Marel hf. - Decisions of extraordinary general meeting

Highlights of Marel’s AGM 2013

Ann Elizabeth Savage a new Board Director

Marel's Annual General Meeting (AGM) was held at the Company's headquarters in
Gardabaer, Iceland, on 6 March. All proposals presented by the Board were
unanimously approved by the meeting. 



Chairman's address"Marel has grown by 29% in the last four years which represents an average
annual revenue growth of 6.5%. This strong growth was realised during a period
of challenging economic conditions. At the same time we have introduced a
steady pipeline of new products and strengthened our sales and service network
in all regions of the world. 

Marel is at the center point of prevailing trends which are driving global
economic development. Poultry, meat and fish consumption is increasing due to
urbanization and fast growing middle class globally. Equally important is the
steady increase in demand for affordable and healthy convenience food. 

Our growth strategy is on track. We expect continued strong organic growth that
will drive revenues to exceed 1 billion euros by 2017 with best in class
profitability,” said Arni Oddur Thordarson, Chairman of the Board of Marel in
his address to the company's AGM. 

Furthermore he added; “Our largest segment that is serving the poultry
processing industry on global basis is fast growing and already delivering best
in class profitability. We do not exclude bolt on acquisitions to enhance
further growth and profitability in the fish, meat and further processing
segments.” 



Confirmation of annual accounts and decision on dividends

The Company's Consolidated Financial Statements and the Report of the Board of
Directors were approved unanimously by the meeting. Marel‘s total revenues for
the year amounted to 714 million euros and the net profit amounted to 35.6
million euros. Marel will pay dividend of 7.1 million euros to shareholders
which is equivalent to 20% of net profit of the year 2012. 



Ann Elizabeth Savage a new member of the Board of Directors


Ann Elizabeth Savage was elected a new Board Director, replacing Fridrik
Johannsson, who decided to step down after serving on the Board since 2004. The
Chairman extended warm gratitude for his great contribution to the growth story
of Marel in recent years. A period were the company entered into successful
strategic acquisitions to enhance further organic growth. The Chairman welcomed
Ann, who brings valuable new perspectives to the Board based on her background
and experience from the food industry. 

Other Board Directors elected were Arnar Thor Masson, Arni Oddur Thordarson,
Asthildur Margret Otharsdottir, Helgi Magnusson, Margret Jonsdottir and Theo
Bruinsma. 



Furthermore, the AGM approved amendments to the Company‘s Articles of
Association to adopt rules on gender quota as provided for by Icelandic law. 



The new Board of Directors has convened and assigned roles and
responsibilities. Arni Oddur Thordarson continues as Chairman of the Board and
Asthildur Margret Otharsdottir as the Vice-Chairman of the Board.

Attachments:

AGM 2013 - CEO Address.pdf

AGM 2013 - Chairman address.pdf