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

Key Figures

Amounts in EUR thousands.

Operating results 2009 2008 2007 2006 2005
Sales 531,680 540,149 289,817 208,700 129,039
Gross profit 191,674 178,931 97,236 68,803 43,625
EBITDA 58,752 42,107 20,980 15,679 14,814
EBIT 8,047 20,434 10,029 7,527 9,721
Profit for the period (11,810) (8,405) 6,066 159 5,715

Cash flow statement 2009 2008 2007 2006 2005
Cash generated from operating activities, before interest & tax 75,395 45,852 7,925 6,010 4,706
Net cash from (to) operating activities 25,526 9,602 2,778 (2,992) 2,987
Investing activities 10,758 (404,986) (70,249) (69,754) (10,180)
Financing activities 10,168 386,481 34,118 132,318 7,210

Financial position 2009 2008 2007 2006 2005
Total assets 882,882 920,259 427,304 364,793 114,890
Working capital 109,111 (25,940) 109,887 87,989 16,557
Equity 323,797 288,279 181,835 144,423 41,032
Net debt 295,012 379,405 129,919 95,468 40,263

Various figures in proportion to sales 2009 2008 2007 2006 2005
Gross profit 36.1% 33.1% 33.6% 33.0% 33.8%
Selling and marketing expenses 13.8% 13.3% 15.5% 13.9% 12.4%
Research and development expenses 5.9% 5.1% 5.0% 5.6% 6.1%
Administrative expenses 13.1% 11.1% 10.0% 10.6% 8.7%
Wages and benefits 36.1% 33.7% 41.2% 42.7% 42.5%
Profit before depreciation (EBITDA) 11.1% 7.8% 7.2% 7.5% 11.5%
Depreciation/amortization 9.5% 4.0% 3.8% 3.9% 3.9%
Result from operations (EBIT) 1.5% 3.8% 3.5% 3.6% 7.5%
Result for the period (2.2%) (1.6%) 2.1% 0.1% 4.4%

Other key ratios 2009 2008 2007 2006 2005
Current ratio 1.6 1.0 1.9 1.9 1.4
Quick ratio 1.4 0.5 1.3 1.2 0.6
Equity ratio 36.7% 31.1% 42.5% 39.6% 35.7%
Return on owners' equity (3.9%) (3.6%) 3.7% 0.2% 18.1%
Return on total assets (1.3%) (1.2%) 1.5% 0.1% 5.4%

Key figures from Marel's core operations, normalised Q4 2009 Q4 2008 2009 2008
Revenue 112,492 121,405 434,796 548,077
Result from operations (EBIT) 6,920 (5,724) 24,760 38,233
EBIT as a % of sales 6.2% (4.7%) 5.7% 7.0%
Net result 1,236 (23,350) 5,145 6,639
Net result as a % of sales 1.1% (19.2%) 1.2% 1.2%
Result before depreciation and amortisation (EBITDA) 12,763 745 47,432 60,016
EBITDA as a % of sales 11.3% 0.6% 10.9% 11.0%

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 60 agents and distributors, we work side-by-side with our customers to extend the boundaries of food processing performance.

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