|
|||
2010-07-28 16:49:17 CEST 2010-07-28 16:50:15 CEST REGULATED INFORMATION Marel hf. - Financial Statement ReleaseMarel Q2 2010 resultsStrong order intake and good operating results - Revenues for Q2 2010 totalled 136.1 mln, an increase of 26.9% compared to revenues from core business in the same period the year before [Q2 2009: 107.2 mln]. The increase is 3.1% compared to the consolidated figures [Q2 2009: 132.0 mln]. - Normalized EBITDA was 21.1 mln, or 15.5% of sales [Q2 2009: 12.1 mln from core business]. Consolidated EBITDA was 13.6 mln, or 10% of sales [Q2 2009: 28.0 mln]. - Normalized operating profit (EBIT) was 15.1 mln, or 11.1% of sales [Q2 2009: 6.5 mln from core business]. Consolidated EBIT was 7.6 mln, or 5.6% of sales [Q2 2009: 21.6 mln]. - One-off costs associated with a recovery plan for the Stork Pension Fund, amounting to 7.6 mln, are included in the consolidated income statement for Q2 2010. - Consolidated net result was 0.1 mln for Q2 2010 [Q2 2009: 17.3 mln]. - Operational cash flow remains strong and net interest bearing debt is 284.1 mln at the end of Q2 2010 [Q2 2009: 349.4 mln]. - The order book continues to grow as a result of improved market conditions and was 125.3 mln at the end of the quarter [Q2 2009: 76.1 mln]. It was another good quarter for Marel. Revenues from core business totalled 136.1 mln, an increase of 5.6% compared to the previous quarter and 26.9% compared to Q2 2009. For the second quarter in a row, the company delivered on its long-term target of a 10-12% return on revenues. It is expected that the Q3 results will be marked by the summer holiday period, when business activity is traditionally at a lower level. However, Marel fully expects to reach its target of 10-12% return on revenues for the year as a whole. Highlights for the first six months of 2010 - Revenues from core business totalled 264.9 mln for the first half of the year [1H 2009: 210.4 mln]. Consolidated revenues totalled 283.2 mln [1H 2009: 262.3 mln]. - Operating profit (EBIT) from core business totalled 30.3 mln for the first half of the year [1H 2009: 4.8 mln]. Consolidated EBIT was 23.5 mln [1H 2009: 15.8 mln]. - Consolidated net result was 5.7 mln for the first half of the year [1H 2009: 10.4 mln]. Theo Hoen, CEO: “We are very pleased to have achieved our long-term Return on Sales (ROS) target of 10-12% for the second quarter in a row, thanks to our strict focus on cost control and our strong position in a recovering and growing market. We believe that this level of performance is sustainable and can serve as the baseline for further growth moving forward. Our challenge now is to reinforce the company's position as market leader and, at the same time, to increase profitability. The underlying demand in the food industry is rising and automation is increasing at a robust rate in developing countries such as China. What's more, we are benefitting from our strategy of having sustained our level of investment in innovation throughout the crisis. Our product development pipeline shows a healthy number of new projects in progress and I am proud of the success we have had with our latest innovations, including the StreamLine, RevoPortioner and the SensorX. The performance of the SensorX team especially, is an excellent example of the teamwork we have in our product centers. Furthermore, new integrated solutions that combine the technologies of the different business units in our group are clearly creating more value for our customers and contributing nicely to our Q2 results. I feel that we are well on our way to creating a healthy and sustainable company that will play a major role in the protein industry for many years to come.” Order book at a good level Market activity continues to increase across the board, with the poultry segment leading the way. Accordingly, the order book has continued to grow and is at a good level. The number of larger orders continues to gradually increase. Orders received, including service revenues, amounted to 149.4 mln in Q2 2010, compared to 126.8 mln for the same period the year before. This was the sixth quarter in a row that orders received exceeded orders booked off, leading to a continuing increase in the equipment order book, which stood at 125.3 mln at the end of Q2 2010, compared to 76.1 mln at the same time the year before. Healthy cash flow and reduced debt Operating cash flow remains healthy at 19.0 mln before interest and tax. The balance sheet is strong and net debts amount to 284.1 mln compared with 349.4 mln a year ago. The net debt was slightly reduced in the quarter despite unfavourable currency effects, payment of a recovery premium for the Stork Pension Fund and the fact that the business is growing. Outlook Market conditions continue to gradually improve. We expect that Marel will claim its fair share of growth in the market, resulting in an increase in revenues. Nevertheless, results may vary from quarter to quarter due to fluctuations in orders received and deliveries for larger systems. NOTE: For the full press release please open the attached Press Release document. Presentation of results, 29 July 2010 Marel will present its results at a meeting on Thursday, 29 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 2010 and the Annual General Meeting 2011 Publication dates of the Financial Statements for 2010: - 3rd quarter 2010 27 October 2010 - 4th quarter 2010 2 February 2011 Annual General Meeting of Marel 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 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. |
|||
|