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Robust 16.2% proforma sales growth and 9.9% EBIT from core business in third quarter

• Sales for the third quarter totalled EUR 170.6 million, compared with 66.1 million for the same period the year before, representing an increase of 158.1%. Proforma sales of Marel Food System and Stork Food Systems core business (excluding the Food and Dairy division of Stork) in the third quarter of 2008 totalled EUR 157.4 million, which is an increase of 16.2% compared with the same period in 2007.
• Profit from operations (EBIT) for the third quarter was EUR 14.5 million, which is 8.5% of sales, compared with EUR 1.8 million (2.7% of sales) for the same period the year before. Proforma profit from operations (EBIT) from the core business was EUR 15.7 million, which is 9.9% of sales, compared with 7.3 million (5.4%) the year before.

Good 11% proforma sales growth for the first nine months with 9.1% EBIT from core business

• Sales for the first nine months of 2008 totalled EUR 389.6 million compared with 210.9 million for the same period the year before, which is an increase of 84.7%. Proforma sales of Marel Food Systems and Stork Food Systems core business for the first nine months of the year amounted to EUR 475.2 million, which is an increase of 11% compared with the same period in 2007.
• Profit from operations (EBIT) for the period January to September 2008 was EUR 27.9 million, which is 7.1% of sales, compared with EUR 8.4 million (4.0% of sales) the year before. Proforma profit from operations (EBIT) for the first nine months of the year was EUR 43.4 million, which is 9.1% of sales, compared with 30.0 million (7.0% of sales) for the same period the year before, representing an increase of 45%.
• Net profit for the first nine months of 2008 was EUR 15.3 million compared with 2.7 million in 2007.
• Net interest bearing debt amounted to EUR 384.4 million at the end of September 2008.
• Equity totalled EUR 307.5 million and the equity ratio was 32.5% at the end of September 2008.
• A successful private placement for approximately EUR 10 million, mainly to pension funds, completed on 16 October.

For further information, please contact:

Hörður Arnarson, CEO,
tel: (+354) 563-8000