Marel hf. - Financial Statement Release

Marel Q1 2013 results

Slow start to the year but orders received picking up

(All amounts in EUR)

  -- Revenues for Q1 2013 totalled 158.0 million (
m)
, a decrease of 14.5% 
compared to the first quarter of 2012 [
184.9m].
  -- EBITDA was 16.9m or 10.7% of revenues [Q1 2012: 27.4m].
  -- Operating profit (EBIT) was 10.3m or 6.5% of revenues [Q1 2012:  21.1m]. 
  -- Net result for Q1 2013 was 5.7m [Q1 2012: 13.1m]. Earnings per share were
     0.78 euro cents [Q1 2012: 1.80].
  -- Cash flow remains healthy and net interest bearing debt is 239.3m at the
     end of the quarter compared to 243.2m at year-end 2012.
  -- The order book is at 151.1m at the end of the quarter [Q1 2012: 189.4m]
     which is a 20% increase compared to the end of last year [125.4m].

Revenues in Q1 amounted to 158.0m reflecting the low level of the order book at
the start of the year. The EBIT margin of 6.5% is below the long-term target of
10-12%. However, the size of the order book grew by 20% during the quarter
which supports the expectation of higher revenues and profitability in the
second half of the year. 

Important sales were made in markets such as Brazil, China, Middle East and
Russia. Europe remains challenging while USA shows signs of recovery. 



Theo Hoen, CEO:

“The first quarter was in line with our expectations with low revenues based on
a relatively low order book at the beginning of the year. However, the
significant increase in market activities and orders received during the
quarter gives room for optimism. 

We will continue to maintain a strict focus on operational efficiency and cost
control but we are not scaling down and are geared towards capturing increased
sales and market share in the near term. As stated last quarter we expect to be
back on track with operating profit in our target range of 10-12% in the second
half of 2013, assuming continued recovery in our established markets.“ 



Order book  back on a good level

After a downwards trend in recent quarters, Q1 saw strong growth in orders
received, which amounted to 183.7m or similar as in Q1 2012 [185.4m]. This is
an increase of 20% compared to last quarter [152.3m].  Orders received exceeded
orders booked off resulting in an order book of 151.1m at the end of the
quarter compared with 125.4m at the end of last year. The main drivers of
growth in orders received can be attributed to our innovative products, both
established solutions and new ones, and the extensive geographical network
Marel has built over the years. 



Presentation of results, 23 April 2013

Marel will present its results at an investor meeting on Tuesday, 23 April, at
8:30 am (GMT), at the Company's headquarters at Austurhraun 9, Gardabaer. The
meeting will also be webcast at www.marel.com/webcast. 



See complete announcement in enclosed pdf. file.



Release of financial statements will take place after market closing at
above-mentioned dates. 

For further information, contact:

Helga Björk Eiríksdóttir, Investor Relations Manager, tel: (+354) 563 8543 /
mobile: (+354) 853 8543 

Erik Kaman, CFO, 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 more
 than 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.

Attachments:

Financial Statements Q1 2013.pdf

Announcement_Q1 2013 results.pdf