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Strong order intake and good operating results

• Revenues for Q2 2010 totalled 136.1 mln, an increase of 26.9% compared to revenues from core business in the same period the year before [Q2 2009: 107.2 mln]. The increase is 3.1% compared to the consolidated figures [Q2 2009: 132.0 mln].
• Normalized EBITDA was 21.1 mln, or 15.5% of sales [Q2 2009: 12.1 mln from core business]. Consolidated EBITDA was 13.6 mln, or 10% of sales [Q2 2009: 28.0 mln].
• Normalized operating profit (EBIT) was 15.1 mln, or 11.1% of sales [Q2 2009: 6.5 mln from core business]. Consolidated EBIT was 7.6 mln, or 5.6% of sales [Q2 2009: 21.6 mln].
• One‐off costs associated with a recovery plan for the Stork Pension Fund, amounting to 7.6 mln, are included in the consolidated income statement for Q2 2010.
• Consolidated net result was 0.1 mln for Q2 2010 [Q2 2009: 17.3 mln].
• Operational cash flow remains strong and net interest bearing debt is 284.1 mln at the end of Q2 2010 [Q2 2009: 349.4 mln].
• The order book continues to grow as a result of improved market conditions and was 125.3 mln at the end of the quarter [Q2 2009: 76.1 mln].

It was another good quarter for Marel. Revenues from core business totalled 136.1 mln, an increase of 5.6% compared to the previous quarter and 26.9% compared to Q2 2009. For the second quarter in a row, the company delivered on its long‐term target of a 10‐12% return on revenues. It is expected that the Q3 results will be marked by the summer holiday period, when business activity is traditionally at a lower level. However, Marel fully expects to reach its target of 10‐12% return on revenues for the year as a whole.

For further information, contact:

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

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