous quarter. The EBIT margin was 9.2% in Q2 and 10.2% for the first half of the year, which is within the company's target of 10-12% return on revenues for the year. The outlook for the remainder of the year is positive. Orders received continue to exceed orders booked off, leading to a continuing increase in the order book, which stood at 176 mln at the end of the quarter, compared to 125 mln at the same time the year before. Revenues of 315 million in 1H 2011 with EBIT margin of 10.2% -- Revenues totalled 315.4 mln for the first half of the year, an increase of 19% compared to revenues for the same period the year before [1H 2010: 264.9 mln from core business]. -- Normalised operating profit (EBIT) was 32.1 mln for the first half of the year, or 10.2% of revenues [1H 2010: 30.3 mln normalised from core business]. -- Net result was 9.0 mln for the first half of the year [1H 2010: 5.7 mln consolidated]. Theo Hoen, CEO: “We are pleased with the continuing growth of our business. The order book is mounting and has reached an exceptionally high level, reflecting the positive reception that our latest products have met with in the market. The RevoPortioner, SensorX, StreamLine and Modular Oven Systems are all selling very well and our QX co-extrusion system for sausage production is also taking off. We see good growth in countries like Ukraine, South Korea, Brazil and China, compensating for non-growth in the U.S. To stimulate future growth, we are investing in further geographical expansion, as well as increasing our manufacturing capacity. We are, for example, increasing the number of employees in manufacturing by approximately 300 worldwide during the course of the year. This is temporarily putting pressure on our margins. Nevertheless, the EBIT margin for the first six months of the year is within our target range of 10-12% and the outlook for the remainder of the year is positive.” Order book at record level Marel continues to benefit from its strong market position and product pipeline. Orders received, including service revenues, amounted to 168.8 mln in Q2 2011, compared to 149.4 mln for the same period the year before. Orders received once again exceeded orders booked off. The result is a continuing increase in the order book, which stood at a record 176.3 mln at the end of Q2 2011, compared to 125.3 mln at the same time the year before. Operational cash flow before interest and tax remains healthy at 7.4 mln for Q2 2011. The balance sheet is strong and net interest bearing debt amounts to 248.8 mln compared with 284.1 mln in Q2 2010. Outlook Market conditions continue to improve. Marel has strengthened its market position and the excellent level of the order book ensures a good continuation of the year. Nevertheless, results may vary from quarter to quarter due to fluctuations in orders received and deliveries of larger systems. Presentation of results, 28 July 2011 Marel will present its results at a meeting on Thursday, 28 July, at 8:30 a.m., at the company‘s headquarters at Austurhraun 9, Gardabaer, Iceland. The meeting will also be webcast: www.marel.com/webcast Publication days of the Consolidated Financial Statements in 2011 and the Annual General Meeting 2012 -- 3rd quarter 2011 26 October 2011 -- 4th quarter 2011 1 February 2012 -- Annual General Meeting of Marel hf. 29 February 2012 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 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 close to 30 countries and a global network of more than 100 agents and distributors, we work side-by-side with our customers to extend the boundaries of food processing performance. Advance with Marel for all your processing needs. 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. [1]In Q2 2011, one-off costs related to a principle agreement on the future arrangement of the pensions currently managed by the Stork Pension Fund are included in the consolidated income statement but excluded from the normalised figures in order to make a clean comparison with 2010 normalised figures possible. (The agreement is discussed in further detail under “Key events during the period”.) |
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