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Leading global provider of advanced equipment
and systems for the food processing industry

Key Figures

Amounts in EUR thousands.

Operating results 2011 2010 2009 2008 2007
Revenues 668,357 600,421 531,680 540,149 289,817
Gross profit 247,289 227,074 191,674 178,931 97,236
Result before depreciation and amortisation (EBITDA) 87,006 82,177 58,752 42,107 20,980
Result from operations (EBIT) 62,166 57,334 8,047 20,434 10,029
Net result for the period 34,463 13,626 (11,811) (8,405) 6,066

Cash flow statement 2011 2010 2009 2008 2007
Cash generated from operating activities, before interest & tax 63,716 114,881 75,395 45,852 7,925
Net cash from (to) operating activities 43,183 78,986 25,526 9,602 2,778
Investing activities  (28,690) (16,757) 10,758 (404,986) (70,249)
Financing activities  (47,120) (67,453) 10,168 386,481 34,118

Financial position 2011 2010 2009 2008 2007
Total assets 877,818 877,623 882,882 920,259 427,304
Working capital 52,487 78,114 109,111 (25,940) 109,887
Equity 373,471 343,269 323,797 288,279 181,835
Net debt 250,489 256,741 295,012 379,405 129,919

Various figures in proportion to sales 2011 2010 2009 2008 2007
Gross profit 37.0% 37.8% 36.1% 33.1% 33.6%
Selling and marketing expenses 11.9% 11.8% 13.8% 13.3% 15.5%
Research and development expenses 6.0% 6.1% 5.9% 5.1% 5.0%
Administrative expenses 8.0% 9.1% 13.1% 11.1% 10.0%
Wages and benefits 31.4% 31.7% 36.1% 33.7% 41.2%
Profit before depreciation and amortisation (EBITDA) 13.0% 13.7% 11.1% 7.8% 7.2%
Depreciation/amortisation 3.7% 4.1% 9.5% 4.0% 3.8%
Result from operations (EBIT) 9.3% 9.5% 1.5% 3.8% 3.5%
Net result for the period 5.2% 2.3% (2.2%) (1.6%) 2.1%

Other key ratios 2011 2010 2009 2008 2007
Current ratio 1.2 1.4 1.6 1.0 1.9
Quick ratio 0.8 1.0 1.4 0.5 1.3
Equity ratio 42.5% 39.1% 36.7% 31.1% 42.5%
Return on owners' equity 9.6% 4.1% (3.9%) (3.6%) 3.7%
Return on total assets 3.9% 1.5% (1.3%) (1.2%) 1.5%

Key figures from Marel's core operations, normalised 2011 2010 2009    
Revenues 668,357 582,130 434,796    
Result from operations (EBIT) 73,152 64,144 24,760    
EBIT as a % of sales 10.9% 11.0% 5.7%    
Result before depreciation and amortisation (EBITDA) 97,992 88,060 47,432    
EBITDA as a % of revenues 14.7% 15.1% 10.9%    

For further information:

Financial Publications

Marel is the leading global provider of advanced equipment, systems and services to the fish, meat and poultry industries. Our brands – Marel, Stork Poultry Processing and Townsend Further Processing – are among the most respected in the industry. Together, we offer the convenience of a single source to meet our customers’ every need. 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.

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