Investor News

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Strong cash flow; reduced costs contribute to improved results

• Consolidated revenues for Q2 2009 amounted to EUR 132.0 mln (Q2 2008: EUR 145.0 mln).
• Revenues from core business for Q2 2009 totalled EUR 107.2 mln compared to EUR 103.2 mln in Q1 2009 (Q2 2008 pro forma: EUR 143.2 mln).
• Consolidated EBITDA was EUR 28.0 million in Q2 2009 (Q2 2008: 16.4 mln). EBITDA from core businesses excluding one off items was EUR 12.2 mln (Q2 2008: EUR 19.9 mln).
• Consolidated operating profit (EBIT) was EUR 21.6 mln in Q2 2009 (Q2 2008: EUR 11.1 mln). EBIT from core business excluding one off items was EUR 6.5 mln (Q2 2008: EUR 15.1 mln).
• Profit after tax was EUR 17.3 mln for Q2 2009 (Q2 2008: EUR 10.1 mln).
• Net interest bearing debt was reduced to EUR 349.4 mln due to strong operational cash flow, limited capital expenditure, sale of non-core assets and an equity increase. The average maturity of debt is four years.

Highlights of the first six months of 2009

• Consolidated revenues for the first six months of the year totalled EUR 262.3 mln (1H 2008: EUR 219.0 mln).
• Revenues from core business for the first six months of the year totalled EUR 210.4 mln (1H 2008: EUR 283.7 mln).
• Consolidated EBITDA for the period was EUR 28.8 million (1H 2008: EUR 21.4 mln). EBITDA from core businesses excluding one off items was EUR 14.6 mln EUR (1H 2008: EUR 38.3 mln).
• Consolidated operating profit (EBIT) was EUR 15.8 mln for the first half of the year (1H 2008: EUR 13.3 mln). EBIT from core business excluding one off items was EUR 3.3 mln (1H 2008: EUR 28.5 mln EUR).

For further information, please contact:

Erik Kaman, CFO,
tel: (+354) 563-8072

Sigsteinn Grétarsson, Managing Director of Marel ehf.,
tel: (+354) 563-8072