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Marel Q3 2011 results

24 Oct 2011

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Marel Q3 2011 results

Record order intake and solid operating performance

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  • Revenues for Q3 2011 totalled 169.1 mln, an increase of 13.1% compared to revenues for the same period the year before [Q3 2010: 149.5 mln].
  • EBITDA was 25.8 mln, or 15.3% of revenues [Q3 2010: 19.9 mln].
  • Operating profit (EBIT) was 19.5 mln, or 11.5% of revenues [Q3 2010: 13.8 mln].
  • Net result was 10.5 mln for Q3 2011 [Q3 2010: 2.4 mln].
  • Cash flow remains healthy and net interest bearing debt is 243.3 mln at the end of Q3 2011 [Q3 2010: 271.1 mln].
  • The order book continues to grow as a result of a strong product pipeline and record quarterly order intake. The order book stands at 204.2 mln at the end of the quarter [Q3 2010: 141.2 mln].

Q3 2011 was a very good quarter for Marel. Revenues totalled 169.1 mln, an increase of 13% compared to Q3 2010 and 4% compared to the previous quarter, despite the summer holiday period. The EBIT margin was 11.5%, which is in line with the company’s target of 10-12% return on revenues for the year.

Revenues for the first nine months of the year totalled 484.5 mln, an increase of 16.9% compared to the same period the year before. Normalised operating profit (EBIT) for the first nine months is 51.5 mln, or 10.6% of revenues, and normalised EBITDA is 70.1 mln, or 14.5% of revenues. The outlook for the remainder of the year is positive.

Read the press release in full

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, COO,
tel: (+354) 563-8072

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.